Polygon and Reddit co-founder create a $200 million fund to support blockchain-based games and social media.

Polygon (MATIC) is teaming together with Alexis Ohanian, one of the co-founders of social media giant Reddit, to create a new $200 million fund aimed at supporting initiatives at the convergence of social media and Web 3.0.

Polygon is a scaling solution meant to facilitate widespread adoption of Ethereum blockchain-based decentralized apps (DApps).

According to a recent release, the initiative will collaborate with Ohanian’s venture business, Seven Seven Six, to develop the fund, which will strive to empower consumers through gaming and social media platforms.

Ohanian expects that the collaboration will help determine “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.”

Sandeep Naiwal, co-founder of Polygon, said the multi-million dollar fund will assist establish a version of the internet that puts consumers in control.

In recent years, there has been a growing recognition that social media business strategies have a significant influence on our society. Web3 allows people to generate value, govern the network, and reap the benefits. 

MATIC, Polygon’s native token, is used to validate transactions on the platform and to cover network fees.

At the time of writing, the 14th-ranked crypto asset by market cap is trading at $2.13, down approximately 4.9 percent in the previous 24 hours. However, it is up more than 33% from where it was valued a month ago.

Patrick

Coincu News