Alexis Ohanian’s Reddit cofounder’s venture capital firm — Seven Seven Six — together with the Polygon (MATIC) project created a $200 million fund to invest in projects at the intersection of social networks and Web 3.0.
Here we go 🙌 @sevensevensix is teaming up with @0xPolygon to find the next projects creating the future of social media and Web3.
Excited to see what infrastructure people are building in Web3. We’re just at the starting line. https://t.co/Uo26jUQSUO
— Alexis Ohanian 7️⃣7️⃣6️⃣ (@alexisohanian) December 17, 2021
The fund will be denominated in dollars and will support Polygon-based startups, said the project’s cofounder Sandeep Nailwal in a comment to The Block.
He said the partners aim to contribute to a ‘fair Internet, where users control data and privacy’.
In November, Seven Seven Six, together with Solana Ventures founded a $100 million fund to invest in the development of Web 3.0 and blockchain-based social networks.
Earlier, FTX chief Sam Bankman-Fried emphasized that blockchain-based social networks could become ‘absolutely huge’. In his words, distributed ledger technology will address the issues inherent in more traditional platforms.
Analysts at Grayscale Investments forecast the annual revenue of the Web 3.0 metaverse sector to reach $1 trillion.
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news stream, ForkLog — the most important news, infographics and opinions.