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- 1 Nouns, the on-chain avatar community, plan to lose a chunk of its treasury following the Rage Quit rally by NFT holders.
- 2 Nouns NFT Holders with 25% holding trying to get a better price straight from its trove of ether tokens.
The report from Yahoo Finance on September 9, 2023, shocked the NFT space, mainly the Nouns NFT Holders. NounsDAO, a leading NFT project will soon split its treasury following the NFT holders ‘Rage Quit’ rally. The treasure split is expected to be finished in one week of time.
Why did Nouns NFT holders organize a rally? What is the result of the same?
Rage Quit Rally Insights
A critical mass of Nouns NFTs holders conducted a ‘Rage Quit’ rally with the motive to get a better price of NFTs directly from its trove of ether tokens. NounsDAO NFT is one of the unique representations of 32×32 pixel art introduced in August 2021. Running over the Ethereum blockchain, the profile picture category attracted around 362 owners in a few years. With the aim to spread positivity, the cute, colorful on-chain avatars were offered to the NFT enthusiasts. One of the interesting facts about the collection is its availability for all, which makes it popular among NFT enthusiasts.
25% of the NounsDAO NFT holders picturized to get better price of NFTs directly from its trove of ether tokens. The result of this was a ‘Rage Quit’ rally. Despite selling the NFTs to the open market, the NFT holders rushed to gain better prices from its trove of ether tokens. The newly added rage quit procedures made all the ups and downs.
Based on the new rules, if 20% of Nouns NFTs attempt a fork, they will be allowed to split from the main group and take their share of the project’s 30,620 ether tokens. Forking in the crypto market is a way for NFT holders to combine into a new instance of their protocol, showing maximal conservation of momentum in the ecosystem.
The current price of each Nouns NFT is around 36 ETH, offering a current fork a treasury of 7,598 ETH which is around $12.4 Million. DCFGod is emerging as one of the major players in the rally, owning approximately 28 Nouns, making it easy for the NFT holders to get a better price from the fork.
For the NounsDAO project, the mechanism is completely new. Also, projects whose NFT prices are below the book value are mainly appealing to activist traders who wish to unlock the asset’s value.
The Magic of NounsDAO NFT
The NFT project is performing well, holding a total volume of 20,380 ETH with a current floor price of 36 ETH. In the past 24 hours, the volume is measured to be 533 ETH, an upsurge of 53% with total sales of 15. With around 362 owners the NFT project is all set to boom the NFT space soon.
Conclusion
The newly added rage quit rules to the crypto space, grasped the attention of NFT enthusiasts towards the NFT space. NounsDAO, a leading NFT project is all set to split its treasury within one week of time to the disaffected investors.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
