A rival to smart contracts platform Ethereum (ETH) is shifting its culture to focus on promoting tokens that it says are inspired by internet culture and humour with Avalanche .
In a new announcement, layer-1 blockchain Avalanche (AVAX) says it plans to promote its Culture Catalyst initiative, which was launched last year and aims to support memecoins, guest tokens, non-fungible tokens (NFTs), stablecoins, Real World Assets (RWA) and governance tokens:
"Last year, the Avalanche Foundation launched Culture Catalyst, a programme aimed at supporting creators, fuelling innovation and promoting blockchain adoption.
This initiative aims to better position Avalanche to cultivate and support the many new forms of creativity, culture and lifestyle that blockchain enables."
They says it plans to buy selected AVAX-based meme assets to start a collection, and says it will choose the tokens based on a combination of factors, including but not limited to the number of holders, liquidity thresholds and overall social sentiment:
"The Avalanche Foundation plans to use Culture Catalyst to recognise and encourage the culture and fun symbolised by meme tokens by purchasing selected Avalanche-based meme tokens to create a collection.
This move complements the Avalanche Foundation's ongoing engagement across them ecosystem, including NFTs, RWAs and other types of crypto assets, and expands its portfolio to embrace a wider spectrum of opportunities."
The initiative was originally created in March 2022 as a collaboration between them and OP3N, an artificial intelligence (AI)-powered chat application.
AVAX is trading at $40.13 at the time of writing, down slightly over the past 24 hours.