Nick T on Farcaster

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Brian Flynn pfp

one reason why nouns failed was because there was no truth seeking among participants. everyone was trying to extract as much as possible. farcaster feels like a much bigger wave than nouns but similar energy. hoping we can get more truth seekers on here that want to actually build new ways to coordinate.

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Nick T pfp

i've never been part of the nouns eco - what exactly happened?

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Brian Flynn pfp

tldr: - one NFT auctioned every day, proceeds go to treasury - treasury funds voted on by NFT holders - early whales had much of the voting power and wanted to fund creative works with no ROI (ie. large parades) - ultimately no sustainability led to its collapse

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Nick T pfp

interesting. so the treasury effectively ran out? did nouns shut down?

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Brian Flynn pfp

i think it's still going but the community is pretty dead and most of the big contributors left. looks like they're still being auctioned at ~1 eth each https://nouns.wtf/noun/1572

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Nick T pfp

thanks for sharing, interesting to learn about this from an incentives perspective. I definitely mirror your broader point around the vibe/clash between the overt collaboration and covert zero-sum competition in crypto community circles. @willywonka.eth I'd be interested in your take on this w.r.t. nouns as you're actively building in the eco right now

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willywonka ⌐◨-◨ pfp

willywonka ⌐◨-◨

@willywonka.eth

Nouns is very much still alive, and while extraction certainly occurred, especially through the 3 forks, Nouns has funded over $65M of projects, many of which are of which (including nounspace) would not have been inspired or funded without nouns. https://www.nounspace.com/home/Funded%20Works Nouns is not only still active, with a treasury of $10m and generating $100k in auction revenue plus staking yield on the eth, but it remains the gold standard for governance, with unique, high quality proposals always active, and active participation from a diverse, experienced, and brilliant community from around the world. It’s also a top community in /farcaster. Name another NFT community that has accomplished anything close to this. You can’t. It’s harder than ever to pass a proposal or “extract” any value from the treasury. A growing faction of whales and individuals dubbed “the break even movement” are pushing hard to ensure that nouns spends less than it earns so it can indeed live forever, like its contracts will regardless. Take our 65-eth-steamed-over-6-month proposal to Double Down on /nounspace for example, which failed to reach dynamic quorum today after receiving no’s from 2 voters (one who always votes no) and 107 yes votes. Fortunately, we joined the weekly X Space for the final 5 minutes of voting and secured a commitment from one of the break even whales to support our prop if we revise it to include plans to decentralize the frontend and implement ENS, which we agreed to. It’s not as easy as it once was, but anything remains possible in the Nouniverse, and I remain optimistic for an epic comeback. https://www.nounspace.com/home/Governance

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