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Reddit Co-Founder and Solana Ventures to Invest in Decentralized Social Media Projects

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Seven Seven Six, the American Internet risk company entrepreneur And investor Alexis Ohnian, Co-founder of the social media platform Reddit, And Solana Ventures announced at the recent 2021 Solana Breakpoint conference in Lisbon that they plan to invest $ 50 million each in distributed social media projects.

According to a Report By Reuters, Ohnian said in a statement:

With a high-performance blockchain like Solana, there is an unprecedented opportunity for social integration and crypto in a way that feels like a Web2 social product but with the added incentive of empowering users with real ownership … We are at a central turning point in those early days of Web3.




And Raj Gokel, co-founder and COO of Solana Labs, said this:

Web3 turns users and creators into owners and stakeholders, a change that can not quickly reach social media … The social media in MetaBers will be a collection of millions of independent communities.

The Reuters report went on to mention that Austin Padre, head of communications at Solena Laboratories, says that although this partnership will focus primarily on Solana, “the future is a chain cross and therefore the initiative will consider all projects, regardless of chain.”

Disclaimer

The opinions and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only, and do not constitute financial, investment or other advice. Investing or trading in crypto assets involves the risk of financial loss.

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