Polygon (MATIC) and Reddit co-founder Alexis Ohanian have announced the creation of a $200 million investment fund. The objective of the fund is to support Web 3.0 social networking and gaming projects.
200 million dollars for Web 3.0
Polygon (MATIC) and Reddit co-founder Alexis Ohanian’s Seven Seven Six venture capital fund have announced a $200 million investment fund.
The fund’s investment thesis is based on a simple observation: Web3 is still in its infancy and the “most obvious opportunities right now are in games and social networks.” The funded projects will be based exclusively on the Polygon Layer 2 solution.
Thus, the fund aims to encourage initiatives carrying “the open source ideals of the early Web.” Today’s social networking giants have moved away from that vision, suggests the announcement, which adds:
“As one Facebook engineer put it, the best minds of our generation are thinking about how to get people to click on ads.”
Interestingly, this is the second Web3 social network-focused fund announced by the Reddit co-founder since early November. Last month, he revealed a $100 million fund in partnership with Solana Labs.
Alexis Ohanian, a committed man
Alexis Ohanian co-founded Reddit in 2005 before leaving the project in 2010, though he returned from 2014 to 2020 as executive chairman before resigning last year.
The Reddit co-founder is well-versed in the crypto/blockchain industry as he has invested in the Coinbase exchange as well as the Axie Infinity (AXS) play-to-earn game, among others. He also revealed that he owns “a lot of Ether”.
Finally, the entrepreneur is a committed man who militates for a free internet, supporting in particular the piracy.
