Polygon and Reddit Co-Founder’s VC Launches $200 Million Web3 Fund

Polygon and Reddit Co-Founder Alex Ohanian’s 776 venture capital firm have introduced a $200 million funding fund. In response to the press launch, they’re on a mission to spice up and assist the expansion of social media and Internet 3 initiatives.

To recap, Polygon is an Ethereum layer-2 scaling answer. It’s a sidechain that goals to sort out Ethereum’s scalability subject. It allows builders to attach and construct Ethereum-compatible blockchain networks to attain this. So you’ll be able to consider it as “Ethereum’s Web of Blockchains.

In the meantime, Alex Ohanian is a social media and blockchain heavyweight. In 2005, he co-founded social media information website Reddit. Then, he left in 2010 and returned as Chairman in 2014 earlier than resigning once more in 2020. Then, he emerged himself within the blockchain area as a seed investor in Coinbase, Opendoor, Patreon and extra!

So what precisely is Polygon and Reddit Co-Founder Up To?

Final Friday, the Polygon group shared that the companions are “exploring higher methods for people to attach on-line.” In addition they asserted that “The driving pressure behind Web3 is that a greater model of the Web is feasible, and it will possibly present assist for customers via the platform.”

In the meantime, Ohanian commented that Web3 continues to be in its very early levels and the “most evident alternatives proper now are in gaming and social.” Aside from this funding fund, he additionally partnered with Solana Ventures to speculate $100 million in constructing decentralized social media.

So what’s the grand imaginative and prescient behind this huge funding fund?

In the end, the initiative will give attention to “gaming properties and social media platforms constructed on Polygon’s scalable infrastructure.”

Ohanian added, “We’ve got already seen a number of the finest merchandise founders in our portfolio begin constructing on Polygon, and I’m excited for Seven Seven Six and Polygon to play an enormous position in shaping what the brand new Web appears like.”

How About Reddit?

Two months in the past, the platform had everybody asking: “Is Reddit constructing an NFT Market?” Speculations started circulating once they posted on Greenhouse that they’re in search of a senior backend engineer. The itemizing famous that the position is for a platform chargeable for “thousands and thousands of customers to create, purchase, promote and use NFT-backed digital items.”

Reddit has all the time been a blockchain and crypto-friendly platform. Because of a robust subreddit group, many tokens, initiatives, and platforms have been in a position to moon. So if the speculations are true, then it wouldn’t shock anybody. As it’s, NFT Collectors and fans are already utilizing the platform to resolve which NFTs are value buying. So launching an NFT Market can be like extending Reddit’s companies.

Right here at NFTEvening, we’re trying ahead to the long run crossovers between social media, blockchain, Web3 and, after all, gaming!