If you have been in the NFT space for some time, you might have seen Noun’s playful pixel art images with bright colors and blocky designs. Most NFT projects have a predetermined supply before mint. Nouns NFT is different because it is an infinite work of art. A Noun NFT is generated each day “forever.” The goal of the project is to use its IP to empower its NFT holders to fund their business ideas. This article has everything you need to know about the Nouns NFT project, its community, and the ecosystem.
What is Nouns NFT?
Nouns is a generative NFT project that runs on the Ethereum blockchain. Each Noun NFT is a 32 x 32-pixel character that features various combinations of bodies and accessories, resulting in 242 heads, 140 accessories, 30 bodies, 23 glasses, and 2 backgrounds.
The traits are combined randomly without setting any trait to be rarer than the other. Thus, each trait is equally rare.
The NFTs are stored directly on the blockchain as on-chain NFTs, hence, they don’t rely on off-storage solutions such as IPFS for proper management of metadata. This is achieved by compressing each Noun part and storing it on-chain using a lossless compression mechanism known as run-length encoding.
The first Noun NFT was auctioned on August 8, 2021, and it featured a fox head and purple and pink two-tone glasses.
Nouns NFT is governed by a CCO license, putting its artwork in the public domain. Hence, users are granted unrestricted access and usage rights.
The Nouns DAO generates and mints a new NFT each day, adding to the ever-growing collection. The Nouns DAO NFT is then auctioned to the highest bidder. The process keeps the Nouns ecosystem dynamic and constantly evolving and gives the NFT community members a way of acquiring and trading unique NFTs.
All the revenue generated goes to the project’s communal treasury. Holding a Nouns NFT also grants you access to the Nouns NFT DAO, allowing you to participate in the governance and decision-making process. Each Noun NFT corresponds to one vote.
Who Founded the Nouns NFT?
The Nouns NFT project was founded by a group of individuals known as Nounders. The project was initiated by 10 builders, namely @cryptoseneca, @gremplin, @punk4156, @eboyarts, @punk4464, solimander, @dhof, @devcarrot, @TimpersHD, and @lastpunk9999.
Many of them are popular in the NFT space. The 10 founders share control of the multi-sig wallet that receives each tenth Noun released for the first 5 years.
What is Nouns NFT DAO?
Nouns DAO is the heart of the Nouns ecosystem. See the Nouns DAO as an exclusive club whose members are holders of Noun NFTs.
The Nouns DAO controls the Nouns DAO Treasury. The treasury receives all the proceeds from Noun auction sales, except for every tenth Noun for the first 5 years, which is channeled to the multi-sig wallet of the Noun DAO founders. This does not disrupt the regular generation of a Noun every 24 hours. After a Noun is generated, it is sent to a Nounder’s multi-sig, and the next Noun is auctioned as scheduled. This makes the Nouns NFT ecosystem fair and accessible to all participants while at the same time providing a way to support and compensate the founding members of the project.
Every Noun is equal to one vote in the governing body of the Nouns DAO, which depends on a fork of Compound Governance. The governing body is responsible for the decisions of Nouns DAO treasury. Holding more Noun NFTs gives you more power over the treasury. Note that each vote is diluted every 24 hours after a new Nouns NFT is auctioned off.
The Nouns NFT founders, or Nounders, have assigned themselves a veto power to prevent malicious proposals from being passed when the Nouns supply is still low. The Nounders are compensated in the form of Nouns, ensuring that the proceeds from the Noun auctions support the ecosystem.
Nouns DAO NFT Proposals
The Nouns NFT does not have a defined roadmap but it runs based on proposals made by the Nouns DAO. The proposals can be about using treasury funds, donating to charity works, or creating a Nouns coffee brand. However, most of the Nouns DAO proposals are based on expanding the Nouns IP.
Over 90 proposals have been introduced by the Nouns DAO, and a majority of them have been approved by voters. Some of the proposals have led to the birth of the Nouns Mobile App, the creation of a Nouns Comic, and the signing of a professional esports team. Other notable proposals have been executed for Nouns events, charitable donations, and Nouns art projects and displays.
The Nouns DAO holder base grows organically each single day due to its unique daily minting process.
One of the notable Nouns DAO proposals was “The Rise of the Bus: A Nouns Movie.” Part one of the movie was released in June 2023, featuring popular NFT characters from the Nouns community. This was the first animated movie funded by a DAO.
The movie’s story revolves around the lively floating cloud city of Blus, in which a daring 13-year-old Noun uncovers a malevolent scheme by the aristocrats of the city. The Noun must bring together a crew of unlikely allies, that is, other Nouns, to stay safe against the threat and protect the dear ones.
What are Lil Nouns?
After Nouns NFT became massively successful, it was only a matter of time before a derivative project was launched. One of the derivatives of the project that has become successful is the Lil Nouns, whose goal is to expand the Nouns ecosystem by creating a new layer.
The project was founded by @0xsvg and @adelidusiam. The Lil Nouns are similar to Nouns NFT when it comes to traits, but they are smaller. A Lil Noun NFT is also auctioned off every 15 minutes rather than 24 hours.
The Lil Nouns are created by artists who submit their designs to the Nouns DAO. This is different from how Noun NFTs are generated, which are generated randomly using a unique algorithm.
Other than those two factors, the Lil Nouns are almost an exact copy of Nouns with an almost identical website, DAO structure, and mint contract.
How Can I Buy a Noun NFT?
You can participate in Nouns NFT auctions on nouns.wtf, which is a website developed and maintained by its founders. You can also create your Noun NFT and play around with the traits on the Nouns Playground. You can view and purchase all the Nouns that have been created on the OpenSea NFT marketplace.
At the time of writing, there were 863 Noun NFTs owned by 217 persons. The collection had a floor price of 25 ETH and a total trading volume of 23,573 ETH.
What is the Future of Nouns NFT?
The Nouns NFT project has achieved a lot since its launch in 2021, and the team behind the project still has a lot for you in store. During the 2023 ETH Denver, Elad Mallel and David Brailovsky, Nouns DAO NFT developers, announced plans to implement new features including enhanced security measures, and private voting, and create a more dynamic user experience to improve the Nouns ecosystem. Examples include a conditional objection period, a ragequit design space, a dynamic quorum, and more.
As Nouns are created every day, the DAO enters into new partnerships with creators and brands to fund fresh and innovative projects. The Nouns DAO community members will continue to submit and approve proposals, expanding the influence of the Nouns ecosystem.
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