When you hear the word “nouns” you may think of grammar. But that’s not the kind of name we’re referring to in this guide. Nouns NFTs is a unique project powered by blockchain technology that started on August 8, 2021. Nouns NFTs are pixel avatars of a person, place or thing. There are currently over 400 NFTs and this number is increasing every day.
To understand the names, we must understand DAOs. The Names Project is a type of DAO (Decentralized Autonomous Organization) on the Ethereum network. Noun DAO NFTs are generative pieces of art. Generative art is generated by a computer algorithm, so it is unique, unexpected and random. As you already know, NFTs are unique tokens which represents ownership of something (in this case digital art).
What makes Noun DAOs unique?
DAO is an acronym that stands for decentralized autonomous organization. The original DAO was formed in 2016 by a group of crypto-enthusiastic developers with the goal of automating crypto sales and trades. They were the original DAO. But the DAO now also refers to a decentralized governing body, which means that it is a system of government that has no hierarchy and no leaders.
DAO is subject to a cryptocurrency token. This means that anyone with a code can vote on matters related to the DAO. With that in mind, Nouns DAO is the governing body for the Nouns Protocol.
The names DAO NFTs embody the true spirit of blockchain technology. It is not only a decentralized project but an open source protocol (meaning anyone can contribute/benefit from it).
It is encoded so that the Ethereum block is hashed to generate the names at random. Nouns DAO co-founders and developers do not benefit from financial rewards. Their main goal of the project is not monetary. Proceeds from each sale of names go to the community treasury. Since it’s a DAO, this gives name holders a vote on how the money is used.
One unique name is minted and auctioned every day. Each time an auction is settled, the transaction releases a new name to be minted thus starting a new auction cycle. The plan is for that cycle to continue indefinitely.
for every Names. wtfSome of the main characteristics of nouns are:
- 100% of proceeds from Noun’s auction are sent to the treasury.
- Settlement of one auction begins the next day.
- All names are members of the DAO Nouns.
- The DAO uses a composite governance fork.
- One name equals one vote.
Why are DAOs important?
Names are important because the project’s vision is to attract developers who can turn the material in the Names protocol into applications that the general public can use.
This is important because it will increase awareness and bring more public participation in blockchain technology use cases. As you know, there is still a great deal of scrutiny and skepticism regarding the cryptocurrency ecosystem from the general public. or not, Projects like names will contribute to raising awareness of the effectiveness and use of blockchain technology.
The project also contributes to building and improving avatar communities. These are digital artwork communities. They are digital spaces where blockchain technology innovations thrive.
Do you want to have fun?
You can have some fun and create your own names in Asmaa stadium. What you generate won’t actually be available for investment, but it’s a great way to get around and explore technology in the growing world of Generative Art NFT.
DAOs are one of the most innovative aspects of the evolving field of NFT. We’re still in the early days of NFTs, DAOs, and the ever-evolving blockchain technology, so it’s exciting to see how the technology evolves.
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*All investment/financial opinions expressed by NFT Plazas are derived from the personal research and experience of our site administrators and are intended to be educational materials only. Individuals have to do a complete research on any product before making any kind of investment.
A writer and author who enjoys simplifying the topics of blockchain technology.