TikTok has announced a new collection of non-fungible tokens (NFTs) called TikTok Top Moments. The collection is designed by TikTok's creators and inspired by the "trending videos," the company said in an announcement. TikTok says the initiative will help creators to gain recognition and get rewards for their content. The NFTs will be based on the Ethereum network and will be powered by Immutable X, a layer-2 protocol.
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"TikTok Top Moments features a selection of six culturally significant TikTok videos from some of our most beloved creators," the company said.
The company says TikTok Top Moments will feature various creators, including COIN ARTIST, x0r, RTFKT, Grimes, and more, on limited edition NFTs. Despite the NFT-focused initiative, TikTok took aggressive approach against the cryptocurrency market. In August this year, the Chinese video-sharing service started removing cryptocurrency-related content from its platform as the company updated its branded content policy.
As iHodl reported, TikTok prohibited cryptocurrencies for advertisement on its platform. The ban follows statements from Deputy Governor at People's Bank of China (PBoC), Fan Yifei, who warned that cryptocurrencies like bitcoin (EXANTE: Bitcoin) and stablecoins pose threat to China's financial stability.
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