One rival of smart contract platform Ethereum (ETH) is shifting its culture to focus on promoting tokens it says are inspired by internet culture and humor.
In a new announcement, layer-1 blockchain Avalanche (AVAX) says that it intends to start promoting its Culture Catalyst initiative, which launched last year and aims to support memecoins, gas tokens, non-fungible tokens (NFTs), stablecoins, Real World Assets (RWA), and governance coins.
“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, culture, and lifestyle that blockchain enables.”
Avalanche says it plans on purchasing select AVAX-based meme assets to start a collection, and says it will be choosing the tokens based on a combination of factors, including but not limited to its number of holders, its liquidity thresholds, and overall social sentiment.
“The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based memecoins to create a collection.
This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of crypto assets, broadening its portfolio to embrace a more complete spectrum of possibilities.”
The initiative was originally created in March 2022 as a collaboration between Avalanche and OP3N, an artificial intelligence (AI)-powered chat application.
AVAX is trading for $40.13 at time of writing, a fractional decrease during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ellerslie/Dario Lo Presti
The post Avalanche (AVAX) To Go Ape? Ethereum-Rival Aims To Promote Memecoins With New Culture Catalyst Initiative appeared first on The Daily Hodl.
