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Polygon, Reddit Co-Founder’s VC Agency Launch $200 Million Social Media Web3 Fund

Polygon, Reddit Co-Founder's VC Firm Launch $200 Million Social Media Web3 Fund

The staff behind Polygon, the protocol devoted to interconnected blockchain networks like Ethereum, and Alexis Ohanian’s Seven Seven Six enterprise capital firm have revealed a $200 million funding fund in blockchain-based social media tasks. In accordance with the announcement, the accomplice’s mission is to try to bridge blockchain, Web3 know-how, and social media collectively.

Polygon and Alexis Ohanian’s Seven Seven Six Launch $200 Million Fund Devoted to Web3, Blockchain, and Social Media

Polygon and Alexis Ohanian’s agency Seven Seven Six plan to bolster Web3 know-how with social media by way of blockchain compatibility with an funding of $200 million, based on the Polygon staff’s most up-to-date weblog put up. Polygon is greatest recognized for its scaling enhancements with the open-source blockchain community Ethereum and its native token referred to as MATIC. Alexis Ohanian is well-known for co-founding the social media and information aggregation internet portal Reddit with Steve Huffman and Aaron Swartz. Ohanian’s enterprise capital firm Seven Seven Six is a software-enabling enterprise agency based in 2020.

“Polygon and Alexis Ohanian’s Seven Seven Six have created a $200 million initiative that can again tasks on the intersection of social media and Web3, exploring higher methods for people to attach on-line,” the Polygon staff detailed on Friday. “The motivating drive behind Web3 is that a greater model of the Web is feasible, one which empowers customers over platforms. It’s a response to a pervading sense that the present instantiation as represented by the social media giants has strayed too removed from the early Net’s open-source beliefs.”

The Polygon staff added:

The result’s, as one Fb engineer famously quipped, one of the best minds of our era are occupied with tips on how to make individuals click on advertisements. Polygon’s mission is to supply a variety of safe, quick, inexpensive, and energy-efficient Ethereum scaling and infrastructure options for builders, empowering them to construct Web3 functions for the world.

Alexis Ohanian: ‘Web3’s Most Apparent Alternatives Proper Now Are Gaming and Social’

The announcement to take a position $200 million into social media and blockchain platforms follows Polygon’s current acquistion of the Mir protocol. After beforehand buying the Hermez Community (now Polygon Hermez) for $250 million in August, Polygon paid $400 million for the Ethereum scaling startup Mir. Ohanian’s enterprise agency, Seven Seven Six, has various investments in blockchain and Web3 together with Sky Mavis, Droneseed, Higher Model, and Stoke Area. Ohanian lately backed the NFT mission Inheritor co-founded by NBA legend ​​Michael Jordan and his son Jeffrey Jordan.

“We’re nonetheless within the early days of Web3 and the obvious alternatives proper now are in gaming and social,” Ohanian mentioned in a press release. “This initiative will do exactly that, with a give attention to gaming properties and social media platforms constructed on Polygon’s scalable infrastructure. We’ve already seen a number of the greatest product founders in our portfolio begin constructing on Polygon and I’m excited for Seven Seven Six and Polygon to play a giant function in shaping what the brand new web seems to be like,” the co-founder of Reddit concluded.

What do you consider Polygon and Alexis Ohanian’s Seven Seven Six investing $200 million into blockchain and Web3 know-how tethered to social media platforms? Tell us what you consider this topic within the feedback part beneath.