Polygon and Alexis Ohanian’s venture capital company – Seven Seven Six – reportedly disclosed details of a $200 million initiative, financially supporting projects working at the crossroads of social media and Web 3.0.

Specifically, the freshly formed initiative will reportedly have its concentration on gaming applications and social media platforms, developed across Polygon’s infrastructure. 

Ohanian reportedly co-founded Reddit in 2005 and left the company five years later, and joined again via taking up the executive chairman in 2014 to take charge of a turnaround, prior to ultimately stepping down last year. 

He has been a seed investor in a variety of prominent tech and blockchain entities, nominally Coinbase, Instacart, Sky Mavis — the developer of Axie Infinity — and Patreon.

Polygon reportedly functions as an Ethereum scaling solution, which has widened its scope significantly in 2021, possessing more than 3,000 decentralized applications built on its network.

 In early December, Polygon reportedly revealed its decision to devote a maximum of 250 million MATIC tokens, valued at $627.5 million at the time, to build zero-knowledge technologies catering to complex decentralized finance applications.

Protocol roll-outs and cross-chain migrations have reportedly been the most major driving forces for its token price to achieve this level of growth in 2021. 

Polygon co-founder Sandeep Nailwal described social media business models as having a “profound impact on our world,” 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, control the network and reap the rewards.”