Reddit Co-Founder, Solana Ventures Launch $50M Fund for Web 3 Social Media

Reddit Co-Founder, Solana Ventures Launch $50M Fund for Web 3 Social Media


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Major investors see an opportunity to make Solana the social chain.

Announced Tuesday at the Solana conference in Lisbon, Alexis Ohanian’s Seven Seven Six and Solana Ventures are committing $50 million to grow decentralized social media projects on Solana.

A key ingredient: Ohanian’s early work in building Reddit from the ground up.

“With a high performance blockchain like Solana, there is an unprecedented opportunity to fuse social and crypto in a way that feels like a web2 social product but with the added incentive of empowering users with real ownership,” Ohanian said in a statement.

The announcement comes a day after FTX CEO and vocal Solana backer Sam Bankman-Fried signaled his support for social on Solana.

“Social media on the blockchain,” Bankman-Fried said in an interview with this reporter, “I continue to think this could be absolutely huge.”

Decentralized social media platforms exist on a number of other blockchains, including Twetch on BSV and DLive on Tron-owned BitTorrent.

“Web3 turns users and creators into owners and stakeholders, a change that can’t come soon enough to social media,” Solana Labs COO Raj Gokal said in a statement.

Oddly enough, the fund announcement comes a day after Gokal was suspended from Twitter. “Twitter suspends accounts which violate the Twitter Rules,” a banner on the blanked-out @rajgokal account read Monday.

Twitter sleuths indicated it could have stemmed from a presumably tongue-in-cheek death threat over the “gm” greeting meme.

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