Polygon (MATIC) is working with Alexis Ohanian, one of the co-founders of social giant Reddit, to launch a new $ 200 million fund to support projects at the intersection of social media and Web 3.0.
Polygon is a scaling solution that was developed to enable the widespread introduction of decentralized apps (DApps) on the platform Ethereum Blockchain.
The project will team up with Ohanian’s venture firm Seven Seven Six to launch the fund to support users through gaming and social media platforms, according to a new announcement.
Ohanian hopes the partnership will help “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 media. This initiative will do just that, with a focus on gaming features and social media platforms built on Polygon’s scalable infrastructure. “
Polygon co-founder Sandeep Naiwal says the multi-million dollar fund will help create a version of the internet that puts users in the driver’s seat.
“In the last few years we have realized 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. This isn’t just another way of sharing lolcats online, although we love this one. We are inventing new high-fidelity means to convey culture ourselves. “
Polygon’s native token, MATIC, is used to validate transactions on the platform and to pay the fees required to operate the network.
The crypto asset in 14th place Market capitalization is trading at $ 2.13 at the time of writing and is down nearly 4.9% over the past 24 hours. However, it is more than 33% higher than it was a month ago.
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Source: Crypto News Deutsch