Lexis Ohanian, co-founder of Reddit (DRDT), takes a step to put Tiktok under American control, while reshaping the platform with Blockchain technology. On March 3, he confirmed his involvement in Project Liberty’s attempt to acquire Tiktok American operations. “I am officially one of the people who try to buy Tiktok – and bring it to us,” said Ohanian in an article on X. The agreement would help Tiktok to avoid a potential national ban under the Trump administration while revising its data structure.
The blockchain could change the operation of the tiktok
Project Liberty, founded by Frank McCourt, aims to give users control of their data via a decentralized network called frequency. Built on Polkadot’s infrastructure, the frequency would distance the power of companies and to users and creators. Ohanian stressed this change, declaring: “Users should have their data. The creators should have their audience. Period. “Depending on ReutersOhanian will serve as a strategic advisor on the offer, bringing his experience in social media and the integration of the blockchain.
Ohanian’s story with blockchain fuels vision
Ohanian is no stranger to blockchain’s experiences. In 2022, Reddit invested in surplus reserves in Bitcoin, Ethereum and Polygon. The platform also launched avatars and rewards based on blockchain, although these initiatives have lost traction as the NFT market decreased. Now, Ohanian wants to go further Tiktok, arguing: “Tiktok has changed the situation for the creators, and its future should be built by them.” If the offer succeeds, Tiktok could move away from the control of companies, giving users more transparency and real property on their data.
Reddit shares could refer to market interest
The Reddit stock has been climbing since its IPO. Investors see the value of social media platforms with a strong user commitment. Although Tiktok is not listed on the stock market, its potential sale has raised questions about the future of social media ownership.
If Ohanian and Project Liberty successfully acquire Tiktok American operations, they plan to integrate blockchain technology. This could arouse interest in decentralized social platforms. It can also influence the feeling of investors around Reddit and similar companies.
Reddit has already experienced the blockchain. The platform had previously launched collection avatars and tested rewards based on cryptography. These initiatives have not completely taken off. But Ohanian’s push to integrate the blockchain into Tiktok shows its continuous belief in networks belonging to users.
If the transformation of Tiktok’s blockchain is successful, it could validate some of the previous ideas of Reddit. He could also encourage a renewed interest in investors in social platforms supported by blockchain.
Is Reddit a purchase or a sale?
Analysts remain cautiously optimistic about the RDDT action, with a moderate purchase consensus note based on 12 purchases, six holders and one sold. In the past year, the DRDT has increased by more than 245%, and the average RDDT price target of $ 207.06 implies an increase of 30% compared to current levels.
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