OnlyFans founder, Tim Stokely, and the HBAR Foundation have submitted a bid to buy TikTok's US operations.
The bid proposes introducing a new ownership model that benefits content creators and their communities.
The proposal aims to leverage blockchain technology to create a more equitable ecosystem for TikTok and integrate transparent revenue-sharing models, smart contracts, and creator-led governance.
The bid faces competition from Amazon and Oracle, and if no successful US entity is found, TikTok may face expulsion from the US.