Museum of Crypto Art launches MOCA Token and plans a wave of acquisitions

According to some estimates, coronavirus-related strains could soon force every eighth physical museum to close permanently. Despite the difficulties, a museum based in the digital world is raising funds for the transition to a model of community governance.

The Museum of Crypto Art today announced the launch of the MOCA token, a polygon-based governance and utility asset. The token will be used to vote on pieces to be added to the museum’s initial collection and future exhibits, to facilitate the collection of museum items by the community, and to move the museum through a $ 1.5M collection set up.

5% of the total MOCA supply will be distributed through Aidrop to wallets redeemed on OpenSea prior to December 2020 and another 5% will be available through a liquidity mining program.

Museum of Crypto Art launches MOCA Token and plans a wave of acquisitions
Museum of Crypto Art launches MOCA Token and plans a wave of acquisitions

The Museum of Crypto Art, which can be visited free of charge in virtual reality via Somnium Space, has successfully promoted and shown the culture of crypto art in the past. In an interview with Cointelegraph, the co-founder of MoCA, Colborn Bell, He said the museum has held seven solo exhibitions of artists as part of an incubation program and hopes that with expanded resources, the MoCA Foundation can become a common place for artists to define the standards of NFTs and introduce guidelines such as binding copyrights on secondary sales ( Part of a wider effort to use the museum and its art to better define the crypto space).

“There is an art movement that gives visual language to the ideals of the cryptocurrency movement and makes something tangible and visible that is inherently difficult to understand.” He said.

Part of this definition work cIt’s about collecting and showcasing the art that made the NFT movement what it is today. A deliberate storytelling task for which Bell believes decentralized autonomous organizations are particularly well suited.

“We are a museum, we have to work slowly.”

However, it remains to be seen whether a community-run museum can survive and thrive even more.

Ideas and ideology

While $ 1.5 million may seem like a negligible number (especially given the exorbitant amounts of non-fungible tokens recently sold for), the museum has an unusual purchase model: 50% of the total range of MOCA tokens will be used exclusively for expanding the museum collection.

Collectors will ask to sell pieces for the museum’s first collection in exchange for tokens. Applications are reviewed by Bell and two seven-member artist and collector committees to determine value. If approved, the Nonfungible.com team will provide a final estimate of the value of the pieces.

Bell said MoCA, which has a nonprofit legal entity in the Cayman Islands, has one “express commitment” never to sell the works added to the collection and ultimately this inability to sell will be reflected in the DAO.

It’s an idealistic view that contradicts the money-crazy attitude that space pockets has taken. Bell said he even wanted to prevent the token from becoming a stand-alone speculative asset, also because NFT collectors are already grappling with enough speculation.

“All of the value that I want to bring into the project is achieved by the token itself. I want to make sure that it is recorded there,” Said Bell. “Enough wealth has been created in this community that by and large there is no chance people will let this project fail.”

Eventually, Bell wants to break away from narratives about the use of cryptocurrencies for drugs and instead highlight art that represents the highest ideals of the space: Ethereum as an open market access system that enables freedom of identity, data protection and data sovereignty. Early NFT artists and collectors worked within these terms when artists tried to express them on their own terms, an “organic” and “collaborative” endeavor.

“How do we paint the beautiful landscape here and how do we use the world’s first creators to do this?”

Community criticism

Although the scoring system will begin with semi-central committees, Finally, the MOCA token is used to enable permanent and decentralized criticism and curation. Reneil, Head of Technology and Strategy at MoCA, noted that a blockchain can be used to permanently record how a community reacts to art, not just the art itself.

While details are still in the planning stages, the team is designing a reputation-based system that takes into account event attendance, attention to art, and MOCA token holdings to give users a chance to see the history of the pieces in the collection That is, to write the museum briefings administered by the community.

If works of art are ever loaned from MoCA, the museums that receive them must include these labels on display.

“We want to preserve the early stages of the history of the cryptocurrency space in an immutable way.” Said Reneil. “Create an objective reality, an unchanging reality from many opinions”.

Partner projects are also invited to sponsor and curate their own museum wings. Projects with cultures and a large fan base can tell their stories on their own terms and experiment with specific governance parameters for their collection. The team is already looking into the possibility of creating a grand piano with Aavegotchi, an asset-backed NFT project with a very dedicated fan base.

Eventually, Bell believes that these collaborative efforts and experimentation are the reason digital museums will continue to thrive when collections in physical space falter.

“I assume that the old museum and gallery system will increasingly also have a ‘public’ problem, as younger generations will want digital and social experiences around art.” He said. “More Meow Wolf and Less Metropolitan or Gagosian”.

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