Can Solana support Facebook from Web3? The latest fund is betting $ 100 million on it

The central theses

  • Seven Seven Six and Solana Ventures announced a $ 100 million initiative to build decentralized social media on Solana.
  • Proponents say Solana Web3’s high performance could support social media.
  • Another nine-digit increase in support of gaming in the Solana ecosystem was announced last week.

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Alexis Ohanian’s company Seven Seven Six has partnered with Solana Ventures on a $ 100 million initiative to develop decentralized Web3 social media projects.

Reddit Co-Founder Funds Solana Web3

Solana just got a step closer to becoming a decentralized social media hub.

Reddit co-founder Alexis Ohanian performed at the Solana Breakpoint Conference in Lisbon today and confirmed that his venture firm Seven Seven Six has partnered with Solana Ventures for a $ 100 million initiative targeting decentralized social projects , such as social media based on Solana.

It is hoped that this initiative will advance the Web3 movement and help create decentralized versions of the current web architecture. The goal of Web3 is to minimize centralized control and allow it to be owned, created, and managed by the user community itself. Commenting on the fund launch, Raj Gokal, COO of Solana Labs said:

“Web3 turns users and creators into owners and stakeholders, a change that can’t happen soon enough on social media. Social media in the metaverse will be a collection of millions of self-sufficient communities, and there is no one better able to help great teams build that future than Alexis Ohanian. “

Ohanian’s stated focus is on people, culture and community. He claims that Solana’s high-performance blockchain “provides an unprecedented opportunity to merge social and crypto in a way that feels like a Web2 social product, but with the added incentive of giving users real ownership”. Sam Bankman-Fried, CEO of FTX, also praised Solana’s technical capabilities when he announced his exchange partnership with Solana Ventures and Lightspeed Venture Partners for a $ 100 million Web3 gaming initiative.

During a Monday discussion at Breakpoint, Bankman-Fried called that decentralized social media “could be absolutely huge” while highlighting Solana’s high throughput capabilities that make it the blockchain of choice for social media.

Disclaimer: At the time of writing, the author of this article was holding BTC, ETH, and several other cryptocurrencies.

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