Utilize the full power of the Metaverse, which will provide you with daily benefits and rewards I'm going in!

Polygon and Reddit co-founder introduced a $200 million Web 3.0 social media venture

2 min reading

“We are still in the early days of Web 3.0, and the most obvious opportunities right now are in gaming and social,”  Ohanian said.

Polygon and Alexis Ohanian's venture capital firm, Seven Seven Six, launched a $200 million initiative to support projects at the convergence of social media and Web 3.0 on Friday. The project will emphasize gaming apps and social media platforms built on Polygon's infrastructure.

Ohanian co-founded Reddit in 2005, resigned in 2010, then returned in 2014 as executive chairman to guide a comeback before resigning in 2020. He has been a founding investor in a variety of well-known tech and blockchain firms, including Coinbase, Instacart, Sky Mavis (the creator of Axie Infinity), and Patreon.

Polygon's ecosystem has grown rapidly this year as an Ethereum scaling solution, with over 3,000 decentralised apps developed on its network. Polygon stated earlier this month that it will allocate up to 250 million MATIC tokens, worth $627.5 million at the time, to the development of zero-knowledge technologies for complicated decentralised finance applications.

For all of this year, the most significant factors of its token price upswing have been protocol releases and cross-chain migrations.

Polygon co-founder Sandeep Nailwal highlighted social media business models as having a "profound impact on our world," particularly in light of Web 3.0, a wide idea referring to the internet's next generation. "Users create the value, control the network, and reap the rewards" through Web 3.0, he explained.

Ohanian's involvement with Polygon isn't his first attempt towards Web 3.0 development. According to reports, in November, the Reddit co-founder partnered with Solana Ventures to fund $100 million for different Web 3.0 projects.



Currency Exchange rate Buy cryptocurrency

Utilize the full power of the Metaverse,
which will provide you with daily benefits and rewards

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net (www.ommyo.net). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the ommyo.news/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.