Reddit Co-Founder Partners With Polygon To Create Web 3.0 Projects

Alexis Ohanian’s venture capital firm supports the development of crypto-social media projects by providing the necessary funds to develop them on Polygon.

Seven Seven Six, the venture capital firm of Reddit co-founder Alexis Ohanian, has announcement its partnership with Polygon, a protocol for building and connecting Ethereum-compatible blockchain networks. The two will support projects operating at the intersection of social media and Web 3.0 with a fund of $ 200 million.

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As Web 3.0 is only in its infancy, the initiative will focus primarily on the best of the space currently offered, namely gaming applications and social media platforms, built on Polygon’s infrastructure. .

“We’re only in the early days of Web 3.0, and the most obvious opportunities right now are in games and social media.” Ohanian said.

We are delighted to announce our joint $ 200 million initiative with @ 0xPolygon ??

With Polygon, we’ll explore better ways for humans to connect virtually by supporting projects built with social media and Web3 in mind. pic.twitter.com/4okjKzn6SA

– 7️⃣7️⃣6️⃣ (@sevensevensix) December 17, 2021

Ohanian is best known for co-founding Reddit in 2005. He left running the platform in 2010 and returned in 2014 as executive chairman to lead a turnaround before stepping down again in 2020.

But he’s also been behind various other top tech projects and blockchain companies, like Coinbase, Instacart, Axie Infinity Sky developer Mavis, and Patreon.

Ohanian also recently collaborated on the development of blockchain-based social media projects in November when he partnered with Solana Ventures to raise $ 100 million for a number of Web 3.0 initiatives.

While most may not be familiar with terms like “Cryptographic social media”, efforts to “decentralize” social media have been in place since 2017. As no initiative has yet been adopted by the general public, Seven Seven Six and Solana Ventures seek to prioritize technologies and applications that “[eliminate] extraction of value from centralized intermediaries.

According to Polygon co-founder Sandeep Nailwal, social media business models have a “A profound impact on our world”, and via Web 3.0, “Users create value, control the network and reap the rewards”, he said.

Polygon has grown exponentially this year, with more than 3,000 decentralized applications now built on its ecosystem. Protocol launches and cross-chain migrations have been the main drivers of price growth for MATIC, Polygon’s token, which has increased by more than 14,000% in the past 12 months.

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