TikTok uses Ethereum layer-2 solution to deposit its first NFT collection

TikTok partners with Immutable X to bring NFTs to their users. Rapper Lil Nas X will be the first designer to launch his collection this month.

TikTok’s growth has continued to grow, even despite claims that the app is Chinese spyware and many other controversies. However, Immutable X is a relative unknown in the cryptocurrency world.

In a fundraiser last month, the Sydney-based startup raised $ 82 million, signaling significant investor interest in their vision and NFTs in general.

As such, as the non-fungibles continue to divide opinion, it becomes increasingly clear that the arguments against them do not bother those in the know.

Immutable X attacks NFTs in a big way

Immutable X wants NFTs to be 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 charges, and users can manage their own private keys.

“Discover zero gasoline costs, instant transactions and carbon neutral NFTs for markets, games and applications without compromise. Grow your NFT business in hours with our APIs.

The company first announced its plans for its IMX token in July this year. Described as an ERC-20 utility token and Ethereum’s first zero-knowledge stacking protocol specifically for NFTs.

Zero knowledge accumulation refers to a scaling solution that works by “bundling” hundreds of off-chain transfers and generating cryptographic proof of their validity published on Layer 1. thus reducing on-chain congestion. main.

So far no IMX tokens have been issued, with interested investors awaiting further news on their release date.

Partnering with TikTok, Immutable X co-founder Robbie Ferguson said that together they will pave the way for widespread adoption of NFTs.

“Having one of the world’s leading social media platforms launching NFTs not only enables TikTok to support its artists and users in a pivotal way, but also sends a strong signal for the growing adoption of NFTs by the general public. . “

TikTok leads the way

The social media giant has named its new business “TikTok Top Moments”, accompanied by the slogan “owning a moment that broke the Internet.”

On why they decided to go down this path, the company said it was exploring NFTs as a “creator empowerment tool” to foster interaction between creators and users.

“TikTok explores the world of NFTs as a new author empowerment tool. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to have culturally meaningful moments on TikTok.

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

TikTok hit 1 billion monthly active users last month, which is a real blow when it comes to NFT exposure.

A d: Margin up to 20x on FTX.

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