Home » What Are Nouns? The Ethereum NFT DAO Building Open-Source IP

What Are Nouns? The Ethereum NFT DAO Building Open-Source IP

by admin

Pixel art NFTs One of the first NFT collections, CryptoPunks pioneered the blocky 8-bit design style.

However noun has shaken things up with its novel distribution methods and open-source IP, leading to the collection’s signature pixelated specs appearing everywhere from beer cans to movies.

Here’s how Nouns worked and built a multi-million dollar decentralized brand.

What is a noun

First and foremost, Nouns is an NFT collection whose owners are part of the Nouns DAO. decentralized autonomous organization.

A non-fungible token (NFT) is a cryptographically unique cryptographic token that is often used to represent digital art. Nouns are examples of profile pictures (PFP) collection, typically a set of NFTs used as a user’s profile picture on a social media platform.

Nouns are also creative experiments ethereum Designed to improve on-chain community interaction. Nouns DAO does this by using its treasure trove to build and support. public goods.

a a little over a year passed since first noun NFT (a pixel art character with a fox head and pink glasses) has been auctioned on Ethereum. During that time, Nouns DAO has grown steadily and now he has just over 29,000 ETH (approximately $45 million) in the Treasury. charitable donation to naming new species of frog.

Who Invented Nouns?

The noun concept is Twitter prompt From an anonymous founding member, Punk 4156After growing interest in the idea, he followed it up series of tweets It outlines a framework that has always been a noun.

Shortly after, a group of 10 Nounders (who Nouns call co-founders) formed, including the founder of Vine. Dom Hoffmanstarted working on the shared Discord and created a DAO using the Punk 4156 overview as a guide solidify the concept.

What’s so special about nouns?

Each Noun NFT is a small image of a humanoid algorithmically generated to order and stored directly on Ethereum as a 32 pixel x 32 pixel image. blockchain.

The fact that nouns are stored directly in Ethereum’s scarce blockspace rather than containing links to images hosted elsewhere (e.g. decentralized web hosting services) IPFS), a notable difference from nouns and many other NFT projects.

The algorithm underlying the Nouns protocol fakes these NFTs from random combinations of background, body type, and clothing. Some of these nouns have flipbook calendars for your head. Some wear jumpers with geometric shapes.

You can fiddle with potential nouns with playground nouna tool that can combine different properties stored in the protocol.

Unlike the limited supply and proprietary nature of PFP NFTs, Cryptopunks Also Boad Ape Yacht Club, new nouns are randomly generated and auctioned every 24 hours. After each auction ends, another unique noun is created (based on a set of predefined characteristics) and the process repeats forever. The Nouns smart contract will automatically transfer his 100% of the proceeds directly to his DAO Treasury.

What is the noun DAO?

All Nouns owners can participate in the Nouns DAO to help shape and manage the project by voting on Treasury-funded proposals. A DAO that uses a fork of compound governancegives all members 1 vote per noun NFTThese votes are non-transferable, but just as with the use of proxies on the Board of Directors, members of the DAO may transfer their votes to others if the person or entity they delegate still owns the noun used in the vote. You can delegate someone to vote on your behalf.

There is no upper limit to the number of nouns that a single entity or individual can possess, at least two nouns Submission of a proposal is compulsory. The founding member also receives compensation in the form of nouns (her 10% of supply for her first five years, or every tenth noun).

All Noun holders can sponsor and vote on proposals for Treasury funding. The idea is that the more unique and interesting a project is, the more Nouns will be recognized and the more people will want to participate.

To date, Nouns DAO has funded proposals such as:

  • 🏈 Functional nouns in Super Bowl commercials – The proposal included providing one Nouns NFT from the DAO to companies featuring the iconic Nouns glasses in their 2022 Super Bowl commercials. NFT will eventually firefly lighthas officially aired commercial During the long-awaited ad slot.As part of the deal, Bud Light also Changed my Twitter profile picture to the noun NFT.
  • 🎥 city ​​documentary noun – Proposed by the makers of Robot Chicken, this proposal and project has secured 609 ETH funding and centers around the creation of a comedy film about the Nouns DAO’s attempt to get Nouns to appear in Rose Parade.
  • noun coffee – Created by a team with a background in the global coffee industry, the Nouns coffee proposal secured 105 ETH in funding to create the first-ever Nounish consumables brand and place it in cafes and grocery stores .

How to buy Nouns NFTs

nouns are noun website, new nouns are generated and sold every 24 hours. It is also available on the secondary market such as: high seas When rare.

As of October 30, 2022, the lowest price for a noun is over 60 ETH (approximately $93,000). One of the reasons for the high sticker price is the very limited supply of Nouns as only one Nouns NFT is released per day. NFT collections such as Bored Ape Yacht Club and CryptoPunks typically number in the thousands, but only have 491 nouns at the time of writing.

did you know?

Despite its high starting price, Nouns is the 232nd largest NFT project with $23.3 million in secondary market sales. crypto slam. By comparison, Axie InfinityThe largest NFT project, , has generated about $4 billion in secondary market sales.

Nouns and Open Source IP

noun is Open Source released under Creative Commons CC0 “No Rights Reserve” license. This means that anyone can use the noun name and image to create something because it is in the public domain.

You can create Nouns merchandise without owning a Nouns NFT, and people are creating derivative NFT collections such as Noundles, Lil’ Nouns, 3D Nouns, and NounPunks.

You are also free to add new traits to future nouns. The only caveat is that the Nouns codebase, including art, is primarily maintained by the Nouns DAO. The Nouns DAO votes for traits contained in the collection. DAO will receive all ETH used to purchase Nouns.

As of this writing, the Treasury has approximately $45 million. The funds will be used for “the long-term growth and prosperity of the Nouns project.” Noun owners can vote on suggestions submitted by other noun owners.

Discussions about nouns take place on Discord and the forum site Discourse. The latter is where heated debates about protocol governance take place.

A successful vote for a governance protocol modeled on compound governance would include the following motions: Establishing brand presence in Brazil Design and distribute (expect goodies) Monthly Nouns comics now available All over the country (expect anthropomorphic nouns). Nouns DAO is one of them. Crowdfunding backer In what is believed to be the DAO’s first on-chain proposal to fund a feature film, the feature film ‘Calladita’. The deal will see Nouns NFTs appear on screen in movies.

future of nouns

Despite its name, Nouns DAO is not yet fully decentralized. The Nouns Foundation, an “ownerless” Cayman Foundation company founded by the Nounders, has the ability to reject proposals it does not like, such as those that “introduce significant legal or existential risks to the Nouns DAO or the Nouns Foundation.” ” This refers to raids, bribes and unwanted updates to the noun of the Treasury smart contractor attempt to control the noun auction process to obtain a majority of votes.

It remains to be seen whether immediately delegating intellectual property rights to the community and focusing on brand governance will make a substantial difference in its value.

But so far, Nouns NFTs have become a recognizable part of the NFT ecosystem, and Nouns’ governance structure has worked impressively well, moving beyond small pixelated blobs with tacos and airplanes on their heads. We are proceeding with the project.

Stay on top of crypto news and get daily updates in your inbox.

Related Posts

Leave a Comment