US-based venture capital fund Seven Seven Six is teaming up with Ethereum scaling and infrastructure development platform Polygon to launch a $200 million initiative aimed at investing in Web3 social media and gaming projects.
The announcement was made through a series of tweets by Seven Seven Six.
“We’re excited to announce our $200 million joint initiative with @0xPolygon. With Polygon, we’ll explore better ways for humans to virtually connect by backing projects that are built with social media and Web3 in mind,” one of the tweets read.
According to the latest reports, the funding initiative is denominated in dollars.
A Fair and Secure Internet
One of the main goals of the initiative is to create a fair internet where users have control over their data and privacy.
Seven Seven Six cofounder Alexis Ohanian recognizes that Web3 is still in its infancy and that there is major potential in gaming and social.
“This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure,” Ohanian said.
Polygon’s Track Record
Polygon is a layer two scaling project that was developed in 2018 as a platform for Ethereum scaling and infrastructure development. It hosts more than 1,000 applications and has processed more than 600 million transactions. It also has over 60 million user addresses and secured over $5 billion in assets.
The platform’s core component, Polygon SDK, is a framework that supports building and connecting Secured Chains and Standalone Chains.
According to Polygon, it was “thrilled to have Alexis as a partner in this undertaking, who brings an unbeatable combination of deep industry experience, stellar investment track record and values that closely align with those of our community.”
“(Seven Seven Six) already boasts a diverse portfolio that ranges from DroneSeed, a company taking on reforestation with drones and Sky Mavis, makers of Axie Infinity, the pioneering Play-to-Earn Web3 gaming franchise, to Better Brand, which is transforming the most carb-heavy foods into the least, and Stoke Space, a reusable rocket company.”
Sandeep Naiwal is co-founder of Polygon.
“These past few years have brought a dawning realization that social media business models have a profound impact on our world. With Web3, users create the value, control the network and reap the rewards,” Naiwal said. “This is not just a different way to share lolcats online, though we love those. We are inventing new high-fidelity means of transmitting culture itself.“
The new partnership follows another between Polygon and technology innovation firm Lumos Labs earlier in the month. The two joined forces to launch the PolygonLEAP Accelerator 2021 to support Indian startups in the Web3 environment.
In October, Polygon teamed up with betting company DraftKings to target NFT adoption and Web3 through the DraftKings Marketplace.