Alexis Ohanian, the cofounder of Reddit, has officially joined the growing list of potential buyers for the popular Chinese social media platform TikTok. However, his bid stands out due to a bold vision for integrating Web 3 technology, with plans to bring the platform on-chain.
While specifics about his acquisition strategy remain vague, Ohanian has confirmed his commitment to transforming the platform by introducing decentralized ownership. He envisions a model where TikTok users will control their own data, while creators will maintain ownership of their audiences.
“I’m officially now one of the people trying to buy TikTok US – and bring it on-chain,” Ohanian shared on X (formerly Twitter), expressing excitement about using Web 3 to revolutionize how social media operates.
Ohanian’s push for a blockchain-based TikTok could have major implications for content creators and users alike, offering the possibility of on-chain monetization through micropayments in cryptocurrencies. The integration of non-fungible tokens (NFTs) may also be part of the plan, following Reddit’s own experiment with digital collectibles.
The exact blockchain Ohanian plans to use for this venture remains unclear. Speculation points to centralized Layer 2 solutions, though previous challenges with Reddit’s attempts may lead Ohanian to favor more decentralized Layer 1 chains.
Ohanian’s vision aligns with the broader Project Liberty initiative, backed by Frank McCourt, and aims to reimagine social media ownership in a more decentralized, user-centric way. However, regulatory hurdles, particularly with the SEC’s stance on cryptocurrency-related matters, could present significant challenges as Ohanian and his team navigate the complex landscape of bringing TikTok on-chain.
As TikTok continues to face mounting pressure in the U.S. regarding its ownership and data practices, Ohanian’s proposal could offer a glimpse into the future of decentralized social media platforms.
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