Reddit and Polygon co-founder launch $ 200 million fund for Web 3

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Reddit and Polygon co-founder launch $ 200 million fund for Web 3 For Hannah perez

The fund will finance projects for social media and games based on Web 3. Meanwhile, the concepts of Web 3 and metaverse are increasingly attracting the attention of Wall Street.

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Polygon and the venture capital firm Seven seven six, from the co-founder of Reddit Alexis Ohanian, are launching a new fund of USD $ 200 million that will invest in projects based on Web 3.

The scalability solution for Ethereum, Polygon, presented the initiative this Friday through a statement that was shared in Twitter. According to the official notice, the fund support projects at the intersection of social media and Web3, exploring better ways for humans to connect online.

Commenting on the launch, Ohanian, who co-founded the online forum platform Reddit in 2005, he said:

We are still in the early days of Web3 and the most obvious opportunities right now are gaming and social media.. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure..

New USD $ 200 Million Initiative Will Boost Web 3

It should be noted that the term Web 3.0 refers to an evolution of the Internet as we know it today. One of the visions of this advance is greater decentralization for social media platforms, in a model that provides more autonomy and power to users over the data and content they share.

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In the statement, the team of Polygon described Web 3 as “a better version of the internet, one that empowers users on the platforms“. Sandeep Naiwal, Co-Founder of Polygon, added in this regard: “With Web3, users create value, control the network and reap the rewards”.

The new fund will be denominated in US dollars and not in MATIC, the native cryptocurrency of Polygon, as explained Nailwal in the middle The Block. As such, the fund will invest in startups that are based on the technology of Polygon and will back your capital as well as rounds of tokensadded the co-founder. Other details of the initiative as a whole, such as the actual deployment and each party’s contribution to the fund, were not disclosed.

Meanwhile, Ohanian, who resigned as CEO to Reddit last year, he formed the venture capital firm Seven seven six. Your company raised $ 150 million for its first fund and already has a portfolio of Web 3 projects, including startup Sky Mavis, creators of Axie Infinity, the pioneering game franchise Play-to-Earn.

The venture capital firm also He launched a USD $ 100 million fund for projects of this type based on Solarium, as reviewed The Block. Ohanian is also known to have been one of the first investors in the cryptocurrency exchange Coinbase.

Blockchain will be crucial for Web 3 and metaverse

The news about the new fund Seven seven six Y Polygon comes at a time of growing interest around Web 3 and the metaverse, two concepts that have garnered enough general attention that the titans of Wall street start looking into these developments.

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The banking giant Goldman sachs recently published research highlighting how technology Blockchain will be fundamental in the development of Web 3 and the metaverse. The chain of blocks allows the “partial elimination of centralized control”On Web 3, says the note that was cited by CoinDesk.

It is the only technology that can “uniquely identify any virtual object independent of a central authority“, And this ability to identify and track the property will be crucial for the functioning of the metaverse, the authors added, as reported by the aforementioned news outlet.

A few weeks ago, another Wall Street bank, Morgan stanley, had shared a report that anticipates that the metaverse could turn into a potential market of USD $ 8 trillion, opening a new business opportunity for investors.


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Sources: Press release, The Block, CoinDesk

Article by Hannah Estefanía Pérez / Daily bitcoin

Unsplash image edited in Canva

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