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On Friday, Polygon and Alexis Ohanian’s enterprise capital agency, Seven Seven Six, introduced a $200 million initiative backing initiatives working on the intersection of social media and Internet 3.0. The initiative will concentrate on gaming functions and social media platforms constructed on Polygon’s infrastructure.
Ohanian co-founded Reddit in 2005, left in 2010 and returned as government chairman in 2014 to steer a turnaround earlier than resigning in 2020. He has been a seed investor in a number of distinguished tech and blockchain corporations comparable to Coinbase, Instacart, Sky Mavis — the developer of Axie Infinity — and Patreon.
As an Ethereum scaling resolution, Polygon’s ecosystem has expanded quickly this 12 months, with over 3,000 decentralized functions constructed on its community. Earlier this month, Polygon introduced it was dedicating as much as 250 million MATIC tokens, valued at $627.5 million on the time, to develop zero-knowledge applied sciences supposed for advanced decentralized finance functions. Protocol launches and cross-chain migrations have been the largest drivers of its token worth development for a lot of this 12 months.
Associated: Polygon launches a zk-STARK scaling resolution for DApp deployment
Polygon co-founder Sandeep Nailwal described social media enterprise fashions as having a “profound influence on our world,” particularly in gentle of Internet 3.0, which is a broad idea that refers back to the subsequent technology of the web. By way of Internet 3.0, “Customers create the worth, management the community and reap the rewards,” he stated.
The Polygon partnership isn’t Ohanian’s first foray into Internet 3.0 improvement. As Cointelegraph reported, the Reddit co-founder teamed up with Solana Ventures in November to boost $100 million for varied Internet 3.0 initiatives.
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