TL; DR
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Every day a new Nouns NFT is auctioned (sold for ~$57k atm) → that money then goes to a fund (called Nouns DAO) → the fund then finances ideas and projects that will promote the brand.
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Sure, the NFTs are currently selling for around $57,000 a day… but this time two years ago they reached a value of $418,000.
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There’s a group within the Nouns community that owns 25% of all Nouns NFTs… and they just decided they want their money back.
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They voted to take $12.4 million of the fund’s $50 million and essentially give it back to themselves. Love it or hate it, it’s financial democracy in action!
Full story
A piece of Nouns NFT holders are asking for their money back.
Never heard of the Nouns NFT project?
The concept goes something like this:
Every day a new Nouns NFT is auctioned (sold for ~$57k atm) → that money then goes to a fund (called Nouns DAO) → the fund then finances ideas and projects that will promote the brand.
(And the more noun NFTs you own, the more control you have over how the money is spent).
Additionally, the project is CC0 (also known as copyright-free), so anyone can use its intellectual property regardless of whether they own an NFT.
The idea is: it will make the project a globally recognized brand and add value to the very limited collection of NFTs.
In many ways this approach has worked… it feels like Nouns branding is everywhere (inside And outside the Web3 bubble).
BUT! That doesn’t mean the project is immune to the ebbs and flows of the current bear market.
Sure, the NFTs are currently selling for around $57,000 a day… but this time two years ago they reached a value of $418,000.
So this is where fad stopping comes into play…
There’s a group within the Nouns community that owns 25% of all Nouns NFTs… and they just decided they want their money back.
Sure, they could just sell some of their NFTs, but that would probably be a fraction of what they paid for them. Instead, they voted to take $12.4 million of the fund’s $50 million and essentially give it back to themselves.
Love it or hate it, it’s financial democracy in action!