OnlyFans founder Tim Stokely, through his new startup Zoop, has joined forces with the HBAR Foundation to submit a late-stage bid for TikTok’s U.S. operations. With over 170 million American users relying on the wildly popular app for their daily dose of viral videos and dance challenges, this bid comes as the platform faces a looming U.S. deadline to divest or face a potential ban. The plot is thickening as more crypto firms and tech behemoths throw their hats into the ring.
A Bold Bid in a High-Stakes Game
Tim Stokely’s new venture, Zoop, along with the HBAR Foundation – which manages the treasury for the Hedera blockchain – have teamed up to offer an alternative path for TikTok’s U.S. operations. Their bid, submitted as reported by Reuters, positions the pair among a growing army of bidders who are eager to grab control of TikTok before the U.S. divest-or-ban deadline becomes reality.
While details of their offer remain under wraps, the sheer audacity of a former OnlyFans founder teaming up with a blockchain foundation to potentially helm one of the most influential social media platforms is enough to spark lively discussion on Crypto Twitter and beyond. With TikTok’s U.S. market at stake, these players are betting that their disruptive, crypto-friendly approach could provide the fresh perspective needed to steer the platform through troubled waters.
Rivals Rally for TikTok
They are not alone in this high-stakes contest. San Francisco-based AI developer Perplexity AI has also made waves, advocating for an American takeover of TikTok. In a recent blog post, Perplexity AI argued that, given the current political climate and an expected valuation of about $18 billion, it’s time to reimagine TikTok as a homegrown platform free from foreign influence. Meanwhile, tech titans like Microsoft, Walmart, Oracle, and even Amazon have shown interest in acquiring the app. The push from U.S. officials, including Vice President J.D. Vance, who is said to be spearheading efforts to find a buyer or lead investor, has only fanned the competitive flames.
Adding more intrigue to the fray, Reddit co-founder Alexis Ohanian has also stepped in, offering his expertise as a strategic advisor specializing in social media. Ohanian’s vision? To bring TikTok on-chain, which would effectively merge the viral energy of the app with the transformative potential of blockchain technology. Rumors of Elon Musk taking over the platform have floated around before, but those have been dismissed as pure fiction.
Crypto and Tech Convergence on TikTok
Why all this fuss over TikTok, one might ask? With over 170 million American users and a global reach that few apps can match, TikTok represents a phenomenal opportunity for innovation in digital media. The combination of entertainment, social interaction, and now, the potential to integrate crypto and blockchain elements, could revolutionize how content is created and consumed. For Stokely’s Zoop and the HBAR Foundation, this bid is not just about acquiring a platform – it’s about ushering in a new era where crypto meets social media.
Industry insiders are watching closely as the bid submission stirs up conversation. The U.S. government’s impending decision, tied to national security concerns and the requirement for TikTok to divest from its Chinese parent ByteDance, has added urgency to the competitive atmosphere. As regulatory pressures mount, finding an American buyer before the April 5 deadline becomes all the more critical.
Read also: TikTok Restarts Operations Amid Trump's Executive Order Plans
The Road Ahead
With the race to acquire TikTok heating up, the focus is now on what the future might look like if a crypto- and tech-savvy entity takes over. Analysts speculate that a TikTok under new stewardship could see a dramatic shift toward decentralized content creation, enhanced privacy for users, and even the integration of blockchain-based monetization strategies. Whether it’s through on-chain governance, novel advertising models, or even cryptocurrency rewards for content creators, the possibilities are as vast as they are exciting.
Bids like the one submitted by Zoop and the HBAR Foundation signify much more than a simple acquisition. They represent a bold bid to transform TikTok into a platform that not only entertains but also empowers its users with the freedom and security of decentralized technology.
As the U.S. divest-or-ban deadline looms and the bidding war intensifies, all eyes are on TikTok. Will a new era of American stewardship emerge that leverages the best of crypto and tech, or will the platform’s fate be decided by the relentless forces of regulation and market competition? Only time will tell, but one thing’s for sure – the intersection of social media and decentralized finance is set to redefine how we connect and create in this brave reality.
HODL Team
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