What is Nouns Dao? Learn about the working mechanism and outstanding features of Nouns DAO through this article.

What exactly is Nouns DAO?

The Nouns project is a generative NFT Collection following the concept of DAO (Decentralized Autonomous Organization) on the Ethereum blockchain.

Each Noun is a 32x32 pixel character made up of a combination of 424 traits, including heads, glasses, bodies, accessories, and backgrounds.

There are currently over 400 Nouns NFTs and that number increases every day.

Background and Concept of Nouns DAO

The first Noun was born on August 28th, 2021, and one Noun is generated and sold every 24 hours. These NFTs are auctioned on the Nouns website and have a high average price of 25 $ETH or $50,000.

The brand, called Nouns, generates randomly created characters with interchangeable heads and accessories. So every Noun is unique and diversified. Making every holder a distinctive part of the DAO.

Business Model and Revenue Generation

Nouns DAO has generated over $50 million through the sale of its generative NFT project on the Ethereum blockchain. Not only that, 100% of the sales go directly to the community treasury, which funds Nouns DAO's ideas.

Nouns is also the world's first open source brand, where randomly generated characters called Nouns are in the public domain and have no copyright.

Every day a new Noun is generated and auctioned off to the highest bidder, with the money going into the Community Treasury like I said before.

It is coded so that Ethereum block hashes create Nouns at random. The founders and developers involved with the Nouns DAO do not benefit from the financial rewards. Their main goal with the project is not monetary.

Governance Structure

Because each Noun owner has a say in how the money should be spent, with one Noun NFT equaling one vote, making Nouns a DAO.

Ideas or proposals are then pitched to the Nouns DAO by people from around the world, and the Noun owners vote for or against them. If an idea gets enough votes, money from the treasury is sent to the person who submitted the idea. The open call for ideas is truly diverse, ranging from film and TV projects to rainforest conservation. The Nouns experiment has attracted a community that invests millions of dollars in all sorts of ideas, including acapella Christmas videos.

The Nouns project so far has been an experiment in crypto and NFTs, and its success could make it a massive brand whose value grows with all the cool things it does. As the value of Nouns NFTs increases, so will the size of the treasury, which can be used to fund even more positive and exciting things.

TLDR;

•The Nouns project is a generative NFT Collection following the concept of DAO (Decentralized Autonomous Organization) on the Ethereum blockchain. • Each noun is a 32x32 pixel character made of a combination of 424 traits • One Noun is equal to one vote.  • Nouns are sold in the form of an auction that is sold daily • 100% of sales go directly into the communal treasury which currently holds over $50 million • The founders do not benefit from the financial rewards • Holding a noun allows owners to participate in the governance of the nouns DAO • NFT sales fund the treasury, which funds nouns ideas

Nouns DAO Socials

• Twitter: **https://twitter.com/nounsdao **• Website: https://nouns.wtf