Crypto’s Latest ‘Rage Quit’ | Web3 Daily

TL;DR

• Each day a brand new Nouns NFT goes up for public sale (promoting for ~$57k atm) → that cash then goes right into a fund (known as Nouns DAO) → the fund then bankrolls concepts and tasks that may promote the model.

• Certain, the NFTs are presently promoting for round $57k per day…however this time two years in the past they had been reaching as much as $418k.

• There is a group throughout the Nouns neighborhood that owns 25% of all Nouns NFTs…and so they’ve simply determined they need their a refund.

• They’ve voted to take $12.4M of the fund’s $50M and basically return it to themselves. Whether or not you like it or hate it, it is monetary democracy in motion!

Full Story

A bit of Nouns NFT holders are asking for his or her a refund.

By no means heard of the Nouns NFT mission?

The idea goes a little bit one thing like this:

Each day a brand new Nouns NFT goes up for public sale (promoting for ~$57k atm) → that cash then goes right into a fund (known as Nouns DAO) → the fund then bankrolls concepts and tasks that may promote the model.

(And the extra Nouns NFTs you personal, the extra say you could have over how the cash is spent).

On high of that, the mission is CC0 (aka copyright free), so anybody can use their mental property, no matter whether or not they personal an NFT.

The thought being: it would flip the mission right into a globally acknowledged model and add worth to the extremely restricted assortment of NFTs.

In some ways, this strategy has labored…it feels just like the Nouns branding is all over the place (inside and exterior of the Web3 bubble).

BUT! That does not imply the mission is resistant to the ebbs and flows of the present bear market.

Certain, the NFTs are presently promoting for round $57k per day…however this time two years in the past they had been reaching as much as $418k.

So here is the place the ‘rage quitting’ is available in…

There is a group throughout the Nouns neighborhood that owns 25% of all Nouns NFTs…and so they’ve simply determined they need their a refund.

Certain, they may simply promote a few of their NFTs – but it surely’d probably be at a fraction of what they paid for them. As an alternative, they’ve voted to take $12.4M of the fund’s $50M and basically return it to themselves.

Whether or not you like it or hate it, it is monetary democracy in motion!