Nouns
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What Is the Nouns NFT Collection? The Nouns NFT collection is a colorful generative art project that generates and mints one new Noun NFT per day. The first ever noun was generated on 8 August 2021, and as a new NFT is minted every day and the collection will generate forever, there will be a neverending supply of Nouns. It is also interesting to note that each Noun NFT that a holder has is equivalent to one vote in the Nouns’ Decentralized Autonomous Organization (DAO). In June 2023, the Nouns DAO released a movie that featured some popular Nouns NFT as characters. The movie is titled ‘Part One of The Rise of Blus: A Nouns Movie’, making Nouns the first NFT project to fund an animated movie. In January 2022, Beer supergiant ‘Bud Light’ acquired one of its very own Nouns NFT. The company also later featured the iconic ‘Noogles’ Nouns NFT collection in their Superbowl commercial. Minting Process Each Noun NFT consists of a 32x32 pixelated character that is made out of many different features of combinations that come from 242 heads, 140 accessories, 30 bodies, 23 glasses, and two backgrounds. As mentioned, the Noun NFT collection has an extremely innovative and unique way of generating and minting NFTs. Instead of traditionally releasing the entire supply of the NFT collection, a new NFT will be minted every 24 hours and auctioned off to the highest bidder. This means that every time an NFT is auctioned off and transacted, a new 24-hour window for bidding will open. Whenever the transaction happens, there will be a slim chance for people to vote for which Noun should be minted. The process happens really quickly as everyone is shown, block by block, the next possible Nouns that can be minted. If enough people vote for one Noun to be minted, the Noun can be the next NFT that will be minted. This whole voting process lasts exactly 13 seconds, and if you miss the Noun NFT, this would mean that you may not see it again for another 40,393,080 blocks or approximately 17 years. Who Is the Team Behind Nouns? The Nouns NFT collection was founded by 10 artists and technologists, also known as ‘Nounders’. The team members include notable figures in both the NFT and technological space, including Vine Co-founder Dom Hofmann, Chimpers NFT Project founder Timpers, and Twitter influencer Punk 4156. According to Decrypt, the 10 founders came together after one of the founders, also known as Punk 4156, tweeted that he was looking to “assemble an all-star DAO to build a new avatar project”. It was after that tweet that all 10 individuals came together and founded the project. What Is the Utility of the Nouns Collection? Owning a Noun NFT is equivalent to one vote in the DAO. This gives investors the ability to participate in decision-making and how the funds of the DAO are used. Holders of the Noun NFT collection are also given exclusive access to events and benefits, such as early access to new products and services. The Nouns Ecosystem The Nouns NFT collection is managed by the Nouns DAO. As mentioned, the Nouns DAO is governed by its Noun NFT holders, where each NFT is equivalent to one vote. On the website, holders vote for how the treasury is used, including the creation of merchandise, fashion collections, commercials, and donation of funds to the charity. On the Nouns DAO website, each holder can either vote on proposals or delegate their vote to a third party. Holders can either vote for, against, or abstain on the different proposals. To create a proposal, a holder will need to hold 2 Noun NFTs. The Nouns DAO also released a similar NFT project named Lil Nouns. The collection features smaller traditional noun NFTs that follow the same minting process as the Nouns NFT collection, where the Lil Nouns NFT collection is generated and minted every 15 minutes.
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