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NounsDAO, a popular name in the non-fungible token (NFT) industry, is on the verge of a significant shift. Next week, the treasury of the organization could potentially split. This follows the recent move by a notable number of owners of these vibrantly designed digital assets, who have shown their dissatisfaction by advocating for the cryptocurrency's newest "rage quit" action.
A substantial portion, about 25%, of Nouns NFT owners are voicing their dissent towards the initiative. Instead of choosing to offload their NFTs in the current market, where NFTs are experiencing a downturn, these holders are more interested in obtaining a superior value directly from its cache of ether tokens.
According to recently established guidelines within the crypto group, when 20% of the Nouns NFTs signal for a "fork", they possess the capability to part ways from the primary group. This allows them to claim their proportion from the project's reservoir of 30,620 ether tokens, which has an approximate value of $50 million. When broken down, every Nouns NFT has a book value of around 36.5 ETH or approximately $59,550. With this calculation, the imminent fork will have a treasury summing up to 7,598 ETH, roughly equating to $12.4 million.
Interestingly, for the initial time since the previous December, Nouns are being traded around this very price. This is driven by dealers aiming to capitalize on the potential profit difference. Notably, some of these traders are recognizable names within the crypto market's "risk-free value" trading circle, like DCFGod, the owner of 28 Nouns.
This unfolding scenario adds to the growing list of "rage quits" illustrating the dynamics of how decentralized autonomous organizations (DAOs) manage differing opinions and disagreements from their investor groups. Specifically, projects that have their asset's market value falling below the recorded value become lucrative targets for traders wanting to harness the locked-up value of these assets.
NounsDAO has responded to this. The decision mechanism to release the trapped value is a recent development.
