The Avalanche Foundation is making headlines by revealing plans to acquire meme coins through its innovative “Culture Catalyst” program, backed by a substantial $100 million NFT incubator fund.
This initiative, part of the broader $100 million Culture Catalyst project launched in March 2022, underscores the foundation’s commitment to supporting NFT ventures within the Avalanche network. Emphasizing a goal to foster creativity and cultural expression enabled by blockchain, the foundation is diversifying its portfolio by delving into meme coins.
With a focus on inclusivity and adaptability in the Web 3.0 space, the foundation is meticulous in its selection process for meme coins, considering factors such as the number of holders, liquidity, project maturity, social sentiment, and adherence to fair launch principles.
Following this announcement, Avalanche-based meme coins like COQ, HUSKY, and SHIBX saw significant price surges.
Avalanche co-founder Emin Gün Sirer expressed support for the move, recognizing the cultural importance of meme coins and comparing the initial skepticism to historical shifts in artistic trends. Avalanche (AVAX) has become a sought-after cryptocurrency in 2023, gaining recognition for substantial price increases.
Beyond meme coins, the foundation unveiled “Avalanche Vista,” allocating $50 million to acquire blockchain-tokenized assets. This initiative aims to revolutionize asset perception and handling, promising a faster and more scalable process in the crypto landscape. With these strategic moves, the Avalanche Foundation continues to shape the future of blockchain technology, emphasizing both cultural impact and financial innovation.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
