Reddit’s cofounder Alexis Ohanian is eager on buying Chinese language social media platform TikTok with plans to deliver it on-chain. Whereas particulars of his plan are sparse, Ohanian seeks to make use of Net 3 to vary the idea of social media possession.
Bringing TikTok Onchain Will Change The Panorama For Creators, Says Reddit Co-founder
Ohanian has formally thrown his hat within the ring to amass TikTok, becoming a member of a laundry checklist of people angling to buy the social media platform. The Reddit cofounder joins Frank McCourt’s bid for TikTok, serving as a strategic adviser for Challenge Liberty.
“I’m formally now one of many folks making an attempt to purchase TikTok US – and convey it on-chain,” wrote the Reddit cofounder.
Ohanian confirmed his curiosity by way of X (previously Twitter) that he’s eager on bringing TikTok on-chain after the acquisition. For the serial entrepreneur, integrating Net 3 choices into the app will change the idea of possession on the embattled platform.
With out disclosing particulars, it seems that the customers of the Ohanian-led TikTok will personal their information whereas creators will personal their viewers
“We’re setting a brand new commonplace for what’s doable in digital communities,” stated Ohanian. “A TikTok for the folks, by the folks. Let’s see if we will pull this off.”
How Will An On-chain TikTok Look Like?
Other than altering the panorama for possession, Ohanian’s publish didn’t supply key particulars about TikTok’s future. Nonetheless, pundits say the platform may function on-chain monetization by way of micropayments in cryptocurrencies. Notably, one of many belongings tapped for the Crypto Strategic Reserve is predicted to fill the function.
One other potential perk contains the combination of non-fungible tokens (NFTs) akin to Reddit’s experimentation with digital collectibles.
It’s unclear which blockchain Ohanian will lean on within the push to deliver TikTok on-chain. There are whispers of centralized Layer 2 blockchains however Reddit’s botched try may see a desire for Layer 1 chains.
Nonetheless, Ohanian and Challenge Liberty members must obtain regulatory compliance within the quest to deliver TikTok on-chain. Though the SEC is dismissing crypto lawsuits against exchanges, Ohanian has to proceed with warning.
Aliyu Pokima
Disclaimer: The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
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