The venture company of Reddit co-founder Alexis Ohanian, Seven Seven Six, together with the Polygon (MATIC) project have created a $200 million fund to invest in projects that are “building with social media and Web3 in mind.”
According to him, the partners strive to “contribute to a fair internet where users control their data and privacy.”
The development of Web 3.0 and blockchain-based social networks
Recall that previously in November, Seven Seven Six, together with Solana Ventures, established a $100 million fund to invest in the development of Web 3.0 and blockchain-based social networks.
At the Breakpoint conference in Lisbon, Portugal, Ohanian revealed that his investment firm, Seven Seven Six; and Solana Ventures have committed $100 million to Web3 and “decentralized social initiatives”. The internet entrepreneur praised his venture firm’s prowess in “spotting and investing in early social and crypto movements”. Such as Reddit, Patreon, and Coinbase, among others, in an accompanying news release.
“Web3 converts consumers and artists to become owners and stakeholders. A transformation that can’t come soon enough to social media”, said Raj Gokal, the COO of Solana Labs.
Blockchain-based social networks can become “absolutely huge”
Earlier, the head of FTX, Sam Bankman-Fried, stressed that blockchain-based social networks can become “absolutely huge”. He also talked about how decentralized finance (DeFi) may scale faster by combining with pre-existing platforms like social media platforms.
The initiative has been operating in test mode since May 2020. Moreover, members of the r/Cryptocurrency and r/FortniteBR subreddits receive the MOONS and BRICKS tokens of the ERC-20 standard, respectively.