NEW YORK, Nov 9 (Reuters) – The enterprise agency of U.S. investor Alexis Ohanian, co-founder of social media web site Reddit, has teamed up with the enterprise arm of the Solana Labs blockchain for a $100 million funding initiative in decentralized social tasks, each corporations stated on Tuesday at a convention in Lisbon.
Seven Seven Six, Ohanian’s enterprise agency, will make investments $50 million and Solana Ventures will put up the remaining $50 million, the businesses stated.
“With a high-performance blockchain like Solana, there may be an unprecedented alternative to fuse social and crypto in a method that looks like a Web2 social product however with the added incentive of empowering customers with actual possession,” Ohanian stated in a press release.
“We’re at a pivotal inflection level in these early days of Web3,” he added.
Solana merchandise and funds have attracted $154 million in investor cash to this point this yr, the third-largest particular person asset-focused investments behind bitcoin and Ethereum, in line with information from digital asset supervisor CoinShares.
“Web3 turns customers and creators into house owners and stakeholders, a change that may’t come quickly sufficient to social media,” stated Raj Gokal, chief working officer at Solana Labs. “Social media within the metaverse shall be a group of thousands and thousands of self-sufficient communities.”
In Net 3.0, customers will be capable to work together with information by means of the usage of synthetic intelligence and machine studying.
Austin Federa, Solana’s head of communications, stated the partnership with Ohanian’s agency can have a heavy give attention to Solana, “however the future is cross-chain so the initiative will think about all tasks, regardless of chain.”
In line with Statista, social media promoting generated $153.7 billion in worldwide income in 2021. Meta Inc., previously referred to as Fb, earned 85% of its income from promoting and is now in search of to enter the metaverse to monetize what Mark Zuckerberg calls the successor of the cellular web.
Reporting by Gertrude Chavez-Dreyfuss; Modifying by Dan Grebler
Our Requirements: The Thomson Reuters Trust Principles.