Full analysis of Nouns: Why it can become one of the few highly respected NFT projects?
Nouns analysis: Why is it a highly respected NFT project?
Nouns is one of the few highly respected NFT projects because it has successfully created a true ecosystem where both members and projects have strong values. Crypto KOL boka.eth conducted a comprehensive analysis of Nouns, including its NFT mechanism and ecosystem projects, and provided reasons for optimism.
Users can: bid on Nouns offered every day, usually only one per day; participate in a community with strong values, even having voting rights to drive the Nouns ecosystem forward. Nouns generates one NFT every day, each one unique with 32×32 pixels (on-chain) and different functions and accessories, based on people, places, and things. The principle is simple: a public auction is held every 24 hours, with one NFT auctioned off each time. Users have one day to bid, and the highest bidder at the end of the countdown wins the Nouns.
100% of the daily auction amount is sent to the Nouns DAO treasury. To date, the treasury has over 28,000 ETH, which is quite substantial. To support the project and its long-term vision, they lean towards creating 1 Noun for every 10 Nouns generated. This does not affect bidding, as when a #XX0 Noun is reached, that Noun will go into the founders’ multisig, and the auction will move to #XX1 Noun. All decisions related to the Nouns project are made through governance voting, with users receiving one vote once they own a Noun. Members decide how to use the funds from the Nouns DAO treasury auctions.
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Why we are optimistic: 1) the project has successfully created demand from affluent and restricted communities, as the entry threshold is high ($50,000); 2) the Nouns DAO treasury can develop the Nouns ecosystem through governance voting; 3) the community has simple but pure values, making the project simple but powerful; 4) one NFT per day means new members join daily, giving time to integrate all members based on specific circumstances, making it ideal for a collaborative community.
Reference: https://twitter.com/0xboka/status/1663364544289472512
