TikTok begins flirting with NFTs – TechCrunch

The NFT space has been through a full year, and while it can be difficult to separate the billions of dollars in crypto speculation from the potential infrastructure shifts, many mainstream tech companies are diving into the space, signaling future interest.

This time it’s TikTok’s turn. The fast-growing social media platform, which has just hit 1 billion monthly users worldwide, has set up its own NFT drop and leverages content from some of its top creators, including Lil Nas X, Grimes, Bella Poarch, Rudy Willingham and Gary Vaynerchuk. The release of limited edition one-of-one NFTs appears to be focused on creating a buzz in the existing NFT community rather than exposing users to non-fungible tokens within the app.

The company is circumventing blockchain energy concerns by placing its NFTs on a dedicated site operated by Immutable X, a Layer 2 scaling solution for Ethereum, which states that NFTs trading on it will be “100 % CO2 neutral “. The drop begins October 6th with a collection from Lil Nas X and will last through the end of the month.

Why is TikTok getting into the world of NFTs at all? TikTok has a pretty accurate answer to this on their drop site:

Inspired by the creativity and innovation of the TikTok creator community, TikTok explores the world of NFTs as a new creator empowerment tool. NFTs are a new way for YouTubers to be recognized and rewarded for their content, and for fans to experience culturally significant moments on TikTok.

The creation that takes place on TikTok helps advance the culture and set trends that affect society. TikTok will bring something unique and groundbreaking to the NFT landscape by curating some of these cultural milestones and matching them with prominent NFT artists.

It’s clearly an early niche experiment for the company that hasn’t previously shown the same level of NFT interest that platforms like Twitter and Facebook have shown, but it also shows that they believe NFTs is an area that worth attracting attention.

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