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Polygon and Reddit’s Co-Founder Pledge $200 Million for Gaming and Social Media Projects

Alexis Ohanian and Polygon team up to invest in various projects backed by an Ethereum-driven scaling platform.

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Photo by Anna Stills / Envato

Social media could well prove to be a huge bane for apps built on a blockchain network, but not on the level of a decentralized service that can compete with or even dethrone the likes of Twitter and Facebook in terms of scale.

Polygon and Reddit co-founder Alexis Ohanian have made a new investment fund that could help bump up the idea and ambition, though.

Ohanian’s Seven Seven Six VC firm and Polygon–the layer 2 Ethereum scaling solution–joined forces to pledge $200 million towards a decentralized social media apps development, which will run on Polygon’s network.

Judging by the post from Polygon, the fund is designed to encourage development that hearkens back to the “early Web’s open-source ideals.” The posts suggests that most social media giants of today have steered clear of that view, stating “As one Facebook engineer famously quipped, the best minds of our generation are thinking about how to make people click ads.”

It’s worth noting that this is Ohanian’s 2nd Web3 social media-centric fund announced since the beginning of November, where he also revealed a $100 million fund, partnering up with Solana, itself a leading blockchain network.

In the end, both funds appear to have consistently similar visions in backing up decentralized social media initiatives which will put up a fight against the dominance of the platforms currently in power. Ohanian also stated that blockchain-based gaming is something he will be setting his sights and focus on for the Polygon fund.

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

Ohanian co-founded Reddit back in ’05 but left in 2010, though he made a return in 2014 through 2020 as executive chairman, ultimately resigning last year. This week, Reddit announced it’s intention of going public, and that the community is also expanding its Ethereum based crypto rewards initiative as it builds an NFT marketplace, too.

Ohanian is indeed a huge advocate for crypto.

As it stands, Twitter is working on a decentralized social media protocol as well, titled Blue Sky. The founder and recently-departed CEO Jack Dorsey announced in 2019. Facebook, on the other hand, is making a huge push towards the imminent Metaverse, however crypto builders are a bit apprehensive towards their potential position regarding open and interoperable online future.

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