INTRODUCTION
Nouns is not just any NFT project, built on etheruim, nouns is changing the entire game in the Blockchain,pushing the boundaries on traditional NFT and digital communities.
If the future of Blockchain interest you, Nouns is a good start on your journey.
WHAT IS NOUNS?
Nouns is an onchain project built on etheruim, that generates new pixel-art everyday forever. Featuring a 32x32 pixel character inspired by people,places and things. Nouns project features a perpetual auction where one noun is auctioned every 24 hours.
Every Noun is auctioned, and the funds go straight into the DAO’s treasury. Participants can engage in these auctions through the nouns.wtf website, a platform developed and managed by the project’s founders aka Nounders. Noun holders then decide which public goods and projects to support, making it a self-sustaining experiment where art meets community and governance.
NOUN HOLDERS: WHO IS A NOUN HOLDER? HOW TO BECOME A NOUN HOLDER
The project auctions one Noun NFT every 24 hours, and after the 24 hours timeframe a new auction begins in the next 24 hours. Owning an NFT is different than screenshotting a JPEG — just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum.
Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.
In an active auction, a NOUN NFT is sold to the highest bidder, and it’s more unique because only one NFT is sold per day, and once purchased the buyer automatically becomes a NOUN HOLDER. Once you’ve paid your entrance by holding a NounsDAO you are part of the family. This comes with one major advantage — the ability to vote on proposals and make cool things happen. Holding a single Nouns NFT gives you one vote. But holding 2 Nouns or more also gives you the ability to initiate a proposal. Because the NounsDAO treasury is funded from Nouns sales, money is not an issue.
Proposals can be something that helps the brand (an NFT marketplace, design creation, meetups etc.) or a charity that shows how good the Web3 community is.
NOUNS DAO AS A SELF SUSTAINING PROJECT AND ITS CONTRIBUTION TO COMMUNITY
Nouns DAO generates and sells a pixelated Noun NFT every day, and the proceeds are channelled into the DAO’s treasury. These funds are often allocated to peculiar initiatives aimed at raising the profile of Nouns. Nouns are being maintained by the NounsDAO, which is effectively made out of Nouns NFT holders.
In a nutshell, the Nouns DAO serves as the gathering place for Noun owners, where any member wielding at least 2 Nouns can pitch a proposal up for a vote. The primary aim? To propel the Nouns project forward, maintaining its vibrant presence, and luring in high-value members and investors. It’s worth noting that there’s no set limit on the number of Nouns an individual or entity can possess, but a minimum of two Nouns is a must to initiate proposals. Plus, those early birds known as the founding members can look forward to rewards in the form of Nouns — specifically, 10% of the supply, or every tenth Noun, over the course of the first five years.
100% of the ETH proceeds from daily Noun auctions flow directly into the Nouns DAO treasury. Each Noun holds a position as a lifelong member of the Nouns DAO and wields the power of a single vote when it comes to all things governance. These votes are a unique breed — they cannot be traded to others but can be handed over, delegating your voting responsibilities to someone else, as long as you remain the proud owner of your Noun. It draws resources from its treasury to fund exciting roadmap projects, ensuring that the Nouns universe keeps evolving in fascinating ways.
The Nouns DAO doesn’t stop at governance alone; it also oversees independent projects within its platform. Presently, the Nouns Projects portal plays host to a bustling community of over 150 creative endeavours. These projects play a significant role in enhancing the practical value and real-world applications of the Nouns NFT collection. A prime example includes merchandise initiatives that rake in substantial profits by offering Noun-branded products.
RELEVANCE OF NOUNS: UNIQUENESS OF NOUNS
STRICT TRANSPARENCY: Nouns operates solely Onchain, where every auction, sales and transactions are done on the Blockchain where no single individual has full charge over and cannot be manipulated. The auction records and treasury transactions are all public and transparent, building a system of trust.
COMMUNITY PARTICIPATION: Unlike other NFT projects, Nouns stands to be more unique and worth more due to the strict and consistent daily auction. And these auctions funds the treasury, which helps fund meaningful projects. Noun Holders are given much more relevance than just collectors of art, they are key players in every decision making, who help in shaping the future of the ecosystem.
SUSTAINABILITY: As a project that offers auctions once per day(24 hours), this clever approach keeps the treasury funded indefinitely, ensures a steady flow of capital with no end in sight.
IMPACT: The sales of each Noun is stored in the Noun treasury, and Noun Holders decide which meaningful projects to fund. Aside the sales, Nouns sees the need to fund impactful projects with the profits made from auctions.
GOVERNANCE: Unlike other NFT projects, Noun Holders aren’t just collectors, but also play a part in the governance process and are given option to be active influences that affect policies and make decisions.
ONBOARD THE GROWING MOVEMENT
Are you an NFT or Blockchain enthusiast, or just inquisitive about the digital community, Nouns is changing the narrative of digital collective ownership. It’s offers a whole new world of digital collection, governance and self-sustaining community action.
Being a Noun Holder is more than just being a collector, it’s joining a movement that's redefining ownership, governance, and community-driven impact.
To learn more about the history of Nouns visit this :
link https://medium.com/@l3mbda/summary-history-and-status-of-nouns-b3513bde729f
CONCLUSION
Nouns is not just any NFT marketplace, Nouns and Nouns DAO blend generative art, decentralized governance, and blockchain technology. Through daily auctions, unique pixelated NFTs are created and stored onchain, giving holders voting power and control over a shared treasury.
Nouns is setting a new blueprint for the digital community with real-world effect. Now explore Nouns and it’s available opportunities to be a part of the reshaping the future through decentralized communities.