TikTok plans to enter the NFT market

The NFT or non-fungible tokens are in trend, many people are generating a lot of money thanks to them.

There is a great boom, especially those already known games and of course, many companies want to enter this world. Recently, it was known that the famous social network Tiktok, is designed to sell digital files NFT as of this month.

It has been known that the social network will enter the market of the NFT at an initial stage with six videos of some of the most important content creators of the platform. These videos will be auctioned to the highest bidder or this selection of NFT limited edition will be available this October.

It is about a new platform initiative with the purpose of help content creators. In this way, they will have a new way of monetizing their content and that they can be rewarded by the work they do.

Tiktok plans to boost the NFT market

This is the only reason why the platform seeks to enter the market, if you do not want to bet and promote this new digital trend. By converting your videos into NFT, the brand wants to lay the foundations to increase your influence, as well as further popularize the market NFT.

For this task, tiktok chose a few content creators who were associated with media artists NFT. In this way, the pieces were created that we will soon know, in terms of collection, will go partly to the creators of content and partly to the artists.

IMX is the coin chosen for transactions

As for the currency that will be used for these transactions, the company has announced that it will be the imx (immutable x). This is a coin that is handled inside the network ethereum and that is specialized in the management of NFT. And as part of this, a part of the profits of these auctions will go directly to this platform.

And is that the goal of tiktok is to support not only other content creators, but also platforms that are dedicated to managing this type of transactions.

When will it be the auction?

It is not yet known exactly the date on which such auctions will be carried out, in fact, is still in development. However, as it has been known, the company intends to be this same month of October.

Is this function will extend to the rest of users?

The NFT projet of Tiktok is still at an early stage of development, which is why it is not known exactly when it will be available. However, this could be considered as the first stage of testing, if everything goes well is quite likely to be extended soon to the rest of the users of the platform.

The truth is that tiktok is growing at a really overwhelming rhythm, so, this type of novelties are very well-received throughout the community.