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

NounsDAO NFT holders are initiating a "rage quit" and splitting the treasury due to discontent.
25% of Nouns NFT holders are demanding their share of the $50 million treasury.
The "rage quit" is enabled by recently approved rules allowing a split if 20% call for a "fork."
Well-known traders are buying up Nouns NFTs to profit from the arbitrage opportunity.
This "rage quit" shows how DAOs are dealing with investors losing faith and demanding their money back.

coindesk.com

Relevant topic timeline:

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.

9/15/2023

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

Over 50% of Noun NFT holders have decided to fork from the project, withdrawing $27 million worth of ETH from the treasury, indicating a lack of confidence in the current Nouns DAO format and a desire to cash out amid the bear market.