Reddit co-founder Alexis Ohanian and Polygon launch $200M Web 3.0 social media initiative
On Friday Polygon
the layer-2 Ethereum scaling solution and Reddit co-founder Alexis Ohanian’s
venture capital firm Seven Seven Six together developed and launch a $200 Million
investment fund for Web 3.0 decentralized social media apps initiative and
gaming applications. It will be developed on Polygon’s network.
The partners are supporting projects with funds at the intersection of social media and Web3 to find better ways how humans can connect online and obtain an improved version of the internet that will empower users over platforms. New venture firm Seven Seven Six, has a large range of portfolios. It covers a diverse range from DroneSeed, a company working on reforestation with drones; Sky Mavis, creators of Axie Infinity, play-to-earn Web 3 gaming franchise; Better Brand, which is reducing food having heavy carbs to low carb; and Stoke Space, a reusable rocket company. "We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social," said Ohanian, in a release. "This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon's scalable infrastructure. We’ve already seen some of the best product founders in our portfolio start building on Polygon and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new internet looks like.”
Polygon is a blockchain protocol that contains infrastructure which is scalable and has low fees giving power to the biggest projects in decentralized finance (DeFi) and non-fungible tokens (NFTs), including Aave, SushiSwap, and OpenSea. As of October, Polygon has built around 3,000 decentralized applications including Aave, SushiSwap, and OpenSea.
Another network working on social media
On the Ethereum blockchain, Sapien Network’s team is working on the tokenized social network built. Earth 2 is a virtual twin of real-world and metaverse platforms. It is now collaborating with Polygon Studios in a partnership.
CBW - External Analyst
False hours ago