What Is Nouns?
Nouns is a project based on the Ethereum blockchain that develops generative non-fungible tokens. The tokens, referred to as “nouns”, are 32×32 pixel characters that are created to represent people, places, and things.
Background
The project is an experimental approach to enhance the formation of on-chain avatar communities. It aims to provide a platform for identity, community, governance, and a treasury controlled by the community members.
How It Works
One Noun is generated and auctioned every 24 hours indefinitely. Participants can join the auction through the website maintained by the project founders. At the end of each auction, the proceeds in ETH are automatically sent to the Nouns DAO Treasury. The winning bidder receives the ERC-721 token corresponding to the Noun. The auction settlement also triggers the generation of the following Noun and the commencement of the following 24-hour auction.
Key Takeaways
- Nouns is a project on the Ethereum blockchain that develops generative non-fungible tokens (NFTs) representing people, places, and things.
- Each Noun is a 32×32 pixel character, and one Noun is generated and auctioned indefinitely every 24 hours.
- The auction’s proceeds in ETH are automatically sent to the Nouns Decentralized Autonomous Organization (DAO) Treasury.
- The auction winner receives the ERC-721 token corresponding to the Noun.
- The project aims to improve the formation of on-chain avatar communities by providing a platform for identity, community, governance, and a treasury controlled by community members.
