Created in March 2022, the Culture Catalyst initiative, as noted by the Avalanche Foundation, was initially aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. In an announcement on X (formerly Twitter) on December 29, the Avalanche Foundation said it plans to begin spending Culture Catalyst’s funds on “select Avalanche-based memecoins” in an effort to “recognize and encourage the culture and fun symbolized by memecoins.”
The $100 million Avalanche initiative, launched in collaboration with OP3N, Web3’s chat app, initially had nothing to do with memcoins as its goal was to encourage Web3’s creative community by funding NFT projects in music, film, entertainment, gaming and digital art , noted OP3N CEO Jason Ma.
However, as the memecoin craze continues to spread, the fund appears to have changed its priorities. Avalanche said that with its decision it is complementing its participation in the crypto ecosystem. The fund states that the criteria for selecting memcoins for funding will be based on a variety of factors, including the number of holders, liquidity thresholds, project maturity, general social sentiment and fair launch principles.
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