Avalanche says it will utilize its $100 million NFT incubator initiative to start investing in select memecoins, which it says encourages the “culture and fun” brought about by meme-derived tokens.
Avalanche Foundation — the nonprofit organization overseeing the development of the Avalanche Network — says it plans to buy memecoins with its $100 million nonfungible token (NFT) incubator fund.
In a Dec. 29 post on X (formerly Twitter), the Avalanche Foundation said the new move will form part of its “Culture Catalyst” initiative — a $100 million program launched in March 2022 initially designed to fund promising NFT projects on the network.
“This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity, culture, and lifestyle that blockchain enables,” it said, explaining the initiative.
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Source: https://cointelegraph.com/news/avalanche-foundation-buying-memecoins-culture-catalyst-coqinu