Seven Seven Six, the venture firm of American internet entrepreneur and investor Alexis Ohanian, co-founder of social media platform Reddit, and Solana Ventures announced at the recent Solana Breakpoint 2021 conference in Lisbon that they are planning to invest $50 million each in decentralized social media projects.
According to a report by Reuters, Ohanian said in a statement:
“With a high-performance blockchain like Solana, there is 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… We are at a pivotal inflection point in these early days of Web3.“
And Raj Gokal, co-founder and COO of Solana Labs, had this to say:
“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.“
The Reuters report went on to mention that Austin Federa, Head of Communications at Solana Labs, says that although this partnership will be mostly focused on Solana, “the future is cross-chain so the initiative will consider all projects, irrespective of chain.”
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