Polygon Invests in “Decentralized Social Media” Initiative
A $200 million investment has many wondering what the future of social media may look like.
Joining forces with Reddit co-founder Alexis Ohanian’s firm Seven Seven Six VC, Polygon has revealed an investment initiative that is geared towards social media and gaming projects that are built on their Ethereum layer-2 scaling solutions.
Polygon’s blockchain provides a scalable, low fee infrastructure that empowers the building of Web3 applications. It currently hosts nearly 3,000 decentralized applications (dApps), and powers some of the biggest DeFi and NFT projects in the sphere.
The idea behind decentralized social media is simple: leveraging the benefits of decentralization to optimize and overhaul social media platforms. The ultimate goal is to create the “best version of the internet” possible, one that ensures equal access and empowers users. One of the biggest problems faced by current social media platforms is that they stray far from the early web’s open-source ideals, and decentralized social media is aiming to resolve just that. While no formal plans have been revealed, many presume that it will mimic decentralized finance in that it lends a focus to the importance of privacy protection and self-governance.
After co-founding Reddit back in 2005, Ohanian was a seed investor in Coinbase in 2010. He is an outspoken supporter of open internet and equity solutions. This makes him the ideal partner for Polygon’s decentralized social media plans. “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,” said Sandeep Naiwal, Polygon’s co-founder. “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.”
In a statement shared with the press, Ohanian said, “We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social.” He then went on to add, “This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We’ve already seen some of the best product founders in our portfolio start building on Polygon and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new internet looks like.”
Polygon has also dedicated its efforts to offering a wide range of secure, fast, cost-effective, and energy-efficient Ethereum scaling and infrastructure solutions for developers. These Web3 implementations are set to overhaul the way we
It appears as though social media may just be the most revolutionary implementation of apps built on blockchain technology after all.
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