Polygon has partnered with Seven Seven Six to create a $200 million initiative that may again Web3 tasks constructing social media.
Seven Seven Six is a enterprise capital agency based by Alexis Ohanian, the co-founder of Reddit, boasting a portfolio starting from blockchain gaming startups to reusable rocket producers.
Polygon is placing within the large bucks into Web3
In a Friday announcement, Polygon mentioned that the fund was created to help tasks exploring higher methods for people to speak on-line. Partnering with a enterprise agency with a various and vastly profitable portfolio will allow it to search out and put money into tasks seeking to break by way of to the forefront of Web3.
“These previous few years have introduced a dawning realization that social media enterprise fashions have a profound impression on our world. With Web3, customers create the worth, management the community and reap the rewards,” mentioned Sandeep Naiwal, Polygon’s co-founder.
Seven Seven Six boasts a portfolio that ranges from Sky Mavis, the makers of Axie Infinity, and DroneSeed, an organization tackling reforestation with drones, to reusable rocket firm Stoke House and modern diet startup Higher Model.
With the way forward for Web3, a greater model of social media is feasible🤳. A future the place we empower creators and customers on the platform, and a greater place for people to attach on-line 👥
Because of this we’re making a $200M joint initiative with @0xPolygon.
— 7️⃣7️⃣6️⃣ (@sevensevensix) December 17, 2021
The enterprise agency was based by Alexis Ohanian, who co-founded Reddit again in 2005. With a watch for groundbreaking social media tendencies, Ohanian led Reddit for over a decade earlier than resigning in 2020. He was a seed investor in a few of the most profitable tech startups within the final decade, Together with Coinbase, Instacart, and Patreon.
“We’re nonetheless within the early days of Web3 and the obvious alternatives proper now are in gaming and social,” mentioned Ohanian. “This initiative will do exactly that, with a deal with gaming properties and social media platforms constructed on Polygon’s scalable infrastructure. We’ve already seen a few of the finest product founders in our portfolio begin constructing on Polygon and I’m excited for Seven Seven Six and Polygon to play a giant function in shaping what the brand new web seems to be like.”
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