Popular short-video app TikTok has started its non-fungible token (NFT) auction of “TikTok Top Moments” that feature works of a series of rappers and artists, as the social media giant appears keen to jump on the NFT bandwagon.

Fast facts

  • The auction of Detroit rapper Curtis Roach’s “Bored in the House” NFT has gone live, and the highest bid as of Wednesday afternoon Asia time was sitting at 6.8ETH (about US$24,000).
  • Earlier this month, TikTok launched its first creator-led NFT collection — TikTok Top Moments. “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 company said in a statement.
  • The NFTs are made available on Ethereum and powered by Immutable X, which offers carbon neutral NFT minting and trading solutions.
  • TikTok, which has just surpassed 1 billion monthly users worldwide, earlier this month took the old-school approach to promote its entry into the NFT market with a full-page text advertisement in the New York Times.