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

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

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

The crew 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. According to the announcement, the companion’s mission is to aim to bridge blockchain, Web3 know-how, and social media collectively.

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

Polygon and Alexis Ohanian’s agency Seven Seven Six plan to bolster Web3 know-how with social media through blockchain compatibility with an funding of $200 million, in response to the Polygon crew’s most up-to-date blog post. Polygon is finest recognized for its scaling enhancements with the open-source blockchain community Ethereum and its native token known 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 crew detailed on Friday. “The motivating pressure behind Web3 is that a greater model of the Internet is feasible, one which empowers customers over platforms. It is a response to a pervading sense that the present instantiation as represented by the social media giants has strayed too removed from the early Web’s open-source beliefs.”

The Polygon crew added:

The result’s, as one Facebook engineer famously quipped, the perfect minds of our technology are desirous about how you can make individuals click on adverts. 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 Obvious Opportunities Right Now Are Gaming and Social’

The announcement to speculate $200 million into social media and blockchain platforms follows Polygon’s latest acquistion of the Mir protocol. After beforehand buying the Hermez Network (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 a lot of investments in blockchain and Web3 together with Sky Mavis, Droneseed, Better Brand, and Stoke Space. Ohanian recently backed the NFT challenge Heir co-founded by NBA legend ​​Michael Jordan and his son Jeffrey Jordan.

“We are 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 just do that, with a concentrate on gaming properties and social media platforms constructed on Polygon’s scalable infrastructure. We’ve already seen a number of the finest product founders in our portfolio begin constructing on Polygon and I’m excited for Seven Seven Six and Polygon to play an enormous 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? Let us know what you consider this topic within the feedback part beneath.

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