The team behind Polygon, the protocol for interconnected blockchain networks like Ethereum, and Alexis Ohanian’s venture capital firm Seven Seven Six have revealed a $ 200 million fund to invest in social media projects based on the blockchain. According to the announcement, the partner’s mission is to attempt to bridge the gap between blockchain, Web3 technology and social media.
Polygon’s Seven Seven Six and Alexis Ohanian Launch $ 200 Million Fund Dedicated to Web3, Blockchain and Social Media
Polygon and the cabinet of Alexis Ohanian seven seven six plans to boost Web3 technology with social media via blockchain compatibility with $ 200 million investment, Polygon team’s most recent says blog post. Polygon is best known for its scaling enhancements with the open source Ethereum blockchain network and its native token called MATIC. Alexis Ohanian is well known for co-founding social media and news aggregation web portal Reddit with Steve Huffman and Aaron Swartz. Ohanian’s venture capital firm Seven Seven Six is a software-focused venture capital firm founded in 2020.
“Polygon and Alexis Ohanian’s Seven Seven Six have created a $ 200 million initiative that will support projects at the intersection of social media and Web3, exploring better ways for humans to connect online,” explained Friday the Polygon team. “The driving force behind Web3 is that a better version of the Internet is possible, a version that empowers users across platforms. It’s a response to the pervasive feeling that the current instantiation as portrayed by social media giants has strayed too far from the web’s early open source ideals.
The Polygon team added:
The result is, as one Facebook engineer put it, the best minds of our generation are thinking about how to get people to click on ads. Polygon’s mission is to offer a wide range of secure, fast, affordable, and energy-efficient Ethereum scaling and infrastructure solutions for developers, enabling them to build Web3 applications for the world.
Alexis Ohanian: “The most obvious opportunities for Web3 at the moment are games and social networks”
The announcement to invest $ 200 million in social media and blockchain platforms follows Polygon’s recent acquisition of the Mir protocol. After having previously acquired the Hermez network (now Hermez polygon) for $ 250 million in August, Polygon paid $ 400 million for scaling startup Ethereum Mir. Ohanian’s venture capital firm Seven Seven Six has a number of blockchain and Web3 investments including Sky Mavis, Droneseed, Better Brand, and Stoke Space. Ohanian recently supported the NFT Heir Project co-founded by NBA legend Michael Jordan and his son Jeffrey Jordan.
“We are only in the early days of Web3 and the most obvious opportunities right now are in games and social media,” Ohanian said in a statement. “This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We have already seen some of the best product founders in our portfolio start to build on Polygon and I am delighted that Seven Seven Six and Polygon are playing an important role in shaping what the new internet looks like, ”the co -Founder of Reddit concluded.
What do you think of Polygon’s $ 200 million investment and Alexis Ohanian’s Seven Seven Six in blockchain and Web3 technology related to social media platforms? Let us know what you think of this topic in the comments section below.
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