Polygon and Alexis Ohanian’s $200 Million Investment in Web 3.0 Social Media Projects

Big Bucks for Social Media and Gaming

In an exciting twist for fans of digital innovation, Polygon is joining forces with Alexis Ohanian’s venture firm, Seven Seven Six, to pump a whopping $200 million into projects that sit at the crossroads of social media and Web 3.0. This initiative promises to escalate gaming applications and social media platforms built atop Polygon’s robust infrastructure.

Who’s behind Seven Seven Six?

If you haven’t heard of Alexis Ohanian, you might want to Google him—or better yet, ask a millennial. The Reddit co-founder has quite an illustrious background. He initially founded Reddit back in 2005, took a leave in 2010, and returned to steer the company through its renaissance as executive chairman in 2014, only to officially resign in 2020. He’s not just a one-hit-wonder; Ohanian has made seed investments in a slew of heavy hitters like Coinbase, Instacart, and Patreon, making him a sensible choice for this new venture.

Polygon’s Rapid Growth

Polygon isn’t just another player in the blockchain space; it’s stirring the pot like nobody’s business. Their ecosystem has experienced blistering growth this year, hosting over 3,000 decentralized applications on its network. Recently, they threw another $627.5 million into the pot, dedicating up to 250 million MATIC tokens towards developing zero-knowledge technologies aimed at complicated DeFi applications. Talk about a baller move!

The Future is Web 3.0

Sandeep Nailwal, co-founder of Polygon, believes social media is essential to our world, especially as we dive deeper into the venture known as Web 3.0. He insists that this new internet era will empower users to create value, control the networks, and — you guessed it — reap the rewards. It might sound too good to be true, but let’s keep our fingers crossed!

Not Ohanian’s First Rodeo in Web 3.0

You might consider Ohanian a Web 3.0 aficionado at this point. As Cointelegraph previously reported, he seamlessly partnered with Solana Ventures to rally $100 million for various Web 3.0 projects. Clearly, this tech maven has a nose for profitable opportunities in the blockchain space.