For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility in the program.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
2 mins read
Avalanche Foundation, the non-profit 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 is aimed at acknowledging the cultural and entertaining aspects symbolized by meme coins, with the foundation planning to acquire select Avalanche-based meme coins to build a curated collection.
The non-profit organization initially rolled out the Culture Catalyst initiative in March 2022 with $100 million funding to propel the adoption of the crypto ecosystem.
At its 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 towards targeted meme coins within the network.
The protocol claimed meme coins “go beyond mere utility assets” and stand as a representation of the “collective spirit and shared interests of diverse crypto communities.”
The Avalanche Foundation said the move aligns with its ongoing engagements across the Avalanche blockchain, involving non-fungible tokens, real-world assets, and various undisclosed tokens deployed on the Avalanche ecosystem.
The foundation believes that allocating a portion of the Culture Catalyst fund to selected meme tokens with promising potential will enrich the network’s portfolio, embracing a more comprehensive spectrum of possibilities. This step, according to the group, positions the protocol to accommodate the myriad 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, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche 🔺 (@avax) December 29, 2023
For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility 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, project maturity, principles of a fair launch, the number of holders, and overall social sentiment.
The non-profit said it is open to supporting diverse and culturally significant initiatives as long as it meets the selection criteria. The group prides itself as an adaptable and inclusive participant in the Web3 space.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
