Seven Seven Six, the firm founded by Alexis Ohanian, has joined forces with Solana Ventures on a $100 million fund to create decentralized Web3 social media projects.
Reddit co-founder funds $100M to create decentralized Web3 projects
It’s only a matter of time before Solana becomes a decentralized social media platform.
At the Solana Breakpoint Conference in Lisbon, the co-founder of Reddit, Alexis Ohanian announced that his firm Seven Six has teamed up with Solana Ventures on a $100 million project aimed at decentralized social initiatives such as social media platforms built on Solana.
People have high hopes that this project will help advance the Web3 movement and aid in the creation of decentralized versions of the traditional web architecture that we have in our hands today. The ultimate aim of Web3 is to reduce centralized authority and allow participants in the community to own, develop, and direct their content.
Raj Gokal, COO of Solana Labs, commented that: “Web3 turns users and creators into owners and stakeholders, a change that can’t come soon enough to social media. Social media in the metaverse will be a collection of millions of self-sufficient communities, and there’s nobody better to help great teams build that future than Alexis Ohanian.”
According to Ohanian, Solana’s blockchain gives “an unprecedented opportunity to fuse social and crypto in a way that feels like a Web2 social product but with the added incentive of empowering users with real ownership.”
Following the release of his exchange partnering with Solana Ventures and Lightspeed Venture Partners for a $100 million Web3 gaming initiative, STX CEO Sam Bankman-Fried has also praised Solana’s technological capabilities.
Solana, which has a market value of 71 billion dollars, is trading at 237 dollars at the time of writing.