Mutiny By Nouns NFT Holders May Lead To Treasury Split Next Week

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Mutiny By Nouns NFT Holders May Lead To Treasury Split Next Week
  • NounsDAO may be headed for a split thanks to its recently introduced rage quit rules. 
  • The new Nouns faction of disgruntled NFT holders may emerge with a treasury worth $12.7 million. 
  • The sales volume of Nouns NFT has taken a 23% hit amid the ongoing conflict.

Leading non-fungible token (NFT) project Nouns may be headed for a split thanks to disgruntled investors who have resorted to rage quitting its decentralized autonomous organization (DAO). A NounsDAOForkEscrow contract has been created and filled with dozens of Nouns NFTs from holders who are looking to fork the project. 

According to the NounsDAO Fork page that went live earlier today, the fork treasury had a balance of more than 7700 ETH at the time of writing. Users have a little over six days to return their Nouns NFTs in order to become a part of the fork aka the new NounsDAO faction, which currently holds 219 Nouns NFTs. 

Crypto journalist Colin Wu reported earlier today that one investor spent 775 ETH ($1.2 million) to purchase 22 Nouns NFTs, which were subsequently transferred to the NounsDAOForkEscrow contract. This may be an indicator of the strong momentum and support for the NounsDAO fork, which will reportedly end on September 16, 2023. 

The sentiment among the crypto community on X (formerly Twitter) suggested that the NounsDAO fork was gaining popularity. Crypto influencers like DCF GOD publicly supported the fork and highlighted the power of the rage quit feature. The feature was introduced after NounsDAO voted in favor of a v3 upgrade that enabled forking. 

Data from leading NFT marketplace OpenSea showed that Nouns had a total volume of 20,380 ETH ($33.3 million) and a floor price of 36 ETH ($58,800). According to NFT analytics platform CryptoSlam, the sales of Nouns NFTs took a 23% hit over the past 24 hours, dropping to $174,779. The forked NounsDAO may emerge with a treasury worth over $12.7 million.