The Avalanche Foundation and web3 social media platform Op3n have announced a $100 million investment for creators to build projects on Avalanche.
Avalanche (AVAX) is a layer 1 smart contract platform built by Ava Labs, headquartered in Singapore. This is a proprietary proof-of-stake blockchain compatible with Ethereum. Developers can build and deploy decentralized applications (dApps) on the platform.
Dubbed Culture Catalyst, the $100 million AVAX token fund will initially support singer Grimes, the ex-girlfriend of billionaire Elon Musk, who is in the process of creating “intergalactic childrens’ metaverse book”.
Grimes’ book and subsequent projects supported 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.
Jason Ma also said that:
“Announcing our $100M Culture Catalyst Initiative. Looking forward to pushing the web3 creative community forward by funding amazing NFT projects in music, film, entertainment, gaming & digital art.”
With a user interface similar to TikTok, Op3n says it’s an app that makes it easy for creators to use web3 technology to interact with fans. Users select a creator’s profile and connect their wallets to purchase NFTs that help fans gain access to the content. The project previously raised a $10 million seed fund led by Galaxy Interactive and BRV Capital Management.
For Ava Labs president John Wu, this initiative represents an opportunity to increase Avalanche’s cultural cache in a world where Ethereum and Bitcoin dominate the public perception of cryptocurrencies.
Earlier, the Avalanche Foundation revealed a $290 million incentive to incentivize the growth of subnets, the first of which went to gaming project DeFi Kingdoms.
He said in a statement:
“The Avalanche Foundation’s Culture Catalyst Initiative with Op3n marks a watershed moment for entertainment and pop culture applications on Avalanche.”
However, John Wu also said that he “expects much more to come to Avalanche on the cultural front.”