According to a recent announcement, Reddit co-founder Alexis Ohanian will be investing around $100 million in an effort to create a whole new type of decentralized social media by using the Solana blockchain.
Ohanian and Solana co-founder Raj Gokal had a fireside chat recently, and the Reddit co-founder revealed that he has a “venture fund called 776” where he plans on earmarking about $50 million as an investment in the “next wave of social” which will be built on Solana.
https://twitter.com/solana/status/1458077422813855754?s=20
However, Ohanian goes on to say that $50 million just wasn’t enough for what they wanted to do. So, they have a plan to increase the funds to $100 million. This announcement came after Sam Bankman-Fried, the CEO of FTX, said that creating a form of social media with the use of blockchain could be major thing.
During Bankman-Fried’s talk, he mentions how having decentralized social media could remedy a lot of issues found in existing social media sites. He specifically mentioned how current social media platforms have massive userbases, and by integrating with such sites, DeFi could be scaled or introduced to millions more.
