Reddit co-founder Alexis Ohanian has teamed up with Solana Ventures to create a new mutual fund dedicated to Web 3.0 and social projects that may be the foundation of a burgeoning wave of crypto startups.

Reddit co-founder Alexis Ohanian.

At the Breakpoint Conference in Lisbon, Portugal, Ohanian announced that its joint venture, Seven Seven Six and Solana Ventures, has provided US $ 100 million for Web 3.0 and “decentralized social projects”. The focus is on “identifying and investing in early crypto and social trends” such as Reddit, Patreon and Coinbase.

“Web3 owns and drives users and creators, a change that is unlikely to happen on social platforms anytime soon,” said Raj Gokal, chief executive officer of Solana Labs.

Centralized social media platforms like Facebook are said to generate hundreds of billions of dollars in annual revenue, mostly through advertising, and don’t reward contributions from content creators. While efforts to “decentralize” social media have been underway since at least 2017, no blockchain-based social project has achieved general acceptance. Seven Seven Six and Solana Ventures say they will prioritize technologies and applications. “[loại bỏ] Extracting Value from Centralized Intermediaries ”.

Solana Ventures has been very active in the investment space, recently investing in a $ 100 million Web 3.0 game fund, also known as GameFi. Similar funds have also been launched by Sanctor Capital and the Huobi Group. Over $ 17 billion in venture capital has flowed into crypto and blockchain-focused startups so far in 2021.

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