NOUNS NFT Collection/DAO
Introducing a unique concept into the world of NFTs — NOUNS DAO. They release one NOUN from the collection daily!
The algorithm is set in such a manner that once a NOUN is auctioned, it generates the next NOUN.
What will you find on the website?
- NOUNS DAO put up one new NFT every single day. You can place a bid for one on the website. Each day, one unique NOUN is auctioned for 24 hours. The current bid and the NFT put up to mint gets displayed on their website (nouns.wtf)
- Till Feb 9th, 2022, a total of 204 NOUNS were sold and currently the with the highest bid on NOUN 69 of 313 Ethereum
- The 10 founders of NOUN, also known as “Nounders" receive every multiple of 10th NOUN for the first five years. This compensates as 100% of the auction directly goes to NOUN DAO treasury
- The website is very user friendly and interactive. All the information regarding the NFT is available and even lets you create some nouns by clicking on the link nouns.playground
How does it work?
NOUNS are generated randomly. Thousands of combinations can be created with the traits provided: 2 backgrounds, 30 bodies, 137 accessories, 234 heads and 21 glasses. The creators of this NFT won’t have to brainstorm for new NFTs for at least a few years.
NOUNS DAO is like a government where all the decisions are taken based on the voting system. Every NOUN owner is eligible to vote. Each NOUN holder receives only one vote. The owner cannot sell their vote to someone but can assign it on their behalf.
The algorithm is set in such a manner that it generates a NOUN for 24 hours. As settlement of one auction completes, it generates the next.
Just as we get to know the concept of NFTs and auctions, they also came up with the idea to introduce custom run-length encoding, RLE. different from a blockchain, this converts consecutive identical values into a code.
With the habitual pre- designed NFTs in the market, NOUNS DAO has added some action to the monotonous verb of the market.