Overview
The HBAR Foundation has partnered with Tim Stokely, the founder of OnlyFans, to pursue a bid for TikTok. This partnership aims at not just shifting ownership but also at redefining how creators benefit from their contributions.
Key Points:
- The bid was submitted to the White House by Stokely through his new crowdfunding company, Zoop.
- Competing for TikTok’s ownership, Amazon is also in the running, adding further competition.
Insights:
The HBAR Foundation, known for backing the Hedera smart contract platform, submitted their bid last week. Tim Stokely stated, “Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate,” as reported by Reuters.
With a current market cap of $7.2 billion, HBAR ranks as the 22nd largest cryptocurrency. The cryptocurrency saw a 1.5% increase in the last 24 hours following the news.
Additionally, it was confirmed that the HBAR Foundation is pursuing the acquisition of TikTok US through Zoop. They aim to disrupt the established tech norms where platforms may retain up to 90% of revenue, leaving creators with a meager share.
Conclusion:
The developments surrounding the HBAR Foundation and their aspirations for TikTok signal a transformative approach to how social media platforms operate, especially concerning revenue sharing with creators.
