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 block
Alexis 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.