You might think about grammar when you hear the word “nouns.” However, in this tutorial, we are not referring to certain kinds of Nouns. On August 8, 2021, Nouns NFTs, a novel project powered by blockchain technology, officially launched. NFTs for nouns are pixel representations of a person, place, or item. At the moment, there are now over 400 Noun NFTs, and that number rises daily.
We need to comprehend DAOs in order to comprehend Nouns. On the Ethereum network, the Nouns project is a sort of DAO (Decentralized Autonomous Organization). Noun DAO NFTs are works of generative art. Generative art is original, surprising, and random since it is produced by a computer program. NFTs are distinctive tokens that signify ownership of something, as you may already know (in this case digital art).
What are Nouns NFTs?
A generative NFT project called Nouns is running on the Ethereum blockchain. 32×32 pixel avatars based on people, places, and objects are called Nouns NFTs. Each day, one noun is produced. Horses, tacos, and airplanes are a few examples of nouns that are not proper nouns.
A protocol and open source project is the Nouns NFT. Both the art and the code that creates Nouns are open-source. Nouns’ developers released it into the public domain so that anybody may build upon it, just like they could upon the source.
The random creation of nouns is done using Ethereum block hashes. All nouns are equally rare since there are no if statements or other regulations influencing noun characteristic scarcity. Currently, nouns have the following characteristics:
- accessories (137)
- backgrounds (2)
- bodies (30)
- glasses (21)
- heads (234)
Each Noun is a unique work of art that is directly saved on the blockchain. Every 24 hours, an auction is held for a single noun NFT, which is the only one that is ever produced. Nouns.wtf is one option for taking part in the noun activities.
You may try off-chain noun creation at the nouns playground if you want to have a little fun.
When an auction is over and there are no more offers, the NFT is transmitted to the nouns DAO treasury before being delivered to the victorious bidder.
Due to how Ethereum works, the auction must be resolved when it is over. The settlement transaction is in charge of several things, including:
- It delivers the present NOUN NFT to the auction winner.
- The following Noun is then produced.
- The following 24-hour auction starts.
What exactly is Nouns DAO?
The primary governing body of Nouns, the Nouns DAO, is based on a fork of Compound Governance. All of the ETH revenue generated by the daily noun auctions is sent to the Nouns DAO treasury. Nouns have the ability to vote and to assign their vote to another person. To submit suggestions, you must have a minimum of 1 Noun.
Owning a word enables you to draft and vote on governance proposals, which when accepted, carry out transactions on the Ethereum blockchain.
Since all proceeds from noun auctions are sent to Nouns DAO, Nounders (the founders of Nouns DAO) have chosen to pay themselves in nouns. These are the original founders who started Nouns:
@cryptoseneca
@supergremplin
@punk4156
@eboyarts
@punk4464
solimander
@dhof
@devcarrot
@TimpersHD
@lastpunk9999
Every tenth word will be automatically transmitted to the Nounder’s multi-sig during the first five years of the project, where it will be purchased and divided among the project’s initial participants.
The number of 24-hour auctions does not change as a result of these moves. Nouns are promptly moved to the Nounder’s multi-sig, and auctions continue as scheduled with the following noun ID.
What makes the Nouns DAO significant?
The Nouns DAO is significant because its initial goal was to ultimately draw developers who could take the Nouns protocol’s raw materials and turn them into applications that the rest of the world could use. If they are successful, the DAO will draw more funding and better-quality members, completing the upward spiral.
Budlight is one illustration of a stellar participant who joined the Nouns DAO. On January 18, 2022, the biggest beer corporation in the world purchased Noun 179 for 127 ETH, which will, at the DAO’s discretion, be returned via a proposal.
Sadly, most people won’t be able to join the Nouns DAO unless they have a lot of ETH burning a hole in their wallet. For Nouns NFTs, the winning bids typically range from 20 ETH to well over 100 ETH. Furthermore, Opensea’s floor price right now is a massive 69 ETH.
Despite the incredibly high entrance hurdle for earning your own Noun NFT, this decentralized organization is looking for high-quality members to aid in the development of programs that are suitable for onboarding the general public.
