“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.