Reddit co-founder Alexis Ohanian has teamed upward with Solana Ventures to launch a new investment fund dedicated to Web 3.0 and social projects, potentially setting the stage for the adjacent wave of budding crypto startups.

Ohanian announced Tuesday at the Breakpoint Conference in Lisbon, Portugal that his Seven Seven Six venture firm and Solana Ventures accept allocated $100 one thousand thousand to Web 3.0 and "decentralized social projects." In an accompanying news release, the internet entrepreneur touted his venture firm's expertise in "identifying and investing in early social and crypto trends," such as Reddit, Patreon and Coinbase, among others.

Raj Gokal, the chief operating officer of Solana Labs, said "Web3 turns users and creators into owners and stakeholders, a change that can't come soon enough to social media."

Centralized social media platforms such as Facebook are said to generate hundreds of billions of dollars in annual revenue, more often than not through advert and without rewarding content creators for their contributions. While efforts to "decentralize" social media have been underway since at to the lowest degree 2022, no blockchain-based social project has reached mainstream adoption. Seven Seven 6 and Solana Ventures said they will prioritize technologies and applications that "[eliminate] value extraction from centralized intermediaries."

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Solana Ventures has been highly active on the investment front, having only recently spearheaded a $100 million fund dedicated to Web 3.0 gaming, also known as GameFi. Similar funds were also launched by Sanctor Uppercase and Huobi Grouping. Over $17 billion in venture capital has flowed to crypto- and blockchain-focused startups so far in 2022.