Nouns DAO

About

Nouns DAO is an NFT project that is on the Ethereum blockchain and is considered a generative profile picture-based project. While still a crypto art project, similar to precursors like CryptoPunks, Nouns has a few unique traits that are largely touted by its fans called "Nounders" such as decentralization. The NFT project, which creates a new "Noun" artwork every 24 hours, was launched in August 2021.

History

On August 8th, 2021, the first Noun, which was labeled "Noun 0" (shown below), was given the DAO, which is a Decentralized Autonomous Organization. The decentralized aspect means that there isn't one person steering the metaphorical ship, but rather important decisions made will be the joint agreement of those who are part of the project, not only founders or executives.

This approach of the Nouns NFT project is similar to a real-world co-op or village, however, the way new members are acquired is where it differs from other past projects. Every 24 hours, a "Noun" is generated and goes up for auction, and when the winner of the auction finalizes the sale, the act of finalizing the sale triggers the next Noun to be generated and put up for auction, meaning the project grows in prevalence by one each day, and no input is needed for the project to continue to self-sustain.^[4]

The finer points of a DAO project were also explored in a YouTube video by Whiteboard Crypto^[1] on July 17th, 2021, which came out three weeks before Nouns existed, and went on to gain over 800,000 views in one year (shown below).

Developments

Since their inception, Nouns have garnered a notably high price tag at the end of auctions compared to many NFTs. While in most other NFT projects this would mean that the creators have earned a lot of money, the creators of the NounsDAO, also called Nounders, have instead elected to make sure 100 percent of the money raised by auctioning the Nouns goes to the DAO to play with.

According to the Nouns.wtf^[2] website, the only compensation coming to Nounders @Cryptoseneca, @gremplin, @punk4156, @eboyarts, @punk4464, @solimander, @dhof, @devcarrot, @TimpersHD and @lastpunk9999 is in the form of every 10th Noun minted for the next five years (totaling over 182 Nouns) being split between the Nounders group, while the constantly growing money pot of auction winnings is only usable at the discretion of the DAO.

Budlight Super Bowl Ad

On January 18th, 2022, a Noun was generated and put up for auction that featured a beer for a face, with glasses, and was subsequently bought by the DAO itself for use as a marketing tool. After a vote was conducted, being Vote 33, with 75 Nouns for and 1 against, it was decided to trade the Noun to a beer company with a SuperBowl ad spot that way the Noun could be featured and "Noun Glasses" would be part of the Super Bowl ad. Bud Light ended up being the product to accept it, and the Super Bowl commercial eventually featured the Noun Glasses as promised, with the commercial later being uploaded to the Bud Light YouTube channel^[3] (shown below).

Search Interest

External References