Chinese content generation platform TikTok, a video-sharing app that has been called the fastest-growing social networking service in history, has been in the spotlight since early 2019 and now surpasses 800 million users. Despite the fact that the app’s data security breaches are raising controversy worldwide, more and more young people are using it as the go-to social media for the new generation, with a reported 69% of TikTok’s global audience being between the ages of 16 and 24.
Despite its overwhelming success and rapidly growing user base, the truth behind the worldwide sensation is that “the new Instagram" is hardly profitable. One of the key reasons behind it is IT infrastructure costs — and blockchain might have the solution.
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