![]() That 26K eth ($34M) treasury has been used to fund all types of projects :īudweiser Super Bowl ad (1 noun): Give Budweiser a Noun to showcase in their Super Bowl ad. The core utility of Nouns DAO is that every Noun holder can sponsor and vote on proposals for the Nouns treasury to fund. “Ultimately, it would be culture that takes crypto mainstream.” - Punk4156 While it struck out on its first one, SharkDAO did regroup buy Noun #2 for 69.69 ETH.Nouns featured in Budweiser’s 2021 Super Bowl ad In fact, a DAO, called SharkDAO, appears to have formed specifically to buy Nouns. With the first four all going for over 36 ETH and over, aspiring owners may need to band together to win an auction. NFT heads looking for their next purchase may be taking a long look at Nouns. “Nounders have given themselves a special veto vote to ensure that no malicious proposals can be passed while the Noun supply is low,” states the project’s website. Governance is currently in a soft-launch phase. The Noun will be sent to their multisig wallet to be vested. “We built a custom compression algorithm into a smart contract and use it to store all the Noun parts there.”įounders have their perks: The project’s ten Nounders will receive every tenth Noun for the first five years of the project. “We wanted Nouns to be as decentralized as possible,” said 9999, a Nounder who goes by their CryptoPunks’ edition number. So people can recreate Nouns even if their creators, called Nounders, disappear. ![]() Nouns store their image data differently that most NFT projects whose metadata and media live on centralized servers, Nouns live on the Ethereum blockchain. “I’m probably going to sit 5 out, will try again for 6,” purplehat.eth said on the project’s Discord. Noun #5, up for bidding at the time of writing, has a chainsaw for a head. Of course, there’s an aesthetic aspect too. “What is it that all the Nouns can do together that you can’t do individually?” 4156 asked. So buyers may be more interested in obtaining membership in a hot DAO than owning a particular Noun. So far, people appear to think buying early Nouns is very worth it - Noun #1 went for 613.37 ETH, worth $1.98M at the time of writing, while subsequent Nouns have all gone for under 100 ETH.īut there’s also a good reason to buy late - a Noun gives its owner a vote in the Nouns DAO and its treasury. If the first nine Nouns end up like alien CryptoPunks, their owners will be sitting pretty - the most recent alien sold for $12.67M in March. Being early symbolizes being a true fan, or an OG, as they say. There will only ever be nine, single digit Nouns issued in the project’s first nine days. Like any fledgling asset class, Noun buyers have to decide when is the right time to play. Maybe Nouns one to ten are like the aliens of CryptoPunks, we’ll see.” “Nouns use time as one of the scarce attributes. “A whole bunch of different economic games end up being played within Nouns,” 4156 told The Defiant. But there’s more to it than just ownership. The Nouns DAO, governed by each NFT owner, pockets the ETH spent on the platform. Unlike many NFT projects, which have rare character traits, all the ones for Nouns are equally likely to be generated. One might have a bomb as a head, or a microwave, or some other weird object. The Nouns use five traits to add character to the NFTs and distinguish them from others. In a way the project mimics blockchains themselves - Nouns are added to the supply at a steady pace just like blocks. The concept is simple: One Noun auction a day, forever. The NFTs are called Nouns and their inventor, who goes by 4156 after the numbered CryptoPunk he owns, started the project wondering what the next iteration of Punks would be. The total spent? 764.75 ETH, worth around $2M in Friday trading. A new NFT project that auctions off one digital asset per day made four sales in its debut.
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