Polygon, the VC company of the Reddit co-founder, starts a 200 million dollar social media web3 fund-
Polygon, the VC company of the Reddit co-founder, starts a 200 million dollar social media web3 fund-
The team behind polygon, the protocol for connected blockchain networks such as Ethereum, and the venture capital company Seven Seven Six by Alexis Ohanian have uncovered a 200 million dollar investment fund for blockchain-based social media projects. According to the announcement, the partner's mission is to try to combine blockchain, web3 technology and social media.
Polygon and Alexis Ohans Seven Seven Six lay a $ 200 million fund for web3, blockchain and social media
polygon and alexis ohanians company plane Web3 technology with social media via blockchain compatibility with an investment of $ 200 million, according to the youngest of the polygon team blog entry . Polygon is primarily known for its scaling improvements with the open source blockchain network Ethereum and its native token called Matic. Alexis Ohanian is known for founding the social media and news aggregation web portal Reddit together with Steve Huffman and Aaron Swartz. The venture capital company Seven Seven Six from Ohanian is a software-based venture company founded in 2020.
"The Seven Seven Six from Polygon and Alexis Ohanian have launched a 200 million dollar initiative that will support projects at the social media and web3 interface to explore better opportunities for people to connect online," said the polygon team on Friday. "The motivating force behind Web3 is that a better version of the Internet is possible to enable users across platforms. It is a reaction to a penetrating feeling that the current instance, as represented by the social media giants, is too far from the open source ideals of the early website."
The polygon team added:
The result is that, like a Facebook engineer, mucked out, thinking about the best minds of our generation about how to get people to click on advertisements. The mission of polygon is to offer developers a wide range of safe, faster, affordable and energy-efficient Ethereum scaling and infrastructure solutions that enable them to develop web3 applications for the world.
Alexis Ohanian: "The most obvious possibilities of Web3 are currently gaming and social"
The announcement to invest $ 200 million in social media and blockchain platforms, follows polygons recent acquisition des Mir-Protocoll. After prior acquisition of the hermez-network (now polygon Hermez ) For $ 250 million, polygon paid me $ 400 million for the Ethereum scaling startup in August. Ohanian's venture company Seven Seven Six has a number of investments in Blockchain and Web3, including Sky Mavis, Dronesed, Better Brand and Stoke Space. Ohanian recently supported the Michael Jordan and His son Jeffrey Jordan co-founded NFT project Heir.
"We are still in the beginning of Web3 and the most obvious options are currently in gaming and social media," said Ohanian in a statement. "This initiative will do exactly that, with a focus on gaming properties and social media platforms that build on the scalable infrastructure of polygon. We have already seen some of the best product founders in our portfolio that build on polygon, and I am pleased that Seven Seven Six and Polygon will play a major role in the design of the new Internet" Reddit completed.
What do you think that polygon and Alexis Ohans Seven Seven Six invest $ 200 million in blockchain and web3 technology that is connected to social media platforms? Let us know your opinion on this topic in the comments below.
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