- Reddit co-founder, Alexis Ohanian teamed with Solana ventures to promote Web 3 social media initiative.
- The initiative is focused on decentralized social projects to empower users with real ownership.
Alexis Ohanian, Reddit co-founder and head of venture fund Seven Seven Six, announced a joint $100 million social media initiative with Solana ventures to promote Web 3.0 on the platform. This investment initiative is focused on decentralized social projects, both companies said on Tuesday at the Solana Breakpoint conference in Lisbon, Portugal.
Ohanian’s venture firm, Seven Seven Six, will invest $50 million and the remaining $50 million by Solana ventures in Web 3.0 social media technology.
Alexis commented that with a high-performance blockchain like Solana, there is a great opportunity to combine crypto and social media in a way that works like a Web2 social product but the added advantage of this is to empower users with real ownership. In the conference, Ohanian told a cheering crowd “Reeled you in there,” with excitement for this initiative.
Solana Co-founder, Raj Gokal also said at the panel that he wants to get off Twitter and all centralized social apps. He further added, “Help me do that. Build the next Twitter, build the next Facebook, build the next Instagram. I’ve got a special prize for whoever helps me get off and delete my accounts from those centralized services,”
To his response, Alexis stated – “the bounty is out there,”
Web 3 turns users and creators into stakeholders and owners, and this is what both the involved firms are trying to achieve with this collaboration. In Web 3 users can interact with data through artificial intelligence and machine learning.
Solana’s head of communications, Austin Federa, said the partnership with Reddit ventures will mainly focus on Solana but the future is cross-chain so the initiative will consider all projects, programs, irrespective of chains.
Last month, Reddit has also declared that the company is seeking to hire a senior backend engineer for the NFT platform to launch NFT-backed digital goods. With this collaboration with Solana ventures, Reddit is paving its way to blend social media platforms and crypto to escalate its web 3 initiative.