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Alexis Ohanian and Polygon will invest $200M in decentralized social media

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Of Polygon and of Alexis Ohnian Seven seven six Invest $ 200 million in social media projects that leverage blockchain technologies.

Partners will fund ideas at the intersection of social media and Web 3, and will explore better ways for humans to connect online.

The motivation behind Web 3 is that a better version of the Internet is possible, one that empowers users across platforms. This is a response to the pervasive feeling that the current act, as presented by the social media giants, has deviated too much from the early ideals of the network’s open source, the partners said.

The result is, as one Facebook engineer said, the best minds of our generation are thinking about how to get people to click on ads, the partners said.

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Polygon’s mission is to offer a wide range of secure, fast, affordable and energy-efficient Ethereum scale solutions, enabling them to build Web3 applications for the world.

Ohnian founded Reddit in 2005 at the dawn of social media. He left in 2010 and returned as senior chairman in 2014 to lead a revolution before resigning in 2020. He founded Initialized Capital in 2010 and was a primary investor in Coinbase, Instacart, Opendoor, GOAT, Patreon, Flexport, Ro, Papa Etc. He is also an open supporter of the open Internet and equity and an active supporter of minority and women-owned businesses.

His new venture, Seven Seven Six, has a diverse portfolio ranging from DroneSeed, a company that takes on reforestation with UAVs; Sky Mavis, maker Axie Infinity, the pioneering Web 3 gaming franchise to play-earn; Better Brand, which makes heavy foods Most in carbs at least; and Stoke Space, a reusable missile company.

“We are still in the early days of Web3 and the most obvious opportunities right now are in the gaming and social realm,” Ohnian said in a statement. “This initiative will do just that, with a focus on gaming assets and social media platforms built on Polygon’s expandable infrastructure. We’ve already seen some of the founders of the best products in our portfolio start building on Polygon and I’m excited that Seven Seven Six and Polygon will play a big role in the design What does the new Internet look like? “

Polygon is a blockchain protocol that provides scalable, low-cost infrastructure that drives the largest projects in distributed finance (DeFi) and unchangeable tokens (NFTs), including Aave, SushiSwap and OpenSea. The number of dapps built on Polygon exceeded 3,000 in October, up from 30 at the same time last year.

Polygon’s network is also rapidly becoming the primary target of companies building the foundation for a new breed of social networking. Cent is an ad-free creative network that was in the headlines earlier this year when Twitter CEO Jack Dorsey sold the first-ever Tweet NFT for $ 2.9 million on its platform.

The Sapien team is busy building a symbolic social network built on the Ethereum blockchain, but still finds time for stunts like planting a statue of Harambe in front of Facebook headquarters. Earth 2 is a virtual twin of the real world and our meteoric platform, and is now collaborating with Polygon Studios in an exclusive partnership.

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