The team behind Polygon, the dedicated protocol for interconnected blockchain networks like Ethereum, and Alexis Ohanian’s venture capital firm Seven Seven Six have unveiled a $200 million investment fund in blockchain-based social media projects. According to the announcement, the partner’s mission is to try to connect blockchain, Web3 technology, and social media together.
Polygon and Alexis Ohanian’s Seven Seven Six Launched $200 Million Fund Dedicated to Web 3, Blockchain and Social Media
Polygon subsidiary Seven Seven Six and Alexis Ohanian are planning to boost Web3 social media technology via blockchain compatibility with an investment of $200 million, according to the Polygon team’s latest blog. Polygon is known for its scaling improvements with the open source blockchain network Ethereum and its native token called MATIC. Alexis Ohanian is best known for co-founding the social media and news aggregation web portal Reddit with Steve Huffman and Aaron Swartz. The venture capital firm of Ohanian Seven Seven Six is a software enablement venture company established in 2020.
The Polygon team explained Friday that “Seven Seven Six of Polygon and Alexis Ohanian have created a $200 million initiative that will support projects at the intersection of social media and Web3, to explore better ways for humans to connect online.” “The motivating force behind Web3 is that there is a better version of the Internet possible, one that empowers users across platforms. It is a response to the prevailing feeling that existing instantiation as represented by the social media giants has deviated too far from the open source ideals of the Web.”
Team Polygon added:
The result is, as one Facebook engineer quipped, the best minds of our generation are thinking about how to get people to click on ads. Polygon’s mission is to provide a broad range of secure, fast, affordable, and energy-efficient Ethereum infrastructure and measurement solutions to developers, enabling them to build Web3 applications for the world.
Alexis Ohanian: “The most obvious opportunities in Web3 right now are gaming and socializing”
The announcement of a $200 million investment in social media and blockchain platforms follows Polygon’s recent acquisition of the Mir protocol. Having previously acquired Hermes Network (now Hermes polygonFor $250 million in August, Polygon paid start-up Mir $400 million to expand Ethereum. Ohanian subsidiary Seven Seven Six owns a number of investments in blockchain and Web3 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’re still in the early days of Web3, and the most obvious opportunities right now are in gaming and social,” Ohanian said in a statement. “This initiative will do just that, focusing on Polygon’s scalable infrastructure-based gaming and social media platform properties. We’ve already seen some of the best product founders in our portfolio start building on Polygon and I’m excited for Seven Seven Six and Polygon to play a big role in Polygon. Shaping the New Internet,” Reddit co-founder over.
What do you think of Polygon and Alexis Ohanian’s $200 million investment by Polygon and Web3 in blockchain technology and Web3 linked to social media platforms? Tell us what you think about it in the comments section below.
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