On Fri, Polygon and Alexis Ohanian'due south venture majuscule house, Vii Seven Vi, announced a $200 million initiative backing projects operating at the intersection of social media and Spider web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon's infrastructure.

Ohanian co-founded Reddit in 2005, left in 2022 and returned as executive chairman in 2022 to pb a turnaround before resigning in 2022. He has been a seed investor in several prominent tech and blockchain firms such as Coinbase, Instacart, Heaven Mavis — the developer of Axie Infinity — and Patreon.

As an Ethereum scaling solution, Polygon's ecosystem has expanded apace this year, with over 3,000 decentralized applications built on its network. Earlier this month, Polygon announced information technology was dedicating up to 250 1000000 MATIC tokens, valued at $627.five million at the time, to develop zero-noesis technologies intended for complex decentralized finance applications. Protocol launches and cross-chain migrations take been the biggest drivers of its token price growth for much of this year.

Related: Polygon launches a zk-STARK scaling solution for DApp deployment

Polygon co-founder Sandeep Nailwal described social media business models as having a "profound touch on our earth," especially in light of Web 3.0, which is a broad concept that refers to the next generation of the internet. Through Web 3.0, "Users create the value, command the network and reap the rewards," he said.

The Polygon partnership isn't Ohanian's start foray into Web three.0 development. As Cointelegraph reported, the Reddit co-founder teamed up with Solana Ventures in November to raise $100 1000000 for various Web three.0 initiatives.