KUALA LUMPUR, Aug 1 — The DAP is hoping to raise RM1 million for the next general election, widely speculated to be called this year.

To start the ball rolling, the federal Opposition party has put up a whopping 8,888 images related to the controversial "Sheraton Move” that triggered the collapse of the Pakatan Harapan government for sale.

"This is probably the first time such a project is launched in Malaysia, perhaps the entire region. We have had political parties or politicians' NFT projects but those are entirely digital.

"But we are a bit unique because we are not only offering the NFT as a digital art. We are offering NFT by liberating NFT technology to allow members of the public to co-own one particular asset, in this case a physical ‘Langkah Sheraton’ painting,” Damansara MP Tony Pua said in launching the fundraiser at Theatre Impian, Aurora Place in Bukit Jalil here today.

The images are being sold as non-fungible tokens (NFTs) and will be open for sale on August 31 at the price of the the virtual currency 45$MATIC per design.

As of July 18, 10$MATIC equals US$9.10 or RM40.52.

The images will be made available on Polygon, a decentralised Ethereum scaling platform, as well as major NFT global marketplaces like Opensea.io and Rarible.com.

Pua said the NFTs are categorised according to four tiers of rarity.

Tier one is for the ultra rare, of which there are only 88 designs while the next tier of rare designs amounts to 400 images, followed by 2,400 limited designs and 6,000 original edition designs.

The physical drawings of "Sheraton Move” were entirely hand-drawn by Pua himself and will be displayed in Theatre Impian alongside other artworks.

He said that the advancement of blockchain technology and increasing maturity of non-fungible tokens (NFTS) had opened a whole new world of possibilities.

"A painting can now be acquired not just by one person, but instead be meaningfully owned, collectively, by thousands of Malaysians.

"Via rapidly developing NFT platforms, it can unlock a higher value, and hence, raise more funds for the party and the cause, with a digital smart contract,” he added.