Seven Seven Six, the venture capital company of Alexis Ohanian and Polygon, on Friday, launched a $200 million venture to back projects working on Web 3.0 and social media intersection. The fund will be focused on social media and gaming projects built on Polygon’s infrastructure. Ohanian is the co-founder of Reddit. He left it in 2010 but came back in 2014 to lead it as executive chairman. He resigned from the board seat at Reddit in 2020. Over the years, he has made several seed investments in prominent technology and blockchain companies such as Instacart, Coinbase, and Sky Mavis that developed Axie Infinity.
It has been providing ethereum scaling solutions. This year it expanded its ecosystem rapidly. More than 3000 decentralized applications have been built using its network. It announced this month of investing 250 million of MATIC tokens with a value of $627.5 million. The goal of this investment is to develop zero-knowledge new technologies for advanced decentralized financial applications. Its token price has grown this year on the back of cross-chain migration and protocol launch projects.
The Goal of This New Partnership
Sandeep Nailwal, the co-founder of Polygon, described the impact social media projects will have in the coming years, especially with the development of Web 3.0 ecosystem. This ecosystem covers many aspects of new Internet technologies. Web 3.0 will allow users to create values and have better control over the network. According to him, the users will be rewarded for their efforts in these developments.
This partnership is not the first project Ohanian has launched in the field of Web 3.0. In November, he partnered with Solana Ventures to launch a $100 million fund that will be used to develop several Web 3.0 projects.