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Initially established as a program aimed at “generating innovation,” Avalanche's Culture Catalyst will now spend funds to purchase meme coins.
In an ad On December 29, the Avalanche Foundation said it plans to begin spending Culture Catalyst 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 aimed to “empower creators, spark innovation, and drive blockchain adoption.”
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 intended to boost the web3 creative community by “funding nft projects in music, film, entertainment, games and digital”. art”, as noted by Jason Ma, CEO of OP3N.
However, as the meme coin craze continues to spread, the foundation appears to have changed its priorities, with Avalanche claiming in its latest move to “complement” its commitment across the crypto ecosystem.
“By adopting 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, general social sentiment, and the principles of a “fair launch.” However, Avalanche did not elaborate on this last criterion.
