Crypto’s Latest ‘Rage Quit’ | Web3 Daily

TL;DR

• Every day a new Nouns NFT goes up for auction (selling for ~$57k atm) → that money then goes into a fund (called Nouns DAO) → the fund then bankrolls ideas and projects that will promote the brand.

• Sure, the NFTs are currently selling for around $57k per day…but this time two years ago they were reaching up to $418k.

• There’s a group within the Nouns community that owns 25% of all Nouns NFTs…and they’ve just decided they want their money back.

• They’ve voted to take $12.4M of the fund’s $50M and essentially return it to themselves. Whether you love it or hate it, it’s financial democracy in action!

Full Story

A chunk of Nouns NFT holders are asking for their money back.

Never heard of the Nouns NFT project?

The concept goes a little something like this:

Every day a new Nouns NFT goes up for auction (selling for ~$57k atm) → that money then goes into a fund (called Nouns DAO) → the fund then bankrolls ideas and projects that will promote the brand.

(And the more Nouns NFTs you own, the more say you have over how the money is spent).

On top of that, the project is CC0 (aka copyright free), so anyone can use their intellectual property, regardless of whether they own an NFT.

The idea being: it will turn the project into a globally recognized brand and add value to the highly limited collection of NFTs.

In many ways, this approach has worked…it feels like the Nouns branding is everywhere (inside and outside of the Web3 bubble).

BUT! That doesn’t mean the project is immune to the ebbs and flows of the current bear market.

Sure, the NFTs are currently selling for around $57k per day…but this time two years ago they were reaching up to $418k.

So here’s where the ‘rage quitting’ comes in…

There’s a group within the Nouns community that owns 25% of all Nouns NFTs…and they’ve just decided they want their money back.

Sure, they could just sell some of their NFTs – but it’d likely be at a fraction of what they paid for them. Instead, they’ve voted to take $12.4M of the fund’s $50M and essentially return it to themselves.

Whether you love it or hate it, it’s financial democracy in action!