One of the competitors of Ethereum (ETH), a platform for smart contracts, is restructuring its culture to place more emphasis on the promotion of tokens that it claims are inspired by internet culture and comedy.
Layer-1 blockchain Avalanche (AVAX) has just made an announcement stating that it plans to begin marketing its Culture Catalyst program. This effort was started in the previous year with the intention of providing support for memecoins, gas tokens, non-fungible tokens (NFTs), stablecoins, Real World Assets (RWA), and governance coins.
"In the previous year, the Avalanche Foundation initiated a program called Culture Catalyst with the objective of fostering creativity, fostering the empowerment of artists, and accelerating the growth of blockchain technology.
In order to better position Avalanche to foster and promote the numerous new types of creativity, culture, and lifestyle that blockchain technology provides, this project aims to take the following steps.
Avalanche has stated that it intends to purchase some AVAX-based meme assets in order to initiate a collection. The company has also stated that it would pick the tokens based on a variety of parameters, which may include, but are not limited to, the number of holders, the liquidity requirements, and the general social attitude.
The Avalanche Foundation plans to begin employing Culture Catalyst in order to acknowledge and promote the culture and fun that are represented by meme coins. This will be accomplished by acquiring certain Avalanche-based memecoins in order to gather them together into a collection.
This step is a complement to the continuous engagement that the Avalanche Foundation is having throughout the Avalanche ecosystem, which includes non-fungible tokens (NFTs), decentralized token assets (RWAs), and other forms of crypto assets. It broadens the foundation's portfolio to encompass a more comprehensive range of possibilities.
The effort was initially the result of a partnership between Avalanche and OP3N, a chat application that is driven by artificial intelligence (AI). This partnership was established in March of 2022.
