For planned investments in select meme projects on the Avalanche network, the nonprofit has outlined specific eligibility requirements in the program.
Avalanche Foundation, the nonprofit group overseeing the development of the Avalanche blockchain, has announced its intention to allocate a portion of the Culture Catalyst Funds to support meme coins.
According to a statement On X (formerly Twitter), the move aims to recognize the cultural and entertainment aspects symbolized by meme coins, and the foundation plans to acquire select meme coins based on Avalanche to build a curated collection.
From nft to Meme Coins
The non-profit organization initially launched the Culture Catalyst initiative in March 2022 with $100 million in funding to drive adoption of the crypto ecosystem.
At launch, the program was designed to foster innovation in the non-fungible token (nft) sector by supporting and empowering creators on the Avalanche protocol.
However, as revealed in a recent announcement on X, a portion of the funds will now be redirected to specific meme coins within the network.
The protocol claimed that meme coins “go beyond mere utility assets” and represent a representation of the “collective spirit and shared interests of diverse crypto communities.”
The Avalanche Foundation said the move aligns with its ongoing commitments across the Avalanche blockchain, involving non-fungible tokens, real-world assets, and various undisclosed tokens deployed in the Avalanche ecosystem.
The foundation believes that allocating a portion of the Culture Catalyst fund to select meme tokens with promising potential will enrich the network's portfolio, encompassing a fuller spectrum of possibilities. This step, according to the group, positions the protocol to adapt to the countless new forms of creativity, culture and lifestyle enabled by blockchain technology.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, generating innovation, and driving blockchain adoption. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche (@avax) December 29, 2023
Revealed requirements for investments in meme projects
For planned investments in select meme projects on the Avalanche network, the nonprofit has outlined specific eligibility requirements in the program.
According to the foundation, the selection process for the planned collection will be based on a number of factors, including liquidity thresholds, the maturity of the project, the principles of a fair launch, the number of holders and general social sentiment.
The nonprofit organization said it is open to supporting diverse and culturally significant initiatives as long as they meet the selection criteria. The group prides itself on being an adaptable and inclusive participant in the Web3 space.
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