OnlyFans Founder Makes Last-Minute Bid to Buy TikTok Before U.S. Ban Deadline

Zoop’s Last-Minute Crypto-Backed Bid for TikTok

As the 5 April deadline looms for TikTok's potential ban in the U.S., a new player has entered the fray with an unexpected offer to acquire the popular short-video platform.

Zoop, a social media startup co-founded by Tim Stokely, the mind behind OnlyFans, has partnered with the HBAR Foundation, a major player in the Hedera blockchain network, to submit a bid for TikTok’s U.S. operations.

The proposal, delivered just before the deadline set by U.S. authorities, could change the future of the platform, which has faced intense scrutiny over national security concerns.

Creators-First Vision Behind Zoop’s Offer

RJ Phillips, Zoop's co-founder, explained that the company’s intention is not merely to change ownership but to establish a new paradigm for social media.

Phillips said,

"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."

The vision behind Zoop is to empower creators by offering them a greater share of the revenue generated through their content.

Zoop has built a following of over 83,000 on X.

This approach, according to Zoop, would allow creators to truly benefit from the engagement they drive on the platform.

Phillips highlighted that Zoop's blockchain framework is designed to reward content creators in a way that traditional social media platforms have not.

The integration of the Hedera network aims to offer a more decentralised approach, with the potential for NFTs, creator payments, and platform governance, thus making it more appealing to digital-native consumers.

A Unique Bid from Stokely’s Zoop and the HBAR Foundation

Despite Stokely’s background with OnlyFans, known primarily for adult content, Zoop presents itself as a family-friendly alternative, committed to creating an inclusive, mainstream platform.

Phillips remarked,

"Creators bring eyeballs to the pages, and therefore they should be the ones sharing in the lion’s share of the ad revenue."

In a market dominated by giants, Zoop's bid is positioning itself as a disruptor with a bold promise of fairer revenue sharing for creators.

Zoop’s partnership with the HBAR Foundation introduces a Web3 element to the equation, making use of the Hedera blockchain’s speed and scalability.

This focus on decentralised infrastructure could set Zoop apart from other bids and potentially appeal to U.S. regulators, who have raised concerns about TikTok’s ties to China.

The HBAR Foundation's involvement could be seen as a strategic move to offer a more secure and transparent solution.

U.S. Government and the TikTok Sale Drama

The U.S. government has been directly involved in the negotiations surrounding TikTok’s future, with President Donald Trump at the helm of the decision-making process.

Reports suggest that Trump is expected to decide on the future of TikTok in the U.S. following a closed-door meeting with Vice President JD Vance and other key officials on 2 April.

The pressure is mounting, as TikTok faces the very real possibility of being banned in the U.S. if ByteDance, its Chinese parent company, does not agree to a sale by 5 April.

The government’s main concern revolves around national security, with fears that the Chinese government could gain access to U.S. users’ data through TikTok.

While some advocates argue that the ban threatens free speech, the pressure on ByteDance is undeniable.

Zoop’s bid, with its blockchain focus and U.S.-based HBAR Foundation, could provide a solution that assuages some of these concerns.

A Range of Offers and a Timely Bid

Zoop is not the only bidder vying for TikTok’s U.S. operations.

Other major players, including Amazon, have also thrown their hats into the ring, though the latter's offer has not garnered much support.

The White House has been overseeing the sale process, acting in a quasi-investment bank role.

However, Zoop’s late-stage bid, made in partnership with a cryptocurrency foundation, adds a new dimension to the race.

Meanwhile, ByteDance has been under the gun, with its options for selling TikTok’s U.S. operations narrowing as the deadline approaches.

There are reports that ByteDance may have to cede control of TikTok’s algorithm, though China’s willingness to allow this remains uncertain.

In any case, Zoop's approach, prioritising creators and decentralised governance, marks it as an unconventional contender in this high-stakes competition.

Zoop’s Promise to Creators and the Future of Social Media

At the heart of Zoop’s bid is the promise to reform the creator economy.

Phillips has stated that the focus would always be on creators rather than shareholders.

He said,

"For us, it’s always going to focus on creators first, and not on shareholders first."

This approach positions Zoop as an advocate for a creator-first model in a social media landscape dominated by revenue-maximising platforms.

What’s at Stake for TikTok's Future?

With ByteDance under the pressure of a fast-approaching deadline, the outcome of the negotiations will significantly impact TikTok's future in the U.S.

If the sale does not proceed, the app could be banned, an outcome that would affect millions of American users.

Despite the concerns raised by some over national security, including fears of Chinese government influence, the possibility of Zoop's crypto-backed bid represents a bold reimagining of what a social media platform could look like under new ownership.

As the U.S. government plays a central role in shaping the outcome, it is up to Zoop, with its emphasis on creator empowerment and blockchain technology, to convince officials that it offers a strong alternative to the tech giants competing for control of TikTok’s U.S. operations.