The money will be spent on Web 3.0 development through a new fund being set up by Seven Seven Six and Solana Ventures.
As reported by INCRYPTED, a Reddit venture capital firm has teamed up with SolanaLabs to create a unified investment fund that will help the development of the metauniverse and social networks of the next generation, developed on Web 3.0. Each of the groups will invest $ 100 million on equal rights.
In a joint address to the community, the following theses were voiced:
- Solana allows you to combine social networks and cryptocurrencies , which allows you to sell real intellectual property rights to network members in the form of tokenized objects;
- Now is a very important time for the entire industry, we at an important point in the development of Web3;
- Web3 will transform users into investors and stakeholders, as they can own the objects of the metaverse;
Previous rounds of Solana have already raised $ 154 million of money from private investors, becoming third largest private equity infusion, after bitcoin and ether.