What is Nouns DAO? A Project with a Unique NFT Minting Mechanism

1. What are Nouns NFTs?

1.1. Overview of Nouns NFTs

Nouns NFTs is an innovative project within the NFT space, leveraging the Ethereum blockchain. Each Noun NFT depicts a character, sized at 32x32 pixels, meticulously crafted from a diverse array of components. These components include various body types, accessories such as 242 head styles and 140 accessories, along with 32 body variations, 23 types of glasses, and assorted backgrounds.

The initial Nouns NFT went up for auction on August 8, 2021, portraying a fox-shaped head adorned with two-tone glasses in shades of purple and pink. Owners of Noun NFTs are granted full rights to utilize the images of their NFTs in any manner they choose.

1.2. Unique Minting Mechanism

Diverging from traditional approaches, Nouns NFTs introduce a highly distinctive minting mechanism. As of now, only 1054 Noun NFTs are in circulation, commanding a Floor price of up to 5.9 ETH/NFT in the market.

Users can explore their creativity by crafting their own unique NFTs within the designated Playground section of the website.

First, let's review some essential metrics from the collection:

Quantity: 1054 NFTs
Total supply: Unlimited
Minting timeframe: Every day, one NFT enters auction, with the winning bidder being granted ownership of the minted NFT.
Website: nouns.wtf
NFT marketplace: https://blur.io/collection/nouns
Minimum price (at the time of writing): 5.9 ETH

The minting process of Nouns NFTs is termed as Daily Auctions. Under this mechanism, users have the opportunity to bid on one NFT per day. Upon successful auction, the proceeds are funneled into the Treasury of Nouns DAO, overseen by Noun NFT owners through a voting system.

This distinctive mechanism distinguishes Nouns NFTs within the broader ecosystem, showcasing their pioneering role in redefining NFT accessibility and the collective NFT community.

2. Team and Nouns DAO

2.1. Nounders

The development of the Nouns NFT project is spearheaded by a group of co-founders, collectively known as Nounders. This team includes Gremplin (founder of CrypToadz), Dom Hofmann (co-founder of Vine), Timpers (founder of Chimpers), and Punk4156.

Furthermore, the Nounders roster comprises lastpunk9999, devcarrot, cryptoseneca, eboyarts, punk4464, and solimander.

To fortify the growth of the entire Nouns ecosystem, the Nounders are set to benefit from the issuance of Noun NFTs. Specifically, for every 10th Noun NFT minted within the project's initial 5 years, it will be directed to the multisig wallet of the Nounders. Subsequently, it will be gradually unlocked and distributed among the founding members.

2.2. Nouns DAO

Owning a Noun NFT enables holders to engage in the governance and operation of Nouns DAO. This entails proposing initiatives and voting on proposals from other community members. Upon achieving majority approval, these proposals will be automatically executed within a single transaction on the Ethereum network.

To initiate a new proposal, users must possess a minimum of 2 Noun NFTs. Throughout its founding period, Nouns DAO has supported numerous creative endeavors, including fashion collections, Super Bowl advertisements, and more.

Users can monitor proposals within Nouns DAO here.

Moreover, Nouns DAO will receive 100% of the ETH from Daily Auctions. At the time of writing, Nouns DAO Treasury holds 5597 ETH (equivalent to 19,751,813 USD).

3. Introduction of Lil Nouns

The high price and limited quantity of Noun NFTs present significant barriers for users seeking to engage with this community. Therefore, the Lil Nouns project, initiated by Oxsvg and adelidusiam, has been launched to provide a more accessible entry point for the community with a more suitable price point.

Lil Nouns is a collection of adorable "mini" Nouns with a smaller size of just 16x16 pixels. Every 15 minutes, users have the opportunity to participate in auctions and create their own Lil Noun.

Details about Lil Nouns NFT:

Quantity: Over 7192
Floor Price: 0.0536 ETH
Marketplace Link: https://blur.io/collection/lil-nouns

4. Factors contributing to Nouns NFT's Success

Nouns NFT's success can be attributed to several key factors:

Innovative NFT Allocation: Nouns NFT introduced a unique method for distributing NFTs. Initially, its pixelated art style, inspired by CryptoPunks, resonated well with the community, conveying a sense of originality. Additionally, the controlled release of NFTs created scarcity, driving up demand.
Strong Founding Team: The project was initiated and developed by a group of influential founders known as "Nounders." These individuals, including notable figures from the NFT market, brought significant credibility and attracted a dedicated community.
Creative Treasury Fund Management: Instead of going directly to the founders, funds from NFT sales are pooled into a transparent fund managed collectively by all NFT holders. This decentralized approach empowers holders to contribute to decision-making, fostering community engagement and project growth.

5. Roadmap

Since its launch in 2021, Nouns NFT has outlined several future development plans. These include implementing new features such as voting, enhancing security measures, and providing more engaging experiences to enrich the Nouns ecosystem.

6. Conclusion

Nouns DAO has effectively bridged the gap between crypto and traditional markets by collaborating with leading projects in the crypto space. Over its three-year journey, Nouns NFT and Nouns DAO have achieved significant milestones, setting them apart from other NFT projects. Stay updated with Theblock101 for the latest developments on this project.