- Avalanche, an Ethereum competitor, has announced a $100 million fund to launch projects on the network that are only accessible through social media platform Op3n. According to the statements made, it was reported that Grimes, the lover of Elon Musk, is also in this project.
Following the growth of the blockchain network’s profile among non-crypto-connected users, the Avalanche Foundation and web3 social media platform Op3n have announced a $100 million initiative to enable creators to build projects on Avalanche.
The first of the projects, which will be financed by the so-called Culture Catalyst initiative – which will pay with the network’s native token AVAX – will be for Elon Musk’s girlfriend and musician Grimes. The singer, who previously sold $6 million worth of NFTs, plans to create an “intergalactic children’s metaverse book” that he hopes can follow in the footsteps of the hit Studio Ghibli movie My Neighbor Totoro.
Speaking via video link at the Avalanche Summit in Barcelona on Friday, Grimes spoke about Web3 and how pleased he is to assist the OP3N’s efforts:
“When I first got into Web3, it was the kind of project I expected to see. I am very excited to collaborate with OP3N to launch a range of educational arts for babies and toddlers to create an experience that is deeply meaningful for babies as well as adults.”
Hollywood and the music industry meet NFTs
This and future projects will only be available on Op3n, which describes itself as “web3 WeChat,” founder Jason Ma said in an interview. The platform will also be collaborating with singer Ava Max in her upcoming music video.
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 if fans want access to extra content, they link their wallets to the platform to purchase an NFT that provides access to that content. The platform recently completed a $10 million startup round led by Galaxy Interactive and BRV Capital Management.
Ma was previously the co-founder of 88rising, a music label that helps Asian artists like Joji, Rich Brian and Keith Ape make the transition to the United States. The manager now hopes he can do the same for mainstream adoption of NFTs.
“I have been in this music, film, entertainment, media world for 20 years. So he’s taking advantage of those relationships and now introducing Hollywood and the music industry to NFTs.”
Becoming a cultural force in the crypto industry
According to Ava Labs president John Wu, the initiative represents an opportunity to increase Avalanche’s cultural cache in a world where Ethereum and Bitcoin dominate the public’s perception of cryptocurrency.
“The Avalanche Foundation’s Culture Catalyst Initiative with Op3n is a landmark for entertainment and pop culture practices in Avalanche.”
Previously, the Avalanche Foundation announced a $290 million incentive to encourage the growth of subnets in the network, the first of which went to gaming project DeFi Kingdoms.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.