Polygon and venture capital firm, Seven Seven Six, announced a $200 million initiative backing projects operating at the intersection of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon’s infrastructure.
As an Ethereum scaling solution, Polygon’s ecosystem has extended rapidly this year, with over 3,000 decentralized applications built on its network. Earlier this month, Polygon announced it was dedicating up to 250 million MATIC tokens, valued at $627.5 million at the time, to develop zero-knowledge technologies intended for complex decentralized finance applications. Protocol launches and cross-chain migrations have been the biggest drivers of its token price growth for much of this year.
Polygon co-founder Sandeep Nailwal defined social media business models as having a “profound impact on our world,” especially in light of Web 3.0, which is a extensive 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,” he said.
