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What are Nouns NFTs, and are they going to Hollywood?
The Nouns project is an unconventional NFT project where they release one NFT per day. The project is partnering with David Horvath to create toys and maybe introduce Nouns to Hollywood.
Nouns 101: Like blocks added to the blockchain, Nouns are added to the supply of existing Nounds NFTs, once per day. The Nouns use five traits to add character to the NFTs and distinguish them from others. 100% sales from each Noun go to the Noun treasury. The Nouns DAO, governed by each NFT owner, pockets the ETH spent on the platform. One Noun gives the owner one vote. But there’s more to it than just ownership. The founders of the project get 10% of the Nouns created for the first year. Recently, a DAO called SharkDAO bought a Noun #2 for 69.69 ETH. Since the project launch in Aug, till date, there have been 121 Nouns.
Nouns store their image data differently than most NFT projects whose metadata and media live on centralized servers. Nouns live on the Ethereum blockchain. So people can recreate Nouns even if their creators, called Nounders, disappear.
Another interesting concept of Nouns NFTs is that the founders have open-sourced the project’s IP. With this open-source IP, there are many derivative projects built on Nouns. Two prominent examples are a website bringing Nouns merchandise sold by someone who doesn’t own a Nouns NFT and a project called Noundles that has generated millions of dollars in trading volume. In the same sense, anyone could take the Nouns brand and style and create their own movies, books, and toys.
“We wanted Nouns to be as decentralized as possible. You don’t need copyright anymore. In the same way that academic citations make the original paper more important, citation of Nouns in whatever form they come in—at least, this is our thesis—will make the originals more important and more valuable.” said Nouns co-creator punk4156
So the team put up a proposal on Nouns DAO for partnering with Horvath. If the proposal passes, then the first initiative will be to produce a line of Japanese “sofubi,” or premium toys made in small batches.