Reddit Eyes TikTok US, Blockchain Integration

Reddit, the popular social media platform, is considering acquiring TikTok's U.S. operations and integrating it onto a blockchain. This move is part of a broader initiative called "The People's Bid for TikTok," led by real estate billionaire Frank McCourt, with Reddit co-founder Alexis Ohanian serving as a strategic advisor.

Ohanian, in an official tweet, expressed his intent to acquire TikTok US and bring it onto the blockchain. This potential acquisition, if successful, would not only be a significant financial transaction but also a turning point in the global social media landscape.

Reddit's plan leverages the Frequency protocol on the Polkadot (DOT) blockchain to "restructure" TikTok. The aim is to give users control over their personal data, shifting away from the centralized control of large corporations. This move could pave the way for a wave of decentralized social platforms where users are true owners, marking a shift from Web2 to Web3.

Experts suggest that if successful, this would be the first time a major social media platform operates on a blockchain. As of 2024, TikTok US boasts approximately 170 million users, according to Analyzify's data.

Reddit's interest in areas such as AI, blockchain, and NFT is not new. The company plans to charge big tech companies for access to user chat data via an API to train artificial intelligence algorithms. This move is part of a broader trend among online platforms to profit from user data while covering operating costs.