Polygon and Reddit co-founder Alexis Ohanian wants to support the expansion of social media and game development on Web 3.0. To do this, they are launching a $ 200 million fund.
The transition to Web 3.0 is reminiscent of David versus Goliath: on the one hand there are monopolists like Meta, on the other there are decentralized niche projects that want to put control in the hands of the user. To rectify the imbalance and provide startup support for Web 3.0 projects, the Polygon team and Reddit co-founder Alexis Ohanian established a $ 200 million Web 3.0 fund.
If Web 1.0 was still a collection of HTML pages, the age of communication and interaction dawned on Web 2.0. Corporations like Facebook built huge network monopolies and made a lot of money for the business of broadcasting data to advertising partners. Web 3.0 aims to remedy this problem. Social networks in which users maintain control of the data: that is the vision of the “new” Internet. With the background, the development should have an initial spark.
Web 3.0 is still a long way off
Therefore, the aim of the fund is “to support projects in the interface of social networks and Web3 in order to investigate better ways to connect people online,” said the press release. The vision behind this would be “that a better version of the Internet is possible that gives users more power than platforms.” Therefore, Web 3.0 is also a response to “the current version as represented by the giants of social networks” and that “it strayed too far from the open source ideals of the first web.”
At least according to the idea. Until now, Web 3.0 has been more of an illusion. Projects suitable for the masses: Nothing. Now the fund is supposed to take care of that, initially focusing on the development of social media and games. Reddit co-founder Ohanian said: “We are still in the early days of Web 3.0, and the most obvious opportunities are currently in the area of games and social media.” The corresponding platforms “based on scalable infrastructure polygons” will be financed.