Nouns Fork: Disgruntled NFT Holders Exit With $27 Million From Treasury - Decrypt


15 Sep 2023 9:28 PM

The Nouns NFT collective on Ethereum, which is building open-source IP by funding creative projects, fractures after a widely supported fork....

  • The Nouns NFT community on Ethereum has split into two after a proposed fork was completed.
  • Over half of the Nouns NFT holders opted to leave and withdrew over $27 million worth of ETH from the project treasury.
  • The owners of 472 Nouns NFTs joined the fork and formed a new DAO organization.
  • Each holder will receive a replacement NFT with identical artwork for the new DAO.
  • The move reflects a lack of confidence in the current Nouns DAO format, despite millions of dollars being spent on Nouns-themed projects.
  • The market value of Nouns NFTs has significantly dropped since late 2021.
  • The fork was made possible by a Nouns protocol upgrade, allowing NFT holders to propose a fork and reclaim a share of the treasury.

The sentiment of the article is negative, highlighting a lack of confidence in the current Nouns DAO format and the diminishing market value of Nouns NFTs.

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You May Ask

What percentage of Nouns NFT holders opted to leave after the proposed fork?How much ETH was collectively withdrawn from the Nouns DAO treasury?What will happen to the original NFTs of the owners who joined the fork?What projects have been funded by the Nouns DAO to proliferate the brand?What protocol upgrade enabled the possibility of the fork?

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