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Dear country without banks
Nouns DAO completed its first open edition NFT drop earlier this year.
NFT?
An iconic and geeky explainer video called this is a nounthe DAO gave the go-ahead Prop 190.
This release was essentially the equivalent of a week’s worth of Nouns auctions, with advance payments made to video creators. and Earned a cut from all OE sales.
I think this drop is a big deal. Distributed movie studio Future.
That said, today we hear from Nader who assumes this is a noun intention It is increasingly seen as an important historical moment for nouns and DAOs in general. Let’s see what he has in store for us!
-WMP
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Guest Author: NaderNFT Explorers with Zora
noun It is one of the largest DAOs on Ethereum with a treasury holding over 28,000 ETH. tl;dr:
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One NFT is created each day
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Daily NFTs will be auctioned
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Funds from winning bid go to shared treasury
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All NFT holders collectively decide how the national treasury is spent
Noun Governance works using NFTs. vote on the proposalAll proposals must include functions that will be performed if passed. Proposals are typically for funding noun-related projects. For example, sending 125 ETH to the recipient’s address if approved.
noun DAO’s Proposal 190 was a breakthrough, not just for nouns, but for the entire DAO space.
Rather than the simple transaction of sending ETH to an address as most have seen so far, this proposal sought to achieve complex functionality. Check out the noun explanation video created by the Ordinary Folk team Prop 113 Transform into an open edition NFT with its own smart contract.
Now that Proposition 190 passed, let’s analyze what happened with the proposed deal.
Address 0xF74…DC1 is Zora’s Factory contract to create new editions. A factory contract is a smart contract that allows you to create new smart contracts, much like a car factory creates a new car. In this case, we call the createEdition function and pass in the settings and metadata to create a new edition contract.
This is attractive because NFT contracts are not deployed by individuals acting on behalf of DAOs, which have historically been the dominant approach to decentralized organizations. Instead, contracts were deployed directly by DAOs that interacted with factory contracts via governance proposals.
To better understand what happens with This is Nouns, I think it’s important to understand the context of Unisocks.
released by Uniswap team on May 9, 2019, Unisocks was a community collectible revolving around special socks.500 SOCKS tokens were created and deposited into a liquidity pool for anyone to purchase. You can burn your sock tokens and then redeem them for real socks.
Originally starting at about $55 each, SOCKS token We saw a high of $160,000. This small community initiative has gone from a fun collectible to one of the biggest and most famous cultural creations in cryptocurrency.
This is Nouns is an open edition mint of 0.05 ETH held from December 23, 2022 to January 3, 2023.
Like Unisock, This Is Nouns was a fun collection that anyone could participate in. However, unlike his Unsocks, where an individual deployed the Socks token contract, the NFT contract was created by executing governance proposals voted on by the DAO.
This was a big deal for both Nouns and the DAO space.demonstrating governance can It features complex execution as well as sending ETH to an address. Both This is Nouns and Unisocks were fun community initiatives, but were initially overlooked because many people didn’t understand the cultural relevance of these items.
As Nouns experimentation continues to grow in importance, along with Uniswap, the release of This Is Nouns edition is a testament to both Nouns and DAO, much as people today regard Unsock as a culturally significant artifact. I think it will come to be seen as a historic moment for !
William M. Peester is a professional writer and creator. metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. Recently, we also provide content to Bankless, JPG, etc.
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