As the popularity of the blockchain network thrives among more non-crypto natives, the Avalanche Foundation and NFT platform OP3N has gone on to launch a US$100 million initiative for creatives to build projects on Avalanche.
This project, named Culture Catalyst, was announced at the Avalanche Summit in Barcelona in late March, and will be targeted towards supporting the development of Web3 projects related to art, entertainment and culture – and with any luck, will spur on a new wave of mainstream adoption.
What is Culture Catalyst?
Culture Catalyst was launched in collaboration with Ethereum competitor Avalanche and NFT platform OP3N. The premise of Culture Catalyst is to provide investments (paid in Avalanche’s AVAX token) to influence the direction of arts and entertainment within Web3.
OP3N Co-CEO Jaeson Ma also announced the news on his Twitter, saying that he was looking forward to pushing the Web3 creative community forward.
Source: Twitter @jaesonma
Culture Catalyst’s first funded project will be go towards the singer Grimes who has already sold $6 million in NFTs. Her plan is to launch an ‘intergalactic children’s Metaverse book’ on the Avalanche blockchain, inspired by Studio Ghibli’s acclaimed 1988 film My Neighbor Totoro.
“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,” says Grimes. “I’m very excited to be partnering with [OP3N] to launch a series of educational art for babies and small children with the goal of creating a profound experience for babies that is also deeply meaningful to adults.”
Source: Bitcoin News
Another musician, Ava Max, will also collaborate alongside Culture Catalyst in the form of an upcoming music video, done alongside director Joseph Kahn.
What is OP3N?
OP3N is an NFT platform with a user interface similar to TikTok. It makes it easy for creators to leverage Web3 technology to interact with fans, and it provides users with a convenient way of purchasing NFTs from their favourite influencers.
Ma, who currently leads OP3N and was previously co-founder of 88rising (a music label that helped Asian artists such as Jojim Rich brian and Keith Ape cross over to the US), hopes that he can bolster mainstream adoption of NFTs. “I’ve been in this music, movie, entertainment, media space for 20 years,” he said by phone. “So it’s leveraging those relationships, and now introducing Hollywood and the music industry to NFTs.”
OP3N recently received $10 million in seed funding from investors like BRV Capital Management, Warner Music Group, Axie Infinity, Galaxy Interactive and Twitch, which is an indicator of strong sentiment for OP3N’s vision.
Watershed moment for Avalanche
In a world where Ethereum and Bitcoin have monopolised most mainstream Crypto awareness, this $100M initiative represents an opportunity for Avalanche to expand its cultural cache.
“The Avalanche Foundation’s Culture Catalyst Initiative with Op3n marks a watershed moment for entertainment and pop culture applications on Avalanche,” said Ava Lab’s president John Wu in a statement.
A few weeks prior to this latest project, Avalanche also launched a $290 million incentive to encourage the growth of subnets on the network, the first of which went to gaming project DeFi Kingdoms. Last year, Avalanche launched Blizzard, a $200 million fund to again, promote development, growth and innovation on its platform.
Source: YouTube @nfTVerse
Like any aspiring utility cryptocurrency, Avalanche also aspires to rise to the price points of the more popular Ethereum. By funding projects that brings in support from institutional investors, Avalanche is able to rapidly accelerate smart development and adoption. On that note, Avalanche and OP3N make for an invaluable partnership in the scope of Web3 adoption going forward, one that all blockchain enthusiasts can avidly look forward to.