Cryptocurrency News

Museum of Crypto Art launches MOCA token, plans to takeover race

By some estimates, coronavirus-related strains may soon force one of every eight physical museums to be permanently closed – but despite the conflicts, a metaverse-native museum to transition to a community-governed model Raising funds

The Museum of Crypto Art today announced the launch of MOCA tokens, a polygon-based governance and utility asset. The tokens will be used to vote on pieces added to the museum’s Genesis collection as well as future exhibits, allow for community curation of the museum’s property, and a $ 1.5 million increase for the museum through a The runway will be set up.

5% of the total MOCA supply will be delivered to the wallet collected on Opensea before December 2020, and the other 5% will be available through the liquidity mining program.

MOCA, which is free to travel through virtual space into virtual reality, has had success in promoting and showcasing cryptoart culture in the past. In an interview with Cointegraph, MoCA co-founder Colborne Bell said the museum has uncovered seven solo artist shows through an incubator program, and he hopes the MoCA Foundation with expanded resources will meet NFT standards for artists And can become a common to help define the institution. Policies such as mandatory royalties on secondary sales – part of a broader effort to use the museum and its art to better define the crypto space.

“There is an art movement here putting a visual language to the ideals of the cryptocurrency movement, and making it something tangible and visible that is inherently difficult to understand,” he said.

Part of that definitive work is to collect and present the art that made the NXT movement what it is today – an act of deliberate storytelling that Bell believes DAOs are particularly appropriate for.

“We are a museum – we are meant to work slowly.”

It remains to be seen, however, how and how a community-organized museum can survive, let alone flourish.

Ideals and ideology

While $ 1.5 million may seem like a minor war chest (especially the eye-watering amounts NXT has sold as of late), the museum has an unusual acquisition model: 50% of the total MOCA token supply to fully grow The collection will be dedicated to

Collectors will apply to sell art in the museum’s Genesis collection in exchange for tokens. Submissions will be reviewed for eligibility by Bell as well as two seven-member committees of artists and collectors, and the team at will give a final assessment of the value of the pieces, if approved.

Bell states that the MoCA, which has a legal entity as a nonprofit in the Caymans, has a “clear obligation” to never sell the works accepted in the collection, and ultimately the inability to sell to the DAO. Will be hardcoded into.

It is an idealistic vision that runs contrary to the money-crazed attitude that has occupied parts of space. Bell says he also wants the token to become a speculative asset – partly because NXT collectors don’t need much speculation.

“Any value I want to bring to the project will be through tokens. I want to make sure that it is captured there,” Bell said. “There has been enough wealth created in this community, there is no possibility, broadly, that people will allow this project to fail.”

Bell eventually wants to move away from the narrative about crypto being used for drugs, and instead exposes art that represents the highest ideals of space: Ethereum as an open market access system, identity, privacy And enables freedom of data sovereignty. Early NXT artists and collectors worked within these assumptions as artists sought to express them in their own terms – an “organic” and “collaborative” effort.

“How do we portray the beautiful picture here, and how do we leverage early, global creators to do so?”

Community critic

While the evaluation system will begin with semi-centralized committees, MOCA tokens will eventually be used to enable permanent, decentralized criticism and curation. Reniel, a Tech and Strategy lead at MoCA, said blockchain can be used to permanently record how a community reacts to art, not just art.

While the specifics are still in the planning stages, the team is plotting a reputation-based system that takes into account attendance at events, attention to art, and MOCA token holdings to give users the ability to write the history of pieces Can be done. Collection – Community-managed museum opacity.

If MOCA ever lends to art, the museums that receive it must include these labels as part of the art.

“We want to preserve the early history of crypto in an irreversible way,” Rennial said. “Create an objective reality, an irreversible reality from many opinions.”

Partner projects will also be invited to sponsor and curate their own museum wing. Projects with strong cultures and following will be able to tell their stories in their own terms, and experiment with specific governance standards for their collections. The team is already exploring the possibility of a wing with Avegotchi – an asset-backed NXT project with a cult following.

Bell eventually believes these collaborative, experimental efforts will continue to develop virtual museums, while meatspace collections have declined.

He said, “I expect the heritage museum and gallery system will also have an ‘audience’ problem as the younger generation will demand digital and social experiences around art.” “More Meow Wolf and Less Metropolitan or Gagosian.”