Initially established as a program aimed at ‘sparking innovation,’ Avalanche’s Culture Catalyst will now spend funds to buy meme coins.
In an X announcement on Dec. 29, the Avalanche Foundation said it plans to start spending Culture Catalyst’s funds on “select Avalanche-based meme coins” in a bid to “recognize and encourage the culture and fun symbolized by meme coins.”
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.”
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 & digital art,” as noted by OP3N CEO Jason Ma.
However, as the craze around meme coins continues to spread, the foundation seems to have changed its priorities with the Avalanche claiming in its latest move to ‘complement’ its engagement across the crypto 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 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.
Source: https://crypto.news/avalanche-foundation-to-spend-culture-catalysts-funds-on-select-meme-coins/