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Tuesday, Aug 16, 2022

TikTok Partners With Immutable X To Launch NFTs: Lil Nas X Will be the First

TikTok Partners With Immutable X To Launch NFTs: Lil Nas X Will be the First

TikTok has partnered with Immutable X to bring its users NFTs, starting with Rapper Lil Nas X, whose NFT collection will launch later this month.

ByteDance’s social media platform TikTok has been steadily growing, despite US government’s claims of the app being a spyware (like Facebook and Google) and a whole host of other controversies. Their new partner, Immutable X, however, is a relatively unknown in the crypto world.

The Sydney-based start-up raised $82 million in a funding round last month, signaling significant investor interest in their vision and NFTs in general.

While non-fungibles continue to divide opinion, it’s becoming clearer that the arguments against them don’t discourage those in favor of NFTs.

Immutable X & NTFs

Immutable X would like to see NFTs traded in an open, decentralized ecosystem using the Ethereum blockchain as a base layer. Its layer 2 solution offers huge scalability at 9,000 TPS, no gas fees, and users can manage their own private keys.

“Experience zero gas fees, instant trades, and carbon neutral NFTs for marketplaces, games, and applications without compromise. Build your NFT business in hours with our APIs.”

Earlier in July, the company announced plans for its IMX token. Described as an ERC-20 utility token and Ethereum’s first zero-knowledge rollup protocol specifically for NFTs.

Zero-knowledge rollup is a scaling solution that works by “rolling up” hundreds of transfers off-chain and generating cryptographic proof of their validity posted on layer 1. Therefore reducing traffic on the mainchain.

As of now, no IMX tokens have been minted, with interested parties waiting on further news on when they’ll be released.

Immutable X’s co-founder Robbie Ferguson commented on the partnership with TikTok:

“To have one of the world’s leading social media platforms launching NFTs not only allows TikTok to support its artists and users in a defining way but also sends a strong signal for the growing mainstream adoption of NFTs.”

TikTok & NFTs

Tik Tok has named the new venture “TikTok Top Moments – own a moment that broke the internet.”

According to the social media giant, they are exploring NFTs as a “creator empowerment tool,” to foster creator and user interaction.

“TikTok is exploring the world of NFTs as a new creator empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.”

The collection will feature six TikTok videos from their most popular creators to offer one of one NFTs.

TikTok hit 1 billion monthly active users last month, representing a real coup as far as NFT exposure is concerned.

Source: TikTok Partners With Immutable X To Launch NFTs: Lil Nas X Will be the First – Fintechs.fi


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