What Exactly Are Nouns? Ethereum’s NFT DAO..

Nouns is a collection of NFTs whose owners are members of the Nouns DAO, a decentralized autonomous organization.

Non-fungible tokens (NFTs) are cryptographically distinct crypto tokens that are frequently used to represent digital art. A profile photo (PFP) collection is a group of NFTs that are often used as a user’s profile image on social media platforms.

Nouns are another innovative Ethereum experiment that aims to improve how on-chain communities communicate. The Nouns DAO accomplishes this by use its money to construct and promote public goods.

It has been just over a year since the first Nouns NFT (a pixel art character with a fox head and pink spectacles) was auctioned off on Ethereum. During that time, the Nouns DAO has slowly developed and now has just over 29,000 ETH (about $45 million) in its treasury—a war chest used to fund a variety of initiatives ranging from charity payments to the naming of a new species of frog.

What is the Nouns DAO?

Every Nouns owner can join the Nouns DAO and help shape and administer the project by voting on Treasury-funded initiatives. The DAO, which is based on a fork of Compound Governance, grants each member one vote per Nouns NFT. Although these votes cannot be transferred, members of the DAO can delegate other persons to vote on their behalf if the person or entity delegating still owns the Noun used to vote.

Although there is no limit to the number of Nouns that a single company or individual can own, proposals must include at least two Nouns. In addition, the original members are rewarded with Nouns (10% of the supply, or every tenth Noun, for the first five years).

Every Noun holder has the ability to sponsor and vote on proposals for treasury funding. The idea is that the more unusual and intriguing the initiatives, the more brand recognition Nouns receives and the more people who want to participate.

How to buy a Nouns NFT?

Nouns are offered at auction on the Nouns website, with a new Noun generated and offered for sale every 24 hours. They are also available on secondary markets such as OpenSea and Rarible.