Nouns

What is the Nouns NFT collection?

Nouns NFT collection is a project that creates daily generative NFTs on the Ethereum blockchain. Hosted on a rather eye-catching domain, nouns.wtf, it’s an open-source project, meaning that the code to generate the Nouns is available for anyone to use and build on. The Nouns NFTs are 32x32 pixel avatars that feature combinations of heads, bodies, accessories, ultra-famous noun glasses, and backgrounds. These Nouns are based on people, places, and things, to improve the formation of an on-chain avatar community.

One of the things that make Nouns unique is their distribution method. While most NFT projects launch with a finite number, new Nouns NFTs are auctioned off every 24 hours. This means that the Nouns supply is constantly growing, making it an interesting collection to follow. Additionally, Nouns DAO, a decentralized autonomous organization, backs the project, and NFT sales proceeds go towards the Nouns DAO treasury, which funds public goods initiatives, a big Ethereum trend.

The Nouns NFT collection has gained popularity and has already made its way into various mainstream ventures, including clothing brands, toys, beers, movies, and even a Bud Light commercial. Nouns NFTs are not only a form of digital art but also serve as a way for holders to fund their most ambitious dreams and business ideas, with their NFTs as the face of the projects. This community-driven approach allows Nouns to empower its holders to pursue their visions with the support of the DAO.

Nouns NFTs also represent a creative experiment on Ethereum that aims to improve how on-chain communities interact. By using its treasury to build and support public goods, Nouns DAO seeks to bootstrap identity, community, governance, and a treasury that can be used by the community. With over 29,000 ETH in its treasury, the DAO has steadily grown, funding a diverse range of initiatives, including charity donations and naming a new species of frog. Unvilaibable, but true. And, we are just starting.

What is the Nouns DAO?

The Nouns DAO is a decentralized autonomous organization that operates on the Ethereum blockchain. It serves as the primary governing body of the Nouns project and allows Noun NFT holders to participate in its governance. As we said before, Nouns are unique digital assets that are sold through daily auctions, with the proceeds deposited into the Nouns DAO treasury.

As members of the Nouns DAO, Noun holders can propose new initiatives and vote on proposals submitted by other members. The minimum requirement to submit a proposal is owning two Nouns, and proposals that receive approval are immediately executed as transactions on the Ethereum blockchain. Each Noun represents one vote, and holders can choose to delegate their vote to a third party. However, since daily Noun auctions create more Nouns, the individual voting power of each Noun holder is diluted over time, a fact that makes the most active DAO participants keep buying more Nouns NFTs.

The Nouns DAO treasury currently holds over 29,000 ETH, which is equivalent to about $55,000,000 at the moment of writing. As a member of the Nouns DAO, each Noun holder has a say in what happens to the funds in the treasury. Members can vote and create proposals to fund various projects, such as a fashion collection, a Super Bowl commercial, or support for Ukrainian war victims. The Nouns DAO has already funded numerous projects.

While there is no limit on the number of Nouns a member can own, the founding members receive rewards in the form of Nouns, 10% of the supply or every tenth Noun, for the first five years. The Nouns DAO also gives its founders veto rights to overthrow any malicious proposals.

The Nouns DAO aims to encourage creative and unique projects that increase the brand awareness of Nouns, which could potentially attract more people to join. As a member of the Nouns DAO, Noun holders have the opportunity to shape and govern the project, providing them with a sense of exclusivity and ownership over the project's direction.

Which are the Nouns DAO NFT's most important proposals?

The Nouns ecosystem has gained significant attention from investors and major corporations due to its unique and creative value proposition. Some of the Nouns DAO's notable proposals include Fitz Frames Prescription Subscription, Bud Light Superbowl commercial, and Lil Nouns.

Fitz Frames Prescription Subscription is a partnership between Nouns DAO and Fitz Frames to provide prescription glasses for kids. The partnership involves screening and testing partners to provide glasses for kids who lose them, break them, grow out of them, or simply desire a new pair to complement their style. Nouns DAO has already funded over 3,000 prescription glasses for kids and a specialized examination van delivered in December 2022. This proposal aligns with Nouns DAO's goal of creating unique, creative, and sustainable value propositions for its community.

In January 2022, Bud Light, a major beer giant, acquired the Noun #179 for 127 ETH. The company featured the iconic glasses from the Nouns ecosystem, known as "Noggles", in a commercial that aired during Super Bowl LVI, which demonstrated the growing mainstream appeal of NFTs and the Nouns ecosystem. The Bud Light proposal states that the company "intends to allow holders of the brand's own NFT to collectively vote with their Noun on future governance proposals," indicating that Bud Light may be interested in further collaborations with the Nouns DAO in the future. Can you imagine the hype?

Lil Nouns is a project created within Nouns DAO that features a collection of adorable and whimsical Nouns at a more affordable price point. This project was founded by “0xsvg” and “adelidusiam”. It features Nouns that are smaller than traditional Nouns, measuring just 16×16 pixels, with unique and playful designs intended to evoke a sense of cuteness and charm. Artists create Lil Nouns by submitting their designs to the Nouns DAO, and once approved, the Nouns DAO mints the new Lil Noun and adds it to the collection. Lil Nouns provide an accessible entry point for those interested in joining the Nouns DAO community but are unable to afford a traditional Noun.

Who created the Nouns project NFT?

The Nouns project is an NFT initiative that was created by a group of 10 builders, creators, and NFT thought leaders known as the Nounders. The project was inspired by a tweet from an anonymous founding member named Punk 4156, who proposed the idea of creating an "all-star DAO" to build a new avatar project. The tweet generated a lot of interest, prompting Punk 4156 to outline the framework for the Nouns project in a series of subsequent tweets in June 2021.

Shortly after, the Nounders began working through a shared Discord channel to solidify the concept and officially launched the Nouns DAO on August 17, 2021. The Nounders include notable figures in the NFT space such as Gremplin, the founder of CrypToadz, Vine co-founder Dom Hofmann, and Chimpers founder Timpers. Other Nounders include devcarrot, cryptoseneca, eboyarts, punk4464, lastpunk9999, and _solimander.

To support the Nouns DAO ecosystem, the Nounders have opted to receive compensation in the form of Nouns. However, the distribution of Nouns to the Nounders does not disrupt the regular cadence of 24-hour Noun auctions, which ensures that the Nouns ecosystem remains fair and accessible to all participants. Instead, every tenth Noun generated during the first five years of the project will be automatically sent to a Nounder's multi-sig wallet, where they will be vested and distributed among the founding members. In addition to this, the Nounders also have veto rights over the Nouns DAO to overturn malicious proposals.

What was the Nouns NFT mint price?

The Nouns NFTs were made available for minting on October 25, 2021. The price of minting a Noun was 0.5 ETH. However, as Nouns NFTs are daily minted via auctions, this mint price is only the price at which the first Nouns NFT were minted.