Initially founded as a program aimed at ‘sparking innovation’, Avalanche’s Culture Catalyst will now use the funds to purchase meme coins.
The Avalanche Foundation said in a December 29
Founded in March 2022, the Culture Catalyst initiative initially aimed to “empower creators, spark innovation, and drive blockchain adoption,” as the foundation notes.
Launched in partnership with web3 chat app OP3N, Avalanche’s $100 million plan was originally intended to “develop the web3 creative community by funding NFT projects in music, film, entertainment, gaming and digital sectors and has nothing to do with meme coins.” There is no.” Like “art” famous OP3N CEO Jason Ma
However, as the craze for meme coins continues to spread, the foundation appears to have shifted its priorities, with Avalanche claiming its latest move is to ‘complement’ participation across the cryptocurrency ecosystem.
“By embracing meme coins and supporting culturally significant initiatives, the Avalanche Foundation solidifies its commitment to adaptability and inclusivity, establishing itself as a dynamic participant in the web3 space.”
Avalanche Foundation
The foundation said its criteria for selecting a meme coin for funding will be based on several factors, including number of holders, liquidity threshold, project maturity, overall social sentiment and “fair launch” principles. However, the Avalanche did not elaborate on the latter criteria.