Owing to an increasing number of disgruntled holders leaning toward the crypto trend “rage quit,” the leading DAO-run NFT project, NounsDAO, is currently facing a treasury split scheduled for September 15. Instead of selling their NFTs on the open market during the ongoing bear market, DAO members are seeking a more favorable rate from the project’s ETH stash. Among these dissatisfied members is the mysterious DCFGod, who holds 28 Nouns.
The discontent within the NounsDAO community has led to more than 333 Nouns supporting the idea of “forking” the NFTs. This means that 333 dissatisfied DAO members have split from the project in order to claim a share in its substantial treasury, which consists of 30,620 ETH tokens valued at approximately $50 million. Currently, the floor price for Nouns NFTs sits around $56,600 (equivalent to 36.5 ETH), resulting in a treasury worth a staggering $18.65 million (or 11,822.80 ETH).
A recent tweet from DCFGod indicated that approximately 35% of the Nouns supply is in favor of forking, with five days remaining to join. This level of support for the split has exceeded expectations, highlighting the extent of the dissatisfaction among NounsDAO members.
The NounsDAO treasury split situation serves as a showcase of how DAOs can handle investor groups when doubts arise regarding the project’s well-being. NFT projects like NounsDAO, where digital assets are undervalued compared to their book value, often attract activist traders seeking to exploit these overlooked collectibles.
The implementation of the treasury split initiative was made possible through an update called v3, which was approved by the DAO. This experiment allows unsatisfied investors an easy way to exit a low-performing project while also benefiting financially.
As numerous DAOs continue to shape the NFT realm, it becomes apparent that these organizations and their members have the ability to respond to challenges in ways that set the standard for the sustainability of the NFT landscape.
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About the Author:
Leah, a digital art fanatic, brings a unique perspective to NFT news. Her passion for the industry drives her to stay informed and share valuable insights with the community.
In conclusion, the impending treasury split in NounsDAO highlights the growing trend of “rage quitting” among disgruntled holders. With a significant number of dissatisfied DAO members supporting the idea of forking the Noun NFTs, the project’s treasury, valued at $50 million, is at stake. This situation demonstrates how DAOs can handle investor groups during times of doubt and showcases the potential for activism within the NFT landscape. As the NFT realm continues to evolve, it’s crucial for investors to stay informed and make educated decisions.
