Alexis Ohanian, the co-founder of Reddit, has partnered with Polygon for a $200 million fund that will target gaming and social media projects building on Web 3.0. The fund will focus on initiatives that are building on the Ethereum Layer 2 platform as it attempts to pioneer the bold new world of user-owned and controlled internet. Polygon also announced that it teamed up with Seven Seven Six, the venture capital firm started and led by Ohanian. Polygon stated that the new fund would “back projects at the intersection of social media and Web3, exploring better ways for humans to connect online.”
“We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social,” said Ohanian. “This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. 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 shaping what the new internet looks like.”
Web3 is the third iteration of the internet. The first was in the early ’90s when people could just access massive amounts of information, but with little order or organization. Google pioneered Web2 with brought order to the chaos and allowed easy ranking and organizing of web content. Web 3.0 focuses on giving internet users control of their data, and blockchain technology are at the heart of this revolution.
(All information was provided by Crypto News Flash)
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