The leading NFT project will soon lose a chunk of its treasury to disaffected investors.
NounsDAO is heading toward a treasury split in one week’s time after a critical mass of owners of the cutesy, colorful digital collectibles moved to conduct crypto’s latest “rage quit.”
Holders with 25% of all Nouns NFTs are thumbing their nose at the project. Rather than trying to sell their NFTs on the open market – where NFTs are taking a bear market beating – they are rushing to get a better price directly from its trove of ether tokens.
Under the crypto club’s newly enacted rage quit rules, if 20% of Nouns NFTs call for a “fork” they can split from the main group and take their share of the project’s 30,620 ether tokens (worth about $50 million at press time) with them. Each Nouns NFT is worth about 36.5 ETH ($59,600) in book value, giving the current fork a treasury of 7,598 ETH (about $12.4 million).