The Avalanche Foundation, the nonprofit organization overseeing the development of the Avalanche Network, aims to allocate its $100 million non-fungible token (NFT) incubator fund to purchase memecoins. The move is part of the foundation’s “Culture Catalyst” initiative, which was initially launched in March 2022 to support promising NFT projects on the network. The Avalanche Foundation plans to leverage the fund to create a collection of select Avalanche-based memecoins through this new initiative. The goal is to recognize and encourage the culture and fun associated with meme coins, which the foundation believes go beyond their utility value.
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