Foundation

Avalanche

<p class="is-style-lead">Initially established as a program aimed at ‘sparking innovation,’ Avalanche’s Culture Catalyst will now spend funds to buy meme coins.</p> 
<p>In <a href="https://x.com/avax/status/1740538202346381605?s=20" target="_blank" rel="noreferrer noopener">an X announcement</a> on Dec. 29, the <a href="https://crypto.news/tag/avalanche/" target="_blank" rel="noreferrer noopener">Avalanche</a> Foundation said it plans to start spending Culture Catalyst’s funds on “select Avalanche-based <a href="https://crypto.news/tag/memecoin/" target="_blank" rel="noreferrer noopener">meme coins</a>” in a bid to “recognize and encourage the culture and fun symbolized by meme coins.”</p> 
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   <p lang="en" dir="ltr">Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…</p>— Avalanche 🔺 (@avax) <a href="https://twitter.com/avax/status/1740538202346381605?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 29, 2023</a>
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<p>Established in March 2022, the Culture Catalyst initiative, as noted by the foundation, initially was aimed at “empowering creators, sparking innovation, and propelling the adoption of blockchains.”</p> 
<p> You might also like: <a href="https://crypto.news/learn/what-is-avalanche-a-look-at-the-popular-ethereum-killer-blockchain/"> What Is AVAX? An Introduction to Avalanche Blockchain </a> </p> 
<p>Launched in collaboration with OP3N, a web3 chat app, Avalanche’s $100 million initiative originally had nothing to do with meme coins, as it was meant to push the web3 creative community forward by “funding NFT projects in music, film, entertainment, gaming &amp; digital art,” as <a href="https://twitter.com/jaesonma/status/1507686092908154880" target="_blank" rel="noreferrer noopener">noted</a> by OP3N CEO Jason Ma.</p> 
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   <p lang="en" dir="ltr">Announcing our $100M Culture Catalyst Initiative w/ @avalancheavax &amp; <a href="https://twitter.com/Grimezsz?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Grimezsz</a> <a href="https://twitter.com/OP3Nworld_?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@OP3Nworld_</a> Looking forward to pushing the web3 creative community forward by funding amazing NFT projects in music, film, entertainment, gaming &amp; digital art. <a href="https://t.co/8dsnaKWpTZ" target="_blank">https://t.co/8dsnaKWpTZ</a> <a href="https://twitter.com/TheBlock__?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@TheBlock__</a></p>— jaeson.eth (@jaesonma) <a href="https://twitter.com/jaesonma/status/1507686092908154880?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 26, 2022</a>
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<p>However, as the craze around meme coins <a href="https://crypto.news/trader-earns-100k-after-investing-in-solana-memecoin/" target="_blank" rel="noreferrer noopener">continues to spread</a>, the foundation seems to have changed its priorities with the Avalanche claiming in its latest move to ‘complement’ its engagement across the crypto ecosystem.</p> 
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 <p>“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.”</p> 
 <p>Avalanche Foundation</p> 
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<p>The foundation says the criteria for selecting meme coins for funding will be based on multiple factors, including the number of holders, liquidity thresholds, project maturity, overall social sentiment, and principles of a “fair launch.” Avalanche did not elaborate on the latter criterion, however.</p> 
<p> Read more: <a href="https://crypto.news/avalanche-based-stars-arena-quells-coordinated-fud-after-patching-exploit/"> Avalanche-based Stars Arena quells ‘coordinated FUD’ after patching exploit </a> </p>

Avalanche Foundation to spend Culture Catalyst’s funds on select meme coins

crypto.news

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