The possible purchase is amid longstanding pressure against ByteDance, the China-based parent entity of TikTok, by the US government to sell its operations in the US. The administration of President Trump has pressured TikTok to offload or close the US operation on national security concerns. Although authorities initially prohibited TikTok temporarily this year, they later allowed it to restart operations.
There are several technology giants that have expressed interest in buying TikTok US. Elon Musk, MrBeast, and Perplexity, funded by Jeff Bezos, have reportedly submitted bids as high as $50 billion. However, ByteDance has not yet reached a final decision.
Ohanian’s plan to bring TikTok onto the blockchain could mark a major shift in social media. The project aims to give users control over their personal data through the Frequency protocol on the Polkadot blockchain. This would allow users to own their data rather than leaving it in the hands of large corporations.
If successful, TikTok would become the first major social media platform on the blockchain, signaling the transition from Web2 to Web3. Reddit’s growing interest in blockchain, AI, and cryptocurrencies shows its commitment to reshaping the digital landscape.
