Alexis Ohanian, co-founder of Reddit and Solana Ventures have partnered up to initiate an investment of $100 million in a project of decentralized social media.
This partnership and investment initiative were announced at the Solana Breakpoint 2021 conference held in Lisbon, Portugal, by both parties. The investment will be bankrolled by both Solana Ventures and Seven Seven Six, each giving $50 million to the project.
In his announcement, Alexis Ohanian said “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.”
Solana products and funds have drawn $154 million in investor money since the beginning of 2021, putting Solana right behind Bitcoin (BTC) and Ethereum (ETH) as the biggest single asset investment.
While Ohanian said that the early time of Web3 represents a critical turning point, Solana Labs COO, Raj Gokal stated that “Web3 turns users and creators into owners and stakeholders, a change that can’t come soon enough to social media.” Gokal went on to say that the metaverse version of social media will generate millions and millions of communities that will be self-contained.
Web3.0 puts forth artificial intelligence and machine learning which users can utilize in data interaction. The head of communications at Solana, Austin Federa said that though the pairing with Alexis Ohanian will bring the focus heavily on Solana, the future lies in considering all chains and facilitating cross-chain rather than having a narrow and singular focus.
The advertising of social media generates massive gains as in 2021 alone it has garnered revenue of $153.7 internationally. Facebook, now Meta Inc. revenue comprised of 85% advertising. Mark Zuckerberg now wants to bank on metaverse, mobile internet’s heir apparent.
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