The Museum of Crypto Art (MoCA) has announced the launch of the MOCA token, a Polygon-based governance and utility asset.
It has been reported that the token will be used to vote on pieces added to the museum’s Genesis Collection and future exhibits, allow for community curation of museum assets and establish a runway for the museum via a $1.5-million raise.
However, of the total MOCA supply, 5% will be airdropped to wallets that collected on OpenSea prior to December 2020, and another 5% will be available via a liquidity mining program.
The report said that MoCA, which is free to visit in virtual reality through Somnium Space, has had success in the past in fostering and showcasing crypto art culture.
Colborn Bell, the co-founder of MoCA, said that the museum has highlighted seven solo artist shows via an incubator program, and he hopes that with expanded resources, the MoCA foundation can become a commons for artists to help define NFT standards and institute policies, such as mandatory royalties on secondary sales, part of a wider effort to use the museum and its art to better define the crypto space.
pic.twitter.com/JOXJvEXFHT — Museum of Crypto Art (MOCA) (@MuseumofCrypto) May 23, 2021
“There is an art movement here that is putting a visual language to the ideals of the cryptocurrency movement, and it’s making tangible and visible something that is inherently difficult to understand.”
Likewise, collectors will apply to sell art to the museum’s Genesis collection in exchange for tokens. Submissions will be reviewed by Bell as well as two seven-member committees of artists and collectors for merit, and if approved, the team at Nonfungible.com will give a final appraisal of the value of pieces.
Ever wanted to help curate a museum? Here’s your chance. NFTs are big time now, and the Museum of Crypto Art is making an even bigger splash with its new governance token. https://t.co/DGgct2aukg (Reporting via @blockanalia) — Cointelegraph (@Cointelegraph) May 26, 2021
Bell said that MoCA, which has a legal entity as a nonprofit in the Caymans, has an “explicit obligation” to never sell the works accepted into the collection, and eventually, that inability to sell will be hardcoded into the DAO. It’s an idealistic vision that runs contrary to the money-crazed attitude that has taken over certain pockets of the space.
He further said that he even wants to avoid the token becoming a speculative asset itself, in part because NFT collectors largely don’t need more speculation.
Thus, he concluded:
“All the value I want to bring to the project will be through the token itself. I want to make sure it’s captured there. There’s been enough wealth generation in this community that there’s no chance, broadly, that people will let this project fail.”