TikTok, an app popular for making and sharing short videos, is jumping on the non-fakeable token (NFT) bandwagon.TikTok ran a full-slot black-and-white text ad in the New York Times to promote its entry into that market.
The fast-growing social media platform, which just passed 1 billion monthly users worldwide, announced plans to mint content from some of its top creators into NFTs, including Lil Nas X, Grimes, Bella Poarch, Rudy Willingham, and Gary Vaynerchuk. starting October 6, the first batch of Lil Nas X’s series will drop and continue through the end of the month.
The company is placing its NFT series on the second tier of its extended ethereum solution, Immutable X, stating that NFT transactions using the platform are “100% carbon neutral.” the last line of TikTok’s ad in the New York Times also seems to reveal the next step in reward creation.” We want to be the platform that continues to find innovative ways to recognize and reward our creators.”
TikTok ceased operations in Hong Kong in July 2020 following the enactment of the city’s National Security Law.TikTok had come under scrutiny from the United States and other countries over concerns that it might share user data with Chinese authorities.