Polygon (MATIC) is partnering with Alexis Ohanian, one of the co-founders of social giant Reddit, to launch a new $200 million fund that aims to back projects at the intersection of social media and Web 3.0.
Polygon is a scaling solution designed to enable the widescale adoption of decentralized apps (DApps) on the Ethereum blockchain.
The project will team up with Ohanian’s venture firm, Seven Seven Six, to launch the fund that seeks to empower users over gaming and social media platforms, according to a new announcement.
Ohanian says he hopes the partnership will help shape “what the new internet looks like.”
“We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure.”
Polygon’s co-founder, Sandeep Naiwal, says the multi-million dollar fund will help create a version of the internet that puts users in the driver’s seat.
“These past few years have brought a dawning realization that social media business models have a profound impact on our world. With Web3, users create the value, control the network and reap the rewards. This is not just a different way to share lolcats online, though we love those. We are inventing new high-fidelity means of transmitting culture itself.”
Polygon’s native token, MATIC, is used to validate transactions on the platform and to settle fees needed to run the network.
The 14th-ranked crypto asset by market cap is trading at $2.13 at time of writing and is down nearly 4.9% in the past 24 hours. It is, however, up more than 33% from where it was priced a month ago.
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Featured Image: Shutterstock/Mia Stendal
