Solana Ventures and the new social media idea
Solana Ventures and the new social media idea

Solana Ventures and the new social media idea

By Fabiana D'Urso - 9 Nov 2021

Chevron down
Listen this article

Solana‘s first international conference in Lisbon saw Reddit co-founder Ohanian and Solana Ventures announce the strategic launch of a fund to enable new ways of understanding social media.

Solana and social media on the web3

The fund has a base of $50 million to support the creation and development of new social media. Web3 is mentioned. The conference was attended by co-founders Balaji Srinivasan, former CTO of Coinbase and partner of a16z, and Ryan Selkis, CEO of Messari.

Alexis Ohanian expressed his intentions to modulate the future use of social media in a different way, through the decentralized dimension of Solana’s blockchain.

Combining the two, the crypto world and social, will be the first experiment ever attempted to strengthen the interconnection between users and news.

The CEO of FTX and supporter of the project, Sam Bankman Fried, stressed the high capacity for exponential growth of what could be an innovative concept for users.

Combining the power of social media and connecting them on the blockchain is a decisive step for many realities, such as Twitch and BitTorrent, which have already started their decentralized social media platforms.

The change in the now one-dimensional figure of the user will also be the communication breakthrough of the future. Web3 will make everyone creators first, and users second, with a truly unique choice of information.

The COO of Solana Labs, Raj Gokal, showed all his interest in the structural change that social networks and users will soon have, underlining the new dynamics of stakeholders and content creators that will be formed.


Solana in the gaming world

Solana Ventures with FTX and Lightspeed Venture, is also designing the new Web100 game with an investment of $3 million.

It is not only the blockchain-based future that moves these three groups to collaborate, but also the speed and low cost that Solana offers. Next month, another similar gaming project will be unveiled that has already seen a funding base of $21 million.

The boom in decentralized finance and the new metaverse linked to NFT digital works is opening up ever more diverse scenarios.

Amy Wu, partner at Lightspeed, emphasized the future dynamics that this new Web3 environment will open up. The growth of the game and the adherence of users could lead to a membership count approaching one billion.

Lightspeed Venture Partners is a venture capital firm that has backed several crypto companies, including Ripple, and FTX.

It has made a $300 million investment in cryptocurrency and backed games, including Epic Games, creator of Fortnite.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.