Another $200 million enters the metaverse and blockchain gaming after Reddit’s Co-founder Venture Firm and Polygon join forces. The metaverse is touted as the future of the internet. Whether this will come to fruition depends on how investment-serious participants will be.
For all that there is, the metaverse is more like an extension of the physical world, pushing everyone into the virtual world and gamification.
Some metaverse proponents maintain that the physical world could be a “virtual world” of another greater being. Who knows?
It is precisely why investors, including Polygon and Seven Seven Six, the venture capital arm of Reddit’s co-founder, Alexis Ohanian, are jointly sinking $200 million to projects working on the intersection between social media and web 3.0. Their core objective at the moment is to support projects focused on social media and gaming projects running on the Polygon sidechain.
Polygon distinguishes itself from the rest as a high throughput, low-fee blockchain supplementing Ethereum, lifting the heavy load from the legacy chain.
And this isn’t the first time Alex’s firm has looked into crypto and pointed out opportunities. His firm has invested in Coinbase and the wildly popular game, Axie Infinity. They even teamed up with Solana ventures back in November 2021 to raise a considerable sum of $100 million. Meanwhile, the co-founder of Polygon, Sandeep Nailwal, earlier said social media business models profoundly affect the world, especially in light of the rise of the blockchain.