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 (referred to as Nouns DAO) → the fund then bankrolls concepts and initiatives that may promote the model.

Positive, 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 inside the Nouns group that owns 25% of all Nouns NFTs…they usually’ve simply determined they need their a reimbursement.

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!

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

By no means heard of the Nouns NFT mission?

The idea goes a 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 (referred to as Nouns DAO) → the fund then bankrolls concepts and initiatives that may promote the model.

(And the extra Nouns NFTs you personal, the extra say you’ve 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 concept being: it’s going to 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 in every single place (inside and outdoors of the Web3 bubble).

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

Positive, 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 this is the place the ‘rage quitting’ is available in…

There is a group inside the Nouns group that owns 25% of all Nouns NFTs…they usually’ve simply determined they need their a reimbursement.

Positive, they might simply promote a few of their NFTs – however it’d possible be at a fraction of what they paid for them. As a substitute, 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!