In this video I talk about how Nounlets could be a gamechanger for Nouns, which is already one of the top NFT projects in the space.
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websites sites mentioned
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0:00 start here
1:50 nouns are…kind of rich
3:18 how nouns are different than other NFTs
6:17 my thoughts on the future of nouns
6:57 why NOUNLETS are cool
9:06 best case scenario
Hey guys it’s John Carlo so the big Story in the last few months has been The absolute Carnage in the nft space Right oh it’s been also a big drop off In crypto and the stock market major Global currencies you know it’s been Pretty bad out there but with nfts it’s Been especially brutal however there’s Been one project that has kept on Ticking kept on raising money day in and Day out and that project is now for Example yesterday was the lowest day of Volume on open seat in over a year just Nine million dollars spent across all Ethereum nfts but over on nouns.wtf Things were a little more jolly it’s Like they have this force field of Sunshine and rainbows maybe a little Hopium but as we can see here in Yesterday’s auction someone bought a Noun for 69.42 each by the way very nice and the Prior day someone bought one for 89 and 72 before that so on and so forth rain Or shine bull market or bear market now I did do a video announce over a year Ago when they launched and since then They in my opinion become a top five Project in the space the only reason I Don’t speak about them more often is Because frankly only rich people could Afford these mints but that might be Changing soon because recently the team At tessera launched a new application
Called an Outlets which lets anyone buy Into nouns capture some of the potential Upside and even have a say announce Governance at a much lower price we’re Talking about one eighth instead of 70 To 100 each so today I’m going to talk About why now this could be a game Changer as well as why people keep Throwing absurd amounts of money at Nouns in general and whether or not They’re setting themselves up to Dominate the profile pic space in the Coming years so if you’re ready smash The like button hit subscribe it’s a Fast way to get yourself a dopamine hit And to give me one as well and if you Think about it’s almost like we’re Connected through time and space for That one singular moment Now let’s go okay so first I want to Give a quick summary of what nouns even Is and why it’s special in the first Place I’m not going to go too deep on This because I did a full video but here Are the basics okay nouns are nfts Minted every single day with an auction 100 of the money from the auction goes Into the nouns Treasury and each noun Gives you a vote on how to use that Treasury now we’re gonna get into the Mission statement in a minute but as you Can see when you boil it all down it’s a Pretty simple idea okay and yet people Don’t realize how much success Nows have
Had in attracting Capital since they Launched over a year ago and let me give You a couple examples to show you how Insane this really is so the average NFD Project they might launch with 10 000 Nfts and price it at say 0.03 eth if They sell out then that’ll get them a Respectable 300 eth for their treasury Now if it’s a higher quality project Then maybe they can get away with Charging 0.1 each so that’s ten thousand Nfts 0.1 eth will get you one thousand Each for your treasury in comparison now Has raised 40 000 eth and they get an Additional 60 to 100 each every single Day now what are they trying to do with All that money well it’s a similar story To all the other profits right they want A fundraise to jump start a brand and Then meme it into the mainstream do Movies with Dwayne The Rock Johnson Create your own energy drink and then Hopefully some of that value flows back To the collectors this is more or less What moon birds and doodles want as well But there are a few key differences in The approach that nouns are taking first Off a noun is much closer to having true Ownership in a brand compared to Basically any other nft like say you buy A Doodles nft what you’re really buying Is a collectible you’re not getting Equity in doodles Inc and you ultimately Don’t have a say in what direction the
Company takes you don’t have a claim on Any of the revenue that comes in the Investors that do have a claim on those Revenues would be the venture capitalist That recently gave Doodles a bunch of Money to grow their brand nouns on the Other hand is a dow decentralized Autonomous organization where owning one Noun gives you a vote on how to use the Treasury and there’s even a scenario Where they might vote on redistributing The treasury back to the holders what That means is that there aren’t multiple Tiers of ownership and yes a dow isn’t Exactly like a corporation but owning a Noun is kind of close to having an Equity stake in the brand as a whole Another difference in the nouns approach Is their choice of putting the IP into The public domain using cc0 and what This means is that anyone in the world Can just build applications using nouns Without needing to ask for permission And you know this is becoming more Common in the space but I do believe That nouns was the first nft project to Take this approach and this is why you Might see nouns you know just appear Randomly in other projects without any Actual Partnerships being announced and It means that at any moment someone Could just create the next killer app Using nouns finally the other difference Here is how they’re using the money by
