TikTok is jumping into the world of, with a new collection of biddable moments inspired by the trending videos produced by top artists on the platform, including Lil Nas X, the company said on Thursday.
"Building on our commitment to helping creators achieve their goals in the growing creator economy, TikTok NFTs provide a way for creators to be recognized and rewarded for their content, and for fans to own a culturally-significant moment on TikTok," the ByteDance-owned company said in a statement.
Short for nonfungible tokens, NFTs offer a blockchain-created certificate of authenticity for a digital asset or piece of art. After recently bursting onto the scene,have triggered bidding wars, and they've attracted attention from corporate entities, too, . Now TikTok wants in.
The video-sharing app, which now says it has, adds that proceeds from the NFT sales will "largely go directly to the creators and NFT artists involved."
Along with Lil Nas X, other artists offering NFTs at launch include Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuk. The first NFT auction goes live Oct. 6, with additional weekly releases planned through the end of the month.