Alexis Ohanian, the co-founder of Reddit, has made headlines by confirming his active role in Project Liberty's ambitious initiative to take over TikTok's U.S. operations. The primary objective of this endeavor is to seamlessly integrate the popular social media platform onto a blockchain, thereby revolutionizing how user data is managed and owned.
Ohanian's involvement in this venture was initially brought to light in a report from Reuters on March 3, when Frank McCourt, the founder of Project Liberty, announced that Ohanian would serve as a strategic adviser with a particular focus on enhancing social media experiences. In a noteworthy post on X (formerly known as Twitter) on March 3, Ohanian officially declared his ambitions, stating, 'I'm officially now one of the people trying to buy TikTok US — and bring it onchain.' His commitment emphasizes the crucial need for data ownership, asserting, 'Users should own their data.
Creators should own their audience. Period.' This statement encapsulates the core philosophy of Project Liberty, which aims to give users greater control over their digital identities and the data generated through their interactions on social media platforms. Project Liberty, under McCourt's leadership, is in the process of assembling a consortium aimed at acquiring TikTok's U.S.
operations. The strategy is set to pivot around a revolutionary decentralized social network protocol termed 'Frequency.' This protocol is designed to grant users proprietary rights over their personal data while leveraging the advanced infrastructure of Polkadot. Ohanian articulated a progressive vision for TikTok's future, stating, 'TikTok has been a game-changer for creators, and its future should be built by them.
Frequency will empower these principles to become reality. And with transparency and accountability at the core, this new TikTok won’t just be fairer — it’ll be GREATER.' This vision speaks to a broader trend in the tech industry where user agency is increasingly prioritized. Ohanian's expertise in blockchain technology is well-established, making him a pivotal figure in this transition.
Since 2022, Reddit has strategically invested its surplus cash reserves into cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Polygon (POL). However, many of these assets were liquidated during the third quarter of 2024 as part of a broader strategic pivot. In 2022, the platform also made significant strides in blockchain technology by launching the Reddit Collectible Avatars, a collection of Polygon-based non-fungible tokens (NFTs).
These NFTs allowed users to personalize their profiles with unique digital assets, which came with added benefits. It is important to note, however, that the sales of NFTs witnessed a downturn alongside the wider decline in the cryptocurrency market. Amid these technological advancements, Reddit faced its own challenges.
Bianca Wyler, head of Reddit RCA, resigned from her position in January, reflecting the turbulent landscape of social media and tech alignment with evolving market conditions. Additionally, Reddit previously operated a blockchain-based rewards service called 'Community Points', which, unfortunately, met its end in late 2023, signaling the platform's ongoing efforts to innovate despite facing significant obstacles in a swiftly changing digital marketplace.
As Ohanian and McCourt propel this visionary project forward, the stakes are high, and the implications for the future of TikTok and social media ownership are profound..