The Distributed Ledger Technology (DLT) employing Hedera Hashgraph (HBAR) chain could be positioning itself to onboard a huge social media brand, TikTok. According to the recent scoop by Reuters, HBAR Network is hooking up with Tim Stokely, the founder of the adult content social media site OnlyFans, to place a bid on TikTok US.
Sponsored
Previously, the Chinese social media giant, owned by ByteDance, was asked to leave the United States or sell the American version of the app to an American business company. This condition has set off a competition between big brands like Amazon (AMZN) and Reddit to acquire the social media network, with HBAR Network and OnlyFans placing the latest bid on TikTok US.
Following the ground-breaking move, popular crypto market watchers like the ex-Oracle Shawn S. expressed strong confidence in Hederโs potential TikTok acquisition. โSee you at $10โ, – brazenly uttered the market professional to his 52K audience on X, previously known as Twitter.
Amazon (AMZN) & HBAR: Top Candidates To Buy TikTok?
In the late-stage bid submission sent to the White House this week, Stokelyโs new Zoop company and HBAR Foundation argues that the popular social media platform should live on the blockchain, empowering creators to own their content and get fair revenue shares through transparent models, smart contracts and community-led governance structures.
In a summary comparison, another popular crypto connoisseur Fire Hustle Crypto named the pros and cons of each company taking over TikTok US. For instance, Amazonโs TikTok US model would have way less creator incentives, but would likely flourish in commerce due to the addition of Amazonโs (AMZN) already gigantic $46 billion ad business.
On the other hand, a TikTok version powered by Hederaโs Hashgraph (HBAR) adds new features to the social media platform, including non-fungible tokens (NFTs), cryptocurrency tipping, switching from a company-focused governance model to self-governance, most likely through a decentralized autonomous organization (DAO).
On The Flipside
- TikTok advocates consider the enforcement of TikTokโs sale in the United States as a violation of the First Amendment of the U.S. Constitution.
- Other tech giants like Reddit have also bidden for the platform, joining forces with Frank McCourtโs consortium to offer a $20 billion bid on TikTok.
Why This Matters
Bringing the 170 million user platform on-chain would secure a long-term utility case for Hedera and the crypto market in general, allowing Americans to reshape their favorite social platform via digital ownership & self-governance endeavors.
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