Avalanche Launches $100M Creator Fund With Grimes And Web3 Platform Op3n
As the blockchain network’s popularity improves among non-crypto natives, the Avalanche Foundation and web3 social media platform Op3n launched a $100 million program for creatives to build projects on Avalanche.
The first of these financed initiatives, dubbed the Culture Catalyst initiative and paid out in the network’s native currency AVAX, will go to singer Grimes. The singer, who has already sold $6 million in NFTs, is working on an “intergalactic childrens’ metaverse book” that she believes will follow in the footsteps of Studio Ghibli’s renowned film My Neighbor Totoro.
On Friday, she was scheduled to make the announcement by videolink at the Avalanche Summit in Barcelona.
In an interview, founder Jaeson Ma indicated that this project, as well as others to follow, will be available only on the self-described “web3 WeChat” Op3n. On Ava Max’s future music video, the platform will cooperate with her.
Op3n claims to be an app that makes it simple for producers to leverage web3 technology to communicate with followers, with a user experience similar to TikTok. Users choose a creator’s profile and link their wallet to purchase an NFT, which grants access to more material to the fan. Galaxy Interactive and BRV Capital Management sponsored a $10 million seed round for the company.
Ma was a co-founder of 88rising, a music label that enabled Asian musicians including Joji, Rich Brian, and Keith Ape get recognition in the United States. He now aims to achieve the same for NFT adoption in the mainstream.
He remarked over the phone, “I’ve been in this music, movie, entertainment, media space for 20 years,” “So it’s leveraging those relationships, and now introducing Hollywood and the music industry to NFTs.”
In a world where Ethereum and Bitcoin dominate public awareness of crypto, this effort is an opportunity for Ava Labs president John Wu to expand Avalanche’s cultural cache.
The Avalanche Foundation previously announced a $290 million incentive to support the establishment of network subnets, the first of which was awarded to a gaming project DeFi Kingdoms.
“The Avalanche Foundation’s Culture Catalyst Initiative with Op3n marks a watershed moment for entertainment and pop culture applications on Avalanche,” he said in a statement.
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