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Home»BLOCKCHAIN NEWS»The Avalanche Foundation uses Culture Catalyst’s funds to fund select meme coins.
BLOCKCHAIN NEWS

The Avalanche Foundation uses Culture Catalyst’s funds to fund select meme coins.

By Crypto FlexsDecember 29, 20232 Mins Read
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The Avalanche Foundation uses Culture Catalyst’s funds to fund select meme coins.
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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

Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and driving blockchain adoption. This initiative seeks to better position the Avalanche to cultivate and support a variety of new forms of creativity.

— Avalanche 🔺 (@avax) December 29, 2023

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.

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