In Brief:
- The $200M aims to support projects at the intersection of social media and Web3.
- Gaming apps and social media platforms developed on Polygon’s infrastructure will be the focus of the fund.
- The investment campaign is priced in dollars rather than Polygon’s MATIC tokens.
Polygon and Reddit’s Co-Founder Alexis Ohanian’s Seven Seven Six VC announced the launch of a $200 million program to support projects at the intersection of social media and Web 3.
As stated in the blog post, gaming applications and social media platforms developed on Polygon’s infrastructure will be the focus of the endeavor.
Ohanian stated, “We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure.”
Alexis co-founded Reddit in 2005. Then he resigned in 2010 and returned in 2014 as executive chairman to guide a revival before stepping down in 2020.
Adding this collaboration with Polygon, Ohanian now has announced two Web3 social media-focused funds in a span of two months. He announced a $100 million fund in November in collaboration with Solana, a leading blockchain network to promote Web3 on the platform.
Polygon intends to provide developers with a broad selection of safe, fast, reasonable, and energy-efficient Ethereum scaling and infrastructure solutions, enabling them to build Web3 apps.
Polygon is well recognized for its scalability advances with the open-source blockchain network Ethereum, as well as its native coin, MATIC.
According to Polygon co-founder Sandeep Nailwal, the investment campaign is priced in dollars rather than MATIC tokens.
With Web3, users create the value, control the network and reap the rewards. This is not just a different way to share lolcats online, though we love those. We are inventing new high-fidelity means of transmitting culture itself,” stated Nailwal.
Sky Mavis, Droneseed, Better Brand, and Stoke Space are among the blockchain and Web3 startups that Ohanian’s venture fund, Seven Seven Six, has invested in. Ohanian has backed the NBA icon Michael Jordan and his son Jeffrey Jordan’s NFT project Heir.
