- The HBAR Foundation has partnered with Zoop, co-founded by OnlyFans’ Tim Stokely, to submit a bid for TikTok’s U.S. operations
- This move aims to integrate blockchain technology into TikTok, enhancing creator revenue and data security
- The bid faces competition from major tech companies like Amazon, with a decision deadline looming
The HBAR Foundation, in collaboration with Zoop—a startup co-founded by OnlyFans founder Tim Stokely—has submitted a bid to acquire TikTok’s U.S. operations. Their proposal seeks to leverage blockchain technology to create a more equitable and transparent platform for content creators. This initiative comes amid a competitive bidding process involving tech giants such as Amazon following a ruling on the Chinese-owned video giant, with a decision deadline fast approaching.
Leveraging Blockchain for Creator Empowerment
The surprising HBAR Foundation-Zoop bid aims to revolutionize TikTok by integrating blockchain technology into its operations, thereby enhancing transparency and fairness in content monetization. This was explained by Zoop co-founder RJ Phillips, who told Reuters:
Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate.
The proposed acquisition envisions utilizing the Hedera network’s decentralized ledger to offer real-time, transparent payouts to content creators, addressing longstanding issues related to delayed or opaque earnings. Additionally, the integration of blockchain technology could provide secure data storage solutions, enhancing user privacy and control over personal information.
This approach aligns with the growing trend of incorporating Web3 technologies into mainstream platforms to empower users and creators alike.
Stiff Competition
The HBAR Foundation and Zoop’s bid enters a competitive landscape, with major players like Amazon also expressing interest in acquiring TikTok’s U.S. operations. The urgency is heightened by a legislative mandate requiring TikTok’s parent company, ByteDance, to divest its U.S. assets by April 5 or face a nationwide ban due to national security concerns.
President Donald Trump is expected to review multiple proposals, including the one from the HBAR Foundation and Zoop, to determine the platform’s future in the United States. If he rejects all bids, the ban, which was implemented and then swiftly withdrawn earlier this year, will be reintroduced.
Blockchain’s Breakthrough Moment?
Should the HBAR Foundation and Zoop succeed in their bid, it could mark a significant milestone in the convergence of social media and blockchain technology. Integrating Hedera’s decentralized ledger into a platform as influential as TikTok could accelerate mainstream adoption of cryptocurrencies and blockchain solutions more than ever before. Moreover, this move could set a precedent for other social media platforms to explore blockchain-based models for content monetization and data security.
As the deadline approaches, the tech and crypto communities are closely monitoring developments, eager to see how this potential acquisition could reshape the digital landscape.
