The social media giant TikTok is taking its first step into the crypto arena. The company will be launching an NFT collection, called TikTok moments, featuring Lil Nas X, GaryVee, Grimes, and more. The first collection of 6 NFTs launched today, with Lil Nas X being the first to go live, followed by other creators. TikTok will also feature the six videos at the Museum of the Moving Image in Queens, N.Y.
Zoom In: The NFTs are built on Immutable, the Layer-2 platform built on the Ethereum blockchain. Layer-2 refers to a network or technology that operates on top of an underlying blockchain protocol to improve its scalability and efficiency. TikTok has opted not to use digital marketplaces like OpenSea and instead will use its own digital auction house to sell the NFTs.
