TikTok takes on the NFT Ethereum thanks to the Layer 2 solution of Immutable X
The social network from China TikTok has announced that it is going to attack the NFT – Non Fungible Token on the Ethereum blockchain. To achieve this launch, the platform will partner with an Australian start-up, Immutable X, as well as rapper Lil Nas X.
TikTok launches into NFTs on Ethereum
As China and Australia face each other geostrategically, the social network TikTok and a Australian start-up come together in business. The social network TikTok has also often been suspected of being a Chinese government spy tool. A probable allegation when we know that Xiaomi phones have a censorship function that can be activated remotely.
But whatever. In the world of business and cryptocurrency, business is business. Sydney-based company Immutable X raised $ 82 million in September. This large amount reflects the ever-growing interest of investors in NFTs. In particular towards the solution layers 2 provided by Immutable X.
However, the NFT are still not unanimous. In France, for example, the lack of a legal and fiscal framework slows down adoption. But Pierre Person’s bills could get things done.
Immutable X wants to blow up NFTs
In the meantime, it is on the other side of the world that you have to look to see the evolution of this market.
Immutable X is no ordinary start-up. It offers a unique solution to develop the full potential of NFT. As always, the problem with much of cryptocurrency, blockchain, DeFi, and NFT is the Ethereum network. This network is the largest in the world, but it suffers from its success. This is why many companies are trying to remedy specific problems of this network by offering solutions of layers 2. That is to say additional layers which are grafted onto the Ethereum blockchain, and which come to solve a problem here or there.
In this case, what Immutable X offers is to allow the NFT to be exchanged in an ecosystem open and decentralized, as opposed to layer 2 solutions which in exchange for scalability will centralize transactions, thus reducing security in the event of hack.
Immutable X’s solution could provide 9,000 transactions per second while eliminating network costs entirely and leaving users to own their own. private keys. In other words, the power over their assets remains in their hands.
“Experience zero-cost transactions – gas fees, instant transactions and carbon neutral NFTs for marketplaces, games and apps. All of this without compromise. ”
How Immutable X Disrupts the Ethereum Blockchain?
Initially launched in July 2021, Immutable X’s IMX token was an ERC-20 token. It was presented as the first protocol using the Zero-knowledge Rollup only for NFTs. This barbaric term designates a very technical operation of cryptography. It is a protocol that makes it possible to group together hundreds of off-chain transactions and secure them via the blockchain. This way, only one transaction actually goes through the Ethereum network, and yet validation is present. To learn more about this solution, you can consult the Mr. Vitalik Buterin’s blog.
If the launch of the Token IMX has not yet taken place, pending investors have been able to rely on the announcement of a monster partnership. By partnering with TikTok for the launch of NFTs on the social network, the start-up validates the power of its technology.
Robbie Ferguson, the co-founder of Immutable X, said the association is really paving the way for massive adoption of NFTs and opening up this market to the general public.
“The fact that one of the world’s leading social media platforms is 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 throws a paving stone in the pond
Indeed, TikTok is not a simple social platform to find friends and meet new people. It is a place that strongly promotes artistic creation and artists. For the occasion, the social network created a company called TikTok Top Moments. This name is reminiscent of the NBA Top Shots which were all the rage in the United States. The slogan recalls the sale of Jack Dorsey’s tweet: Own a Moment that Broke the Internet. That we can translate by: possess a moment that marked the Internet.
Much more than fragments of buzz
TikTok’s NFTs will become a way for artists and creators to manage communities and content. Given the nature of NFTs, which affect musicians, designers and amateur videographers alike, many industries can be affected by TikTok’s innovation. And many companies, who defend a lazy monopoly and who take the lion’s share of artists (hello Spotify) have to worry.
“TikTok explores the world of NFTs as a new tool for empowering creators. NFTs are a new way for creators to be recognized and rewarded for their content and for fans to make culturally meaningful moments their own on TikTok. ”
For now, NFTs were only a threat on the horizon. And the music giants, for example, had no reason to fear this revolution yet. But TikTok has everything to gain by launching NFTs that will simply bring artists back to its platform. Because the social network feeds on traffic, 1 billion users, and data. They can therefore pull the rug out from under their competitors without a problem.