How is $R$ related to $\text{Proj}(R / \mathfrak{m} \oplus \mathfrak{m} / \mathfrak{m}^2 \cdots ) $?

Question

Excuse my basic question:

Let $(R, \mathfrak{m})$ be a local ring and let $X = \text{Proj}(R / \mathfrak{m} \oplus \mathfrak{m} / \mathfrak{m}^2 \oplus \cdots )$. How is $\text{Spec}(R)$ related to $X$? Is there some universal property that $X$ has? Particularly in terms of line bundles or vector bundles.

Again excuse my basic question here.