Alexis Ohanian and Solana Ventures launch a US$100 million Web3 growth fund

Reddit co-founder Alexis Ohanian and Solana Ventures have launched a new investment fund dedicated to Web3 and social projects, which may lay the foundation for the next wave of emerging crypto startups.

Ohanian announced at the Breakpoint conference in Lisbon, Portugal on Tuesday that his 776 venture capital firm and Solana Ventures have allocated US$100 million to Web3 and “Decentralized Social Projects.” In the accompanying press release, the internet entrepreneur touted his venture capital firm’s expertise in “identifying and investing in early social and crypto trends”, including Reddit, Patreon, and Coinbase.

Raj Gokal, chief operating officer of Solana Labs, said: “Web3 turns users and creators into owners and stakeholders, and this change will not appear on social media anytime soon.”

It is said that centralized social media platforms such as Facebook generate hundreds of billions of dollars in revenue each year, mainly through advertising, without rewarding the contributions of content creators.While working hard “Decentralized” social media It has been in progress since at least 2017, and none of the blockchain-based social projects has been adopted by the mainstream. 776 and Solana Ventures stated that they will prioritize the following technologies and applications: [eliminate] Extract value from centralized intermediaries. ”

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Solana Ventures has been very active in investment, and only recently took the lead in launching a US$100 million fund dedicated to Web3 games, Also known as GameFi.Similar funds are also funded by Sanctuary Capital And Huobi Group. By 2021, so far, more than $17 billion in venture capital has flowed into startups focusing on encryption and blockchain.