{"id":382423,"date":"2021-12-17T18:00:00","date_gmt":"2021-12-17T15:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/reddit-co-founder-and-polygon-launch-200m-web-3-0-social-media-initiative\/"},"modified":"2021-12-17T18:00:00","modified_gmt":"2021-12-17T15:00:00","slug":"reddit-co-founder-and-polygon-launch-200m-web-3-0-social-media-initiative","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/reddit-co-founder-and-polygon-launch-200m-web-3-0-social-media-initiative\/","title":{"rendered":"# Reddit co-founder and Polygon launch $200M Web 3.0 social media initiative"},"content":{"rendered":"

“# Reddit co-founder and Polygon launch $200M Web 3.0 social media<\/a> initiative <\/strong>”
\n<\/p>\n

On Friday, Polygon and Alexis Ohanian\u2019s venture capital firm, Seven Seven Six, announced a $200 million initiative backing projects operating at the intersection of social media and Web 3.0. The initiative will focus on gaming app<\/a>lications and social media platforms built on Polygon\u2019s infrastructure.\u00a0<\/p>\n

Ohanian co-founded Reddit in 2005, left in 2010 and returned as executive chairman in 2014 to lead a turnaround before resigning in 2020. He has been a seed investor in several prominent tech and blockchain firms such as Coinbase, Instacart, Sky Mavis \u2014 the developer of Axie Infinity \u2014 and Patreon.<\/p>\n

As an Ethereum\u00a0scaling solution, Polygon\u2019s ecosystem has expanded rapidly this year, with over 3,000 decentralized applications built on its network. Earlier this month, Polygon announced it was dedicating up to 250 million MATIC tokens, valued at $627.5 million at the time, to develop zero-knowledge technologies intended for complex decentralized finance applications. Protocol launches and cross-chain migrations have been the biggest drivers of its token price growth for much of this year.<\/p>\n

Related:\u00a0Polygon launches a zk-STARK scaling solution for DApp deployment<\/em><\/strong><\/p>\n

Polygon co-founder\u00a0Sandeep Nailwal described social media business models as having a \u201cprofound impact on our world,\u201d especially in light of Web 3.0, which is a broad concept that refers to the next generation of the internet. Through Web 3.0, \u201cUsers create the value, control the network and reap the rewards,\u201d he said.<\/p>\n

The Polygon partnership isn\u2019t Ohanian\u2019s first foray into Web 3.0 development. As Cointelegraph reported, the Reddit co-founder teamed up with Solana Ventures in November to raise $100 million for various Web 3.0 initiatives.<\/p>\n