User:Nouns.wtf/sandbox

A Brief Introduction To NounsDAO.

If you ever wanted to know what Nouns is all about, this is a great place to start.

= What is Nouns? = Nouns is a generative non-fungible token project on the Ethereum blockchain. Nouns are 32x32 pixel characters based on people, places, and things. One noun is generated every day. Examples of Nouns can be found here https://nouns.wtf/playground

This is an example of a Noun.

= Noun Auctions = One noun is auctioned every 24 hours, forever. One interface for participating in noun auctions is nouns.wtf, which is a website built and maintained by the project founders ('Nounders').

Auction example.

In the auction above, Noun 8, which is the 9th Noun (Noun IDs start at 0) is for sale. The current bid is 88.88 ETH (Ether), and there are 2 hours, 21 minutes, and 50 seconds remaining in the auction. If this auction ends with no further bids, 88.88 ETH from xaix.eth ($286,824 USD as of this writing) will be automatically and trustlessly sent to the Nouns DAO Treasury and xaix.eth will win this Noun, which means that the ERC-721 token will be transferred to their address.

You can see all the Noun ERC-721 tokens here: https://opensea.io/collection/nouns

= Noun Auction Settlement = Because of the way Ethereum works, Noun auctions must be settled after they are completed. The auction settlement transaction does three things: 1. it sends the current NOUN ERC-721 token to the winner of the auction, 2. generates the next Noun, and 3. begins the next 24 hour Noun auction.

= Nouns DAO = The Nouns DAO treasury receives 100% of ETH proceeds from daily noun auctions. As of this writing, the Nouns DAO treasury contains 3,455.6022 ETH, the equivalent of $12,273,677.01 USD.

Screenshot of NounsDAO contract and treasury at the time of writing this article for nouns.center.

Nouns DAO, which is based on Compound Governance, is also the main governing body of the Nouns ecosystem. Each noun is an irrevocable member of Nouns DAO and entitled to one vote in all governance matters.

Here is an image of https://nouns.wtf/vote

Nouns use their voting abilities (remember, 1 Noun = 1 vote) to direct the treasury. Nouns can create and vote on governance proposals, which execute transactions on the ethereum blockchain when they are approved.

= CC0 (Creative Commons) = Nouns were made fully CC0 (Creative Commons). This means that the works fall within the public domain, and can be used by anyone. The reason for this is to allow Nouns to be built on top of, and proliferated outward without limit. Because of this, we've seen a number Nouns sub-DAO's started by others who want to spread the Nounish ethos in one way, or another.

= Sub-DAO's = There have been many NounDAO sub-dao's formed by others taking advantage of the Nouns CC0 rights. Some notable Nouns sub-DAO's are lilnouns.wtf, gnars.wtf, and foodnouns.wtf. A full list of sub-dao's can be found here, labeled with the tag "community."

= Learn More = Want to learn more about NounsDAO, connected sub-DAO's, funded projects and more? Check out https://nouns.center/.

Sources:

https://nouns.center/


 * 1) ^ "Nouns Center". nouns.center. Retrieved 2022-11-26.