Zoop, a startup by billionaire and OnlyFans founder Tim Stokely, has partnered with the Hbar Foundation, which manages the treasury of cryptocurrency network for tokenization of Hedera assets. Together, they want to acquire the short video creation app TikTok from the Chinese owner ByteDance. While OnlyFans is known mainly for its adult content, Zoop — is a family-friendly site that rewards content creators and is powered by Hedera.
Zoop co-founder J.J. Phillips said that if acquired, TikTok would not just change ownership, but would become a social network where both creators and their communities directly benefit from the revenue they generate. Many blockchain-based social networks already operate in this way. This is commonly referred to as SocialFi.
Also, in the last minutes before the deadline for applications, Amazon made its application for the acquisition of TikTok. And in early March Alexis Ohanian, co-founder of Reddit, joins the race for the Chinese social network through billionaire Frank McCourt’s The People’s Bid for TikTok campaign. Ohanian plans to transfer the short video service to the blockchain.
This social network was used by 170 million Americans. On January 19, a new law came into force. The U.S. government thus stopped TikTok’s work due to fears of cooperation with the Chinese government. By April 5, ByteDance must either sell TikTok or be permanently banned from the United States for national security reasons.
The US president has said that his administration is in contact with four different groups about acquiring TikTok, and do not mind giving preference to Elon Musk or Larry Ellison.
Source: Reuters
