Social media platform TikTok has announced its first foray into the non-fungible token, or NFT, market with a new collection inspired by its top trendsetters.
On Thursday, the company announced TikTok Top Moments, a new program that allows content creators to be recognized and rewarded for their content. The NFT drops will be launched on Ethereum and powered by Immutable X, a new scaling solution for the Immutable Layer Two NFT protocol.
TikTok Top Moments would feature a selection of six TokTok videos from the network’s most influential creators. Each is meant to celebrate the impact of these creators in making TikTok one of the largest social networks in the world.
The company said the proceeds from sales will go directly to content creators and NFT artists.
Related: Immutable raises $ 60 million for its carbon-conscious NFT platform
TikTok appears to be slowly pivoting towards blockchain technology as part of its overall business strategy. As Cointelegraph recently reported, the company has partnered with the blockchain streaming platform Audius around a new feature called TikTok Sounds. The integration allows Audius users to export songs created on the protocol to TikTok.
TikTok has around 1 billion users, with its American audience relying on the app to discover new artists and songs. Since launching its mainnet services in October 2020, Audius’ user base has grown to 5 million.
NFTs have become a major driver of blockchain adoption, with businesses and individuals looking to embrace digital collectibles. August was the busiest month on record for the nascent industry, with total NFT sales reaching $ 4 billion.