Posted 9/15/2023, 9:28:36 PM

Majority of Nouns NFT Holders Fork Project, Withdrawing $27M to Form New DAO

Over half of Nouns NFT holders exited the project, withdrawing ~$27 million worth of ETH from the treasury into a new DAO.
The owners of 472 of the 846 total Nouns NFTs (56%) joined the fork, taking ~16,757 ETH with them.
This signals a lack of confidence in the current Nouns DAO format, despite millions spent on Nouns-themed projects.
The fork was made possible by a protocol upgrade allowing holders to exit and reclaim treasury funds.
The remaining Nouns DAO has ~$21.7 million worth of ETH left and aims to increase spending to fuel new projects.

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Relevant topic timeline:

9/9/2023

NounsDAO NFT Holders Initiate 'Rage Quit,' Demand Share of $50M Treasury Due to Discontent

A group of NounsDAO owners is planning a treasury split by conducting a "rage quit" and seeking a better price for their NFTs directly from the project's ether tokens, potentially resulting in a loss of $50 million worth of tokens for the project.

9/9/2023

NounsDAO Faces Split as Some Seek Higher Price; FTX Details Celebrity Deals; Politicians Embrace Crypto

NounsDAO is facing a treasury split as NFT holders seek to sell their tokens directly to the project's ether tokens for a better price, highlighting the challenges faced by DAOs when investors lose faith.