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Tuesday, July 5, 2022

Polygon And Co-Founder Of Reddit Launch $200M Social Media Initiative WEB 3.0

Alexis Ohanian, the co-founder of Reddit, said that Web 3.0 has immense potential in society and gaming. 

Seven Seven Six and Polygon publicly stated on Friday. They declared that a drive worth $200 million, will be launched to support projects. These projects will operate in between social media platforms and Web 3.0. 

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Seven Seven Six is Alexis Ohanian’s venture capital enterprise. The focal point of the $200 million endeavors will be gaming software and social networking platforms. These have been developed on Polygon’s infrastructure.

Reddit was co-founded by Alexis Ohanian in 2005. He resigned in 2010 only to come back in 2014  as the executive chairman to head a turnaround. He quit in 2020. 

Ohanian has put start-up funds in various notable technology and blockchain companies like Coinbase, Patreon, Instacart, and Axie Infinity’s designer, Sky Mavis. 

Polygon’s Promising Growth

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This year, Polygon has grown exponentially with more than 3,000 decentralized apps being built on its network. The expansion is part of an Ethereum scaling solution. 

They have stated that it was allocating 250 Mil MATIC tokens, to create zero-knowledge tech. These were dedicated to compound DeFi applications. At the time, the tokens had a value of $627.5 million. The most prominent reasons for the price rise of the tokens, for the bulk of 2021, are cross-chain migrations and various protocol launches.

Sandeep Nailwal, the co-founder, said that social networking business models have an immense influence on society. Web 3.0 will allow users to give value, control it, and gain rewards. 

The partnership with Polygon is not Ohanian’s first venture into the development of Web 3.0. 

It was disclosed that in November Alexis Ohanian worked along Solana Ventures to garner funds worth $100 million to develop several Web 3.0 drives.

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