The Museum of Crypto Art Secures $1.5M

The Museum of Crypto Art (MOCA), a Metaverse-native museum for digital art and innovative ideas, has secured a $1.5 million investment. The project announced this news on June 24, noting that the funding round was spearheaded by multiple leading founders in the NFT and DeFi space. Reportedly, the funding round was spearheaded by the founder of Yield Guild Games (YGG), Gabby Dizon, and Coingecko’s Ong Chong Eu.

According to the announcement, other investors behind the $1.5 million investment were Suji Yan, the founder of Mask.io, a platform that lets social media users encrypt their chats and posts, Daniel Maegaardaka, also known as Danny NFT, Andrew Steinwold, Eric Clark Su, the Metapurse fund, Bitscale Capital, and Mantra XR. Sandeep Nailwal and Jaynti Kanani the co-founders of blockchain scalability platform Polygon, also took part in this funding round. 

Explaining why he had invested in MOCA, Suji Yan said,

“MOCA is an institution in cryptoart and I’m happy to invest and participate in its future direction. I’m looking forward to collaborating with MOCA in bringing the best crypto artists to the rest of the world.”

Pushing for the growth of the NFT space

Before this MOCA announced the launch of the MOCA token on May 26 this year. The coin runs on Polygon and it serves as a governance and utility token. As such, MOCA holders can vote on art pieces added to the museum’s Genesis Collection, which has 160 portraits, and future exhibits. Apart from this, the token facilitates the curation of museum assets by the community. 

With the raised $1.5 million, MOCA is looking to create a runway for the museum to further foster and showcase cryptoart. Per Colborn Bell, the co-founder of MOCA, the museum has already highlighted seven solo artist shows through an incubator program. With these funds, he looks to make MOCA a place for artists that look to help define NFT standards and institute policies.

Bell believes that the NFT space is an art movement that adds a visual language to the principles of the crypto market. According to him, cryptoart is making the crypto space, which is quite complex to understand, more tangible and visible.

The NFT space continues growing

This news comes as the non-fungible token continues growing rapidly. While the sector started small seven years ago, it has been gradually expanding into multiple sectors. This ranges from a couple getting married on the blockchain and exchanging NFTs as wedding rings to musicians who have been sold music and art in the form of NFTs. As a result of this growing interest, the NFT space surged by 2,100% and recorded a whopping $2 billion in Q1, 2021 sales.

However, the NFT space has also attracted a wider adoption beyond couples and musicians. In the past month, the Associated Press (AP) announced the auction of 10 NFTs to mark 175 years of iconic photojournalism. Reportedly, this was the news agency’s NFT auction following its debut in the space in November last year. Apart from mainstream companies, the sports world has also entered the NFT space with the latest entry being that of legendary footballer Sir Kenny Dalglish. He joined hands with NEM to launch his first-ever collectibles on NEM, allowing football fans to own remarkable pieces of sporting history.

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