TL;DR
This week, NounsDAO members determined to have a little bit speak about their relationship and, nicely…they broke up.
Usually, if a fork occurs – a brand new coin/token is created and gifted to the holders of the unique mission, to try to lure them into the brand new ecosystem (e.g. ‘Bitcoin SV’ was a fork of Bitcoin). However within the case of NounsDAO, holders had to decide on which fund their tokens can be go to, as a substitute of sustaining a stability in each.
The world went from having one Nouns DAO to 2…but when one wins, it doesn’t imply the opposite loses. In actual fact, it means they each win!
Full Story
This week, NounsDAO members determined to have a little bit speak about their relationship and, nicely…they broke up.
(After we say ‘NounsDAO,’ suppose ‘crypto fund managed by Nouns NFT holders’).
Right here’s what that you must know:
472 of 845 (56%) of all Nouns holders have formally give up the unique DAO to hitch the brand new one (we wrote about it the opposite week).
The brand new DAO obtained >14,000 ETH (~$21M). Not dangerous!
Those that left now get a “forked” copy of their NFT + round 35.5 ETH (~$58k).
It is a fairly huge deal.
Why?
It’s the primary actual ‘fork’ (suppose: ‘break up’ or ‘copy’) the place sides needed to be chosen.
Usually, if a fork occurs – a brand new coin/token is created and gifted to the holders of the unique mission, to try to lure them into the brand new ecosystem (e.g. ‘Bitcoin SV’ was a fork of Bitcoin).
However within the case of NounsDAO, holders had to decide on which fund their tokens can be go to, as a substitute of sustaining a stability in each.
It’s a large choice and a social experiment with very actual monetary penalties.
The actually fascinating half is that this:
The world went from having one Nouns DAO to 2…but when one wins, it doesn’t imply the opposite loses. In actual fact, it means they each win!
See, the picture and likeness of the Nouns NFTs are free for anybody to make use of commercially – even when they don’t personal the NFT.
The thought being that if anybody can use it, extra will – and if the Nouns model turns into globally recognizable, the NFTs will go up in worth.
So if one in every of these DAOs manages to spice up the worth of the Nouns model, and the NFTs together with it – all NFT holders profit (even these within the competing DAO).
Not like Liz Warren’s crypto invoice, it is a win/win baaaby!
