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This is the second investment fund announced by Avalanche this March, focusing on content development initiatives in the field of Web3.
Within the framework of the ongoing Avalanche Summit event in Barcelona (Spain), the Avalanche Foundation and web3 social networking platform Op3n have launched a $100 million investment fund to build web3 initiatives. Future.
Dubbed Culture Catalyst, this $100 million AVAX token fund will initially support singer Grimes, the ex-girlfriend of billionaire Elon Musk, who is in the process of creating a “metaverse book for children”.
Grimes’ book and subsequent projects backed by Culture Catalyst will premiere exclusively on Op3n, the social network that calls itself the “WeChat of the Web3 industry.” Op3n founder Jaeson Ma also revealed that his company is about to sponsor an upcoming music video for vocalist Ava Max.
Meanwhile, the President of the Avalanche Foundation stated that the $100 million Culture Catalyst fund will help further popularize Avalanche in popular culture, where Bitcoin and Ethereum dominate in terms of perception regarding crypto. .
At the beginning of March, Avalanche announced a $290 million Avalanche Multiverse fund to incentivize the development of subnets, and launched its own crypto wallet platform, Core, to serve that direction.
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