Alexis Ohanian and venture capital firm Seven Seven Six announced a $200 million plan to support projects that operate at the intersection of social media and Web 3.0. The plan will focus on gaming applications and social media platforms built on Polygon’s infrastructure.
Web 3.0 Initiative: A $200 Million Project
Ohanian co-founded Reddit in 2005, quit in 2010, returned as CEO in 2014, and led the company turning losses into profits. He will be stepping down in 2020. The number one investor in several technology and blockchain companies such as Coinbase, Instacart and Sky Mavis was the developer of Axie Infinity and Patreon.
As an extension (scalability) solution for the Ethereum network, the Polygon ecosystem has grown rapidly this year, with more than 3,000 decentralized applications built on its network. Earlier this month, Polygon announced that it would invest up to 250 million MATIC tokens, valued at $627.5 million at the time, to develop a hitherto unknown technology for financial applications, Decentralized Structures.
For most of this year, protocol releases and cross-chain migrations have been the primary drivers of token price growth. Polygon co-founder Sandeep Nailwal described the social media business model as having “a profound impact on our world.” Especially considering Web 3.0, a broad concept referring to the next generation of the Internet. With Web 3.0, he said, “users create value, control the network, and get rewarded.”
The Polygon partnership is not Ohanian’s first attempt at developing Web 3.0. As reported by some crypto dailies, the Reddit co-founder partnered with Solana Ventures in November to raise $100 million for various Web 3.0 initiatives.
Who are Alexis Ohanian and Polygon?
Ohanian co-founded Reddit in 2005 amid the rise of social media. He left in 2010 and returned as CEO in 2014, leading the company to turn losses into profits, then quitting in 2020. He co-founded Initialized Capital in 2010 and is an early investor in Coinbase, Instacart, Opendoor, GOAT, Patreon, Flexport, Ro, and Papa and more. He is also a strong proponent of an open internet and justice. He is an active supporter of women- and minority-owned businesses.
His new venture capital firm, 776, has a diversified portfolio, including DroneSeed, a company that deals with reforestation using drones, Sky Mavis, creator of Axie Infinity, the leading 3 online game series, Better Brand, which transforms top foods Carbohydrates in Low-Carb Foods, Stoke Space, a reusable rocket company.
“We are still in the early stages of Web3, and the most obvious opportunities now lie in games and social media,” Ohanian said in a statement. This plan will achieve this goal, focusing on gaming assets and social media platforms built on Polygon’s scalable infrastructure. We’ve seen some of the best product designers in our range start using Polygon as a base. We are pleased that 776 and Polygon play an important role in creating the new Internet.”
Polygon is a blockchain protocol that provides a scalable and low-cost infrastructure that supports the largest decentralized finance (DeFi) and non-fungible tokens (NFT) projects including Aave, SushiSwap and OpenSea. The number of Polygon-based decentralized applications (dapps) exceeded 3000 in October, up from 30 in the same period last year.