Alexis Ohanian invests in a Solana-backed social media ecosystem
The Future. Reddit co-founder and Seven Seven Six principal Alexis Ohanian and the Solana Foundation are putting up $100 million to fund social platforms for the Solana blockchain. The hope is to empower entrepreneurs to bring together the community-building of social media and the money-making ownership capability of crypto… and possibly create the first truly decentralized alternative to the current tech giants.
On your blockAlexis Ohanian and Solana want to evolve social media for a web3 era.
Ohanian and the Solana Foundation partnered to invest $100 million into social media projects that would exist on the Solana blockchain.
Originally the investment was going to be only $50 million, but the team pivoted when they realized it wouldn’t be quite enough to truly make a splash.
Ohanian says: “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.”
Like Ethereum, Solana is quickly becoming a preferred blockchain for a host of innovative, ambitious crypto projects, including metaverse game Star Atlas and the aforementioned OddKey NFT marketplace.
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