Reddit’s cofounder Alexis Ohanian is eager on buying Chinese social media platform TikTook with plans to carry it on-chain. While particulars of his plan are sparse, Ohanian seeks to make use of Web 3 to alter the idea of social media possession.
Bringing TikTook Onchain Will Change The Landscape For Creators, Says Reddit Co-founder
Ohanian has formally thrown his hat within the ring to accumulate TikTook, becoming a member of a laundry record of people angling to buy the social media platform. The Reddit cofounder joins Frank McCourt’s bid for TikTook, serving as a strategic adviser for Project Liberty.
“I’m officially now one of the people trying to buy TikTok US – and bring it on-chain,” wrote the Reddit cofounder.
Ohanian confirmed his curiosity by way of X (previously Twitter) that he’s eager on bringing TikTook on-chain after the acquisition. For the serial entrepreneur, integrating Web 3 choices into the app will change the idea of possession on the embattled platform.
Without disclosing particulars, it seems that the customers of the Ohanian-led TikTook will personal their information whereas creators will personal their viewers
“We’re setting a new standard for what’s possible in digital communities,” stated Ohanian. “A TikTok for the people, by the people. Let’s see if we can pull this off.”
How Will An On-chain TikTook Look Like?
Apart from altering the panorama for possession, Ohanian’s put up didn’t supply key particulars about TikTook’s future. However, pundits say the platform might characteristic on-chain monetization by way of micropayments in cryptocurrencies. Particularly, one of many property tapped for the Crypto Strategic Reserve is anticipated to fill the position.
Another potential perk consists of the mixing of non-fungible tokens (NFTs) akin to Reddit’s experimentation with digital collectibles.
It is unclear which blockchain Ohanian will lean on within the push to carry TikTook on-chain. There are whispers of centralized Layer 2 blockchains however Reddit’s botched try might see a choice for Layer 1 chains.
However, Ohanian and Project Liberty members must obtain regulatory compliance within the quest to carry TikTook on-chain. Although the SEC is dismissing crypto lawsuits against exchanges, Ohanian has to proceed with warning.
Aliyu Pokima
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