Alexis Ohanian, co-founder of Reddit, is embarking on a new venture to acquire TikTok’s operations in the United States. He sees this as an exciting step for the digital space. In his words, TikTok has revolutionized how creators engage with their audiences, and this potential acquisition aims to give users the chance to own their data and better control their content. By bringing TikTok “on-chain,” Ohanian envisions a TikTok that is truly for the people, built and governed by the users themselves. Together with the Frequency blockchain and Frank McCourt’s Project Liberty, the goal is to provide a platform with increased transparency and security.
This effort is driven by national security issues forcing ByteDance, the parent company of TikTok, to sell its U.S. assets. Should Ohanian succeed, the integration with the Frequency blockchain would enhance TikTok’s digital independence. Users will gain new opportunities for meaningful connections between creators and their communities. Such a transformation hopes to redefine the very nature of online interaction and content ownership.
Ohanian is no stranger to the world of blockchain technology. In 2020, he introduced “Community Points” on Reddit, which allowed specific subreddit contributions to be rewarded using tokens. These tokens initially launched on Ethereum’s Rinkeby testnet and later moved to Arbitrum Nova. Reddit further extended its blockchain pursuits with the release of collectible NFT avatars on the Polygon platform. Such initiatives illustrate Ohanian’s active role in incorporating blockchain utilities into well-known platforms.
In 2021, Ohanian also considered creating a decentralized social media network leveraging the Solana blockchain. While this project did not come to fruition, it emphasized his dedication to merging social platforms with decentralized technology. The road to this ambition faced a hurdle due to its connection with Sam Bankman-Fried and FTX, affecting plans for a fiat-to-crypto payment system integration.
As a supporter of cryptocurrency, Ohanian has made notable investments. In 2014, he purchased a large sum of Ether when it was priced at a mere $0.30, reflecting confidence in the technology’s promise. He also used cryptocurrency to buy a remarkable engagement ring for his wife, Serena Williams, underscoring his personal faith in digital currency.
Ohanian’s venture capital firm, Seven Seven Six, also plays a pivotal role in promoting blockchain-based initiatives. This firm has accumulated significant funds to support blockchain startups and digital tokens, underlining an ongoing commitment to fostering growth in this sector. Ohanian initially sold Reddit to Condé Nast in 2006, but his return in 2014 as executive chairman highlighted his enduring relationship with the platform. His ultimate departure in 2020 marked the beginning of a new chapter in focusing on blockchain and digital community endeavors.
