The Avalanche Foundation, the non-profit organization behind the development of the Avalanche (AVAX) network, has announced its plans to acquire a collection of meme coins as part of its “Culture Catalyst” initiative. This initiative, which is a $100 million project launched in March 2022, aims to finance promising NFT projects on the Avalanche network.

The Avalanche Foundation intends to use its $100 million NFT incubator fund to purchase select Avalanche-based meme coins and create a collection. This move is aimed at recognizing and encouraging the culture and fun symbolized by meme coins, while also broadening the foundation’s portfolio to embrace a more complete spectrum of possibilities.

While the foundation aims to embrace the fun aspect of meme coins, it also maintains a selection criteria for the coins it will include in its collection. These criteria include the number of holders, liquidity thresholds, project maturity, overall social sentiment, and principles of a fair launch.

Following the announcement, several Avalanche-based meme coins, such as COQ, husky (HUSKY), and shibx (SHIBX), experienced significant price gains.

Avalanche co-founder Emin Gün Sirer expressed his support for the move, highlighting the cultural significance of meme coins and comparing the skepticism towards them to past criticisms of pop music, street art, and rap.

In addition to the meme coin acquisition, the Avalanche Foundation also announced its plan to dedicate $50 million to acquire blockchain-tokenized assets through a venture called “Avalanche Vista.” This venture aims to revolutionize how assets are viewed and handled, making the process faster and more scalable.

Overall, the Avalanche Foundation’s initiatives reflect its commitment to empowering creators, sparking innovation, and propelling the adoption of blockchains. By embracing meme coins and expanding its portfolio, the foundation aims to position Avalanche better to cultivate and support the many new forms of creativity, culture, and lifestyle enabled by blockchain technology.

Disclaimer: This article is provided for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.