Entrepreneur, Reddit co-founder Alexis Ohanian, and Polygon Network have built a $200 M initiative to drive the growth of web3-based projects.
Ohanian's VC firm Seven Seven Six and Polygon will back the projects representing the industry.
The Polygon blockchain will deliver the infrastructure for the apps. In a Twitter thread, 776 says web 3 is still in its early stages and that the most apparent possibilities now are in the gaming and social spheres.
Therefore, the program is focused on these categories of projects built on the Polygon environment. 776 says a considerable part in building web 3 is having infrastructure and a development team. Polygon suits the goal as a number of large DeFi and NFT projects use it to access scalable Ethereum infrastructure at reduced costs.
We’re excited to announce our $200 million joint initiative with @0xPolygon 🎉— 7️⃣7️⃣6️⃣ (@sevensevensix) December 17, 2021
With Polygon, we’ll explore better ways for humans to virtually connect by backing projects that are building with social media and Web3 in mind. pic.twitter.com/4okjKzn6SA
Alexis Ohanian had invested in blockchain companies before. The list includes decentralized internet, QuickNode, major crypto exchange Coinbase, and blockchain game development company, Sky Mavis, and others. Previously, Ohanian mentioned the importance of NFTs and said it's the start that can be built on the Ethereum blockchain. He holds Ether and also owns Bored Ape Yacht Club NFTs. Ohanian’s current Twitter avatar is a BAYC NFT.