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Can Solana Make stronger Web3’s Fb? Its Most stylish Fund Is Making a bet $100M On It

Can Solana Make stronger Web3’s Fb? Its Most stylish Fund Is Making a bet $100M On It

Seven Seven Six and Solana Ventures are hoping that the high-throughput blockchain will turn out to be a hub for decentralized social media.

Key Takeaways

  • Seven Seven Six and Solana Ventures grasp launched a $100 million initiative to compose decentralized social media on Solana.
  • Proponents advise that Solana’s high-efficiency may perhaps perhaps enhance Web3 social media.
  • But another 9-decide elevate to spice up gaming within the Solana ecosystem was as soon as launched last week.

Alexis Ohanian’s firm Seven Seven Six has partnered with Solana Ventures on a $100 million initiative to create decentralized Web3 social media initiatives. 

Reddit Co-Founder Funds Solana Web3 

Solana staunch took a step closer to turning into a decentralized social media hub.

Reddit co-founder Alexis Ohanian made an appearance on the Solana Breakpoint Conference in Lisbon on the brand new time, confirming that his endeavor firm Seven Seven Six has partnered with Solana Ventures on a $100 million initiative geared in opposition to decentralized social initiatives, such as social media constructed on Solana.

There are hopes that this initiative will further the Web3 movement and abet construct decentralized variations of most stylish net structure. The scheme of Web3 is to reduce reduction centralized beget an eye on and enable for ownership, advent, and direction by the community of customers themselves. Raj Gokal, COO of Solana Labs, acknowledged of the fund commence: 

“Web3 turns customers and creators into homeowners and stakeholders, a trade that may perhaps well’t come rapidly enough to social media. Social media within the metaverse shall be a sequence of millions of self-enough communities, and there’s no one better to abet astronomical teams compose that future than Alexis Ohanian.”

Ohanian’s firm’s acknowledged focal level is on of us, culture, and community. He claims that Solana’s high-efficiency blockchain presents “an unparalleled opportunity to fuse social and crypto in a technique that feels delight in a Web2 social product nonetheless with the added incentive of empowering customers with staunch ownership.” FTX CEO Sam Bankman-Fried has also touted Solana’s technical capabilities upon the announcement of his exchange partnering with Solana Ventures and Lightspeed Venture Partners for a $100 million Web3 gaming initiative. 

At some level of a Monday discussion at Breakpoint, Bankman-Fried acknowledged that decentralized social media “may perhaps perhaps be completely spacious,” whereas also highlighting Solana’s high throughput capabilities that produce it ripe as the blockchain of option for social media. 

Disclaimer: At the time of writing, the writer of this fragment held BTC, ETH, and a couple of different masses of cryptocurrencies. 

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