Avalanche Foundation, OP3N Launch $100M Web3 Culture Fund
Musical artist Grimes will put forward one of the first projects under the new initiative, a "Metaverse" children's book.
Key Takeaways
- Culture Catalyst has launched in partnership with OP3N and the Avalanche Foundation in a $100 million initiative.
- Grimes and Ava Max will be releasing content on OP3N as early contributors.
- The Avalanche Foundation announced another nine-figure development initiative earlier this month.
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NFT launchpad platform OP3N has partnered with the Avalanche Foundation to launch Culture Catalyst, a $100 million initiative meant to shape Web3 entertainment business models. Specifically, Culture Catalyst seeks to cultivate arts and entertainment projects within the Avalanche ecosystem.
Culture Catalyst Launches
Avalanche is the beneficiary of a major investment initiative called Culture Catalyst, a $100 million investment initiative designed to influence the direction of arts and entertainment within Web3.
Culture Catalyst has launched in collaboration with OP3N, a non-fungible token platform for community building, and the Avalanche Foundation, with the help of a $100 million fund.
The Culture Catalyst application’s first major project comes from the musical artist Grimes, who announced plans to launch an “intergalactic children’s Metaverse book” on the Avalanche blockchain. Grimes noted,
“When I first got into Web3, this was the kind of project I was hoping to see. OP3N represents the future of art funding, and Avalanche is offering the solutions we’ve all been needing and wanting from the crypto community.”
Another musician, Ava Max, also partnered with Culture Catalyst on her next major project—a new music video, done alongside director Joseph Kanh.
OP3N recently received $10 million in seed funding from investors such as Warner Music Group as well as individuals involved in projects and companies including The Sandbox, Axie Infinity, Yield Guild Games, and Twitch.
John Wu, Ava Labs’ president, said:
“The Avalanche Foundation’s Culture Catalyst Initiative with OP3N marks a watershed moment for entertainment and pop culture applications on Avalanche. Users can expect the already robust Avalanche NFT scene to grow into new areas and be part of a fresh chapter in the history of culture on Web3.”
Earlier this month, the Avalanche Foundation launched its $290 million incentive program for Avalanche Multiverse.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
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