Alexis Ohanian’s VC firm is backing the development of crypto social media projects providing the funds to grow them on Polygon.
Seven Seven Six, Reddit co-founder Alexis Ohanian’s venture capital firm, has announced its partnership with Polygon, a protocol for building and connecting Ethereum-compatible blockchain networks. The two will back projects operating at the intersection of social media and Web 3.0 with a $200 million fund.
As Web 3.0 is still in its infancy, the initiative will focus mainly on the best that the space offers right now – namely gaming dapps and social media platforms, built on Polygon’s infrastructure.
“We are still in the early days of Web 3.0, and the most obvious opportunities right now are in gaming and social,” said Ohanian.
Ohanian is mainly known for co-founding Reddit in 2005. He left the platform’s lead in 2010 and returned in 2014 as executive chairman to head a turnaround before resigning again in 2020.
But he has also been behind various other prominent tech projects and blockchain firms, the likes of Coinbase, Instacart, Axie Infinity developer Sky Mavis, and Patreon.
Ohanian has also recently collaborated in the development of blockchain-based social media projects in November when he teamed up with Solana Ventures to raise $100 million for a number of Web 3.0 initiatives.
While most may not be that familiar with terms like “crypto social media,” efforts to “decentralize” social media have been in place since 2017. As no initiative has yet reached mainstream adoption, Seven Seven Six and Solana Ventures seeks to prioritize technologies and applications that “[eliminate] value extraction from centralized intermediaries.”
According to Polygon’s co-founder, Sandeep Nailwal, social media business models have a “profound impact on our world,” and through Web 3.0, “users create the value, control the network and reap the rewards,” he said.
Polygon has seen exponential growth this year, with over 3,000 decentralized applications now built on its ecosystem. Protocol launches and cross-chain migrations have been the most significant drivers for the price growth of MATIC, Polygon’s token, which rose over 14,000% in the past 12 months.