The way there’s a lot of it right in Fact there’s currently 38 million Dollars in their treasury which does Make it the biggest treasury in the nft Space outside of teams that have raised Venture Capital Now While most profile Big projects will have this centralized Team at the top that is you know just Executing on a road map nouns have taken A more decentralized approach where They’re providing funding for other Builders that want to create things on Top of the nouns ecosystem and they do This in two ways the first way is with Something called a prop house where Anybody can propose a project and every Week they’re giving out 2E to the Highest voted projects and this allows Them to just allocate Capital at a much Faster rate and take many smaller shots On goal and hopefully some of these just Go viral the other method is through On-chain proposals which is more so for Heavier projects and these are ones Where you might see them spend up to a Million dollars or more on a single idea The point is that all these features That I’m mentioning work together to Create somewhat of a virtuous cycle Right first you have the fact that it’s Cc0 so the barrier to building with the Nouns IP is pretty low then you have Things like the prop house where they’re Actively going out and funding Builders
To create these projects and take more Shots on goal and then you have the fact That the collectors are more like actual Holders of equity and so they can Capture more of the value which then Means more people are incentivized to Mint and pay large amounts at these Auctions which means more money for the Treasury and so on and so forth and so On and so forth so on and so forth and So on now I am going to get into how now Let’s fits into all of this but I want To take a moment and talk about the Nouns model in general because yes this Is experimental but it does feel like it Has all the ingredients you would need For something to completely take off it Feels to me like year one of nouns was Just them getting their footing building All this infrastructure you know they Did make the nouns glasses somewhat Iconic in the space but then year two And year three I think we’re just gonna See in increasing quality in proposals So fewer gimmicky projects and just Higher standard of you know create is Coming out of this that could go viral So yeah I’m bullish on nouns and I think It’s one of the coolest experiments Going on in the space right now but Having said that they’re expensive as Hell and you basically need like a Hundred grand to even compete in these Auctions and so this is where now let’s
Comes in right because they can help Nouns scale much faster and avoid Becoming like a metaverse country club For Rich collectors you see now let’s Are essentially fractionalized nouns Okay 100 nounlets equals one noun and by The way this isn’t the first attempt at Fractionalizing nouns right we had shark Dao we’ve had goop down little nouns you Know people have been trying to figure This out for a while but I think that Now let’s does improve on all those Previous attempts and so let’s take a Look at how this works as I said a noun Is fractionalized in 100 parts for Example in this case they’re using noun Three one five and each individual now Lit is auctioned off using the same System that big nouns use right except In this case the auctions are every four Hours instead of every day now here’s Where things get interesting these are Technically ERC 1155 tokens but the r is Unique to each nail knit as you can see They all have the same head so there is This common link between them but the Body changes on each one and this is one Of the big Innovations in now let’s Compared to prior attempts at Fractionalizing nouns because it does Give the collector that feeling that They’re owning something unique to them Another cool thing here comes down to The governance so if you remember each
Now gives you a vote in the nouns Dao And that’s a pretty important part of The project well with now let’s each of The 100 nowlets can vote on who they Want to elect as their delegate to the Noun’s Dao and this delegate would be in Charge of voting for the group they get Access to the Discord channels Etc so It’d be pretty cool to see a little Game Of Thrones action here as you know each Of these knowledge tries to take control Of some of these powers and the last Thing to know about knowledge is that Someone could ultimately buy the entire Fractionalized noun and I’m not going to Get into all the details but they use This interesting mechanic called Optimistic buyouts which Lets All all The nounlets agree to a buyout price if Someone does come along with an offer That they’re happy with so that’s Essentially your exit plan if you’re Looking at this as a purely Financial Thing but a second path could be you Know instant liquidity from offers on a Marketplace like pseudo swap which is Something I could totally see happening Down the road all things considered Nouns are an experiment and then now Let’s are like a second experiment Layered on top and you know it’s Possible that this is yet another Fractional entry point that doesn’t take Off but in a best case scenario we could
See potentially thousands of people Start buying now let’s nouns could Become like a base layer meme for the Entire space right like right now we’re All in these siled communities really The only common feature would be for Using eth or if we’re using soul but I Do think eventually we’ll have these Like huge supply uh memes that everyone Owns and participates in and I do think That could be nouns and I wonder what That would do for the brand so if you Have been waiting to get exposure to This project object now let’s it’s Probably the best way to do so because You do get your own artwork on chain you Can participate in governance there is a Providence link to the original Collection so it’s not a derivative like Little nouns was and then obviously it’s A much cheaper entry point than a full Noun however I will say this right now The price of now let’s are a little bit On the high end I think this is because These are the first ones and people are Excited and so if you are planning on Buying one it might be worthwhile just To wait a few more weeks alright guys Hope that was helpful thanks for Watching and I’ll catch you with the Next video
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