On Friday, Polygon and Alexis Ohanian’s enterprise capital agency, Seven Seven Six, introduced a $200 million initiative backing tasks working on the intersection of social media and Net 3.0. The initiative will give attention to gaming purposes 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 guide a turnaround earlier than resigning in 2020. He has been a seed investor in a number of outstanding tech and blockchain companies comparable to Coinbase, Instacart, Sky Mavis — the developer of Axie Infinity — and Patreon.
As an Ethereumscaling resolution, Polygon’s ecosystem has expanded quickly this 12 months, with over 3,000 decentralized purposes 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 complicated decentralized finance purposes. Protocol launches and cross-chain migrations have been the largest drivers of its token worth development for a lot of this 12 months.
Polygon launches a zk-STARK scaling resolution for DApp deployment
Polygon co-founderSandeep Nailwal described social media enterprise fashions as having a “profound influence on our world,” particularly in mild of Net 3.0, which is a broad idea that refers back to the subsequent era of the web. By way of Net 3.0, “Customers create the worth, management the community and reap the rewards,” he mentioned.
The Polygon partnership isn’t Ohanian’s first foray into Net 3.0 growth. As Cointelegraph reported, the Reddit co-founder teamed up with Solana Ventures in November to lift $100 million for numerous Net 3.0 initiatives.
