Owing to many disgruntled holders leaning toward the crypto trend “rage quit,” the leading DAO-run NFT project, NounsDAO, is on the brink of a treasury split on September 15.
Rather than selling on the open market amidst the bear market, DAO members seek a more favorable rate from the project’s ETH stash, including the mysterious DCFGod, who holds 28 Nouns.
More than 333 Nouns support “forking” the NounsDAO NFTs in light of the rage quit. Therefore, 333 dissatisfied DAO members have split from the project to claim a share in the its 30,620 ETH tokens, valued at approximately $50 million. The Nouns NFT floor price currently sits at around $56,600 (36.5 ETH). So, the fork/rage quit currently holds a treasury worth a mighty $18.65 million (11,822.80 ETH).
so far ~35% of the supply wants to fork with 5 days left to join
more than I expected tbh pic.twitter.com/CrkunuiKKz
— DCF GOD (@dcfgod) September 10, 2023
DAO Doubts and NFT Evaluations
The NounsDAO treasury split showcases how DAOs can handle investor groups when doubting their project’s well-being. Such NFT projects, whereby digital assets are valued below their book value, typically appeal to activist traders wishing to exploit these overlooked collectibles.
Making the treasury possible, this exit initiative was implemented recently following the DAO’s approval of an update dubbed v3. The experiment provides forking to give unsatisfied investors an easy way to get out of a low-performing project while reaping financial benefits.
As numerous DAOs continue to shape the NFT realm, it’s apparent that such organization members can respond to challenges in ways that set the standard for the NFT landscape’s sustainability.
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