If you’re a fan of the OG Nouns NFT collection, the Lil Nouns might be the project for you! Similar to their parent collection, a new generative Lil Nouns NFTs comes out on a regular basis. In contrast to the first collection, however, these NFTs are generated every 15 minutes for eternity (or, at least for as long as Ethereum is around).
What are the Lil Nouns NFTs?
As is obvious from the name, Lil Nouns are basically a smaller, version of the Nouns NFTs they spun off from. “Nouns as kids” as it says on the Lil Nouns website. That is to say that they sport the same pixel art style and aesthetic as the Nouns.
In essence, these NFTs will be the funding source for the Lil Nouns DAO – an expansion DAO based on the Nouns DAO. Thus, the goal of the Lil Nouns DAO is to expose more people to Nouns.
One of the most unique things about these NFTs is how they become available. To explain, rather than dropping a full collection at once like most generative avatar collections, the Lil Nouns smart contracts generate and auction a new one every 15 minutes. Not to mention that this process will, in theory, continue indefinitely. Clearly, this is a riff on the Nouns, whose contracts produce and auction an NFT every 24 hours.
Aside from its fascinating launch mechanism, Lil Nouns have some other features that NFT purists will love. For example, the Lil Nouns NFT art is stored directly on-chain, as opposed to on IFPS. What’s more, the art falls under the CC0 license meaning that it is in the public domain.
And you don’t necessarily have to jump into an auction to enjoy the art! Indeed, thanks to the Lil Nouns “Playground” you can actually generate your very own Lil Nouns from its selection of traits. Naturally, these user-generated Lil Nouns are not official NFTs and are off-chain.
The DAO at the heart of the project
Of course, the most important element of the Lil Nouns NFTs is how they relate to the Lil Nouns DAO. As part of that, 100% of Lil Nouns auction proceeds immediately go to the Lil Nouns treasury. By the same token, each Lil Noun equals one vote in the Lil Noun DAO. As with most DAO tokens, votes are tied to the NFT and are non-transferable. Nevertheless, holders can delegate their vote to someone else if they wish.
In other words, Lil Nouns holders get almost complete control of the Lil Nouns DAO. The only caveat to this is that the builders behind Lil Nouns – @0xsvg and @adelidusiam – built in a special veto right.
As the “Lil Nounders’, these two included the veto right so that no malicious proposals could pass while the Lil Nouns supply is still low. Although rest assured, it exists purely as a failsafe and the founders would only use it as a last resort to protect the project.
Eventually, the Lil Nounders will revoke their veto right. This will happen once the Lil Nouns NFTs supply increases and the DAO has a healthy distribution of votes.
Clearly, with 20 ETH in its treasury at the time of writing, it’s still early days for the Lil Nouns. However, if the success of its parent collection is any indication, the Lil Nouns DAO and NFTs could well engage in some interesting initiatives as the project continues to grow.
Interested in learning more about DAOs and how they relate to NFTs? Check out our amazing beginners’ guide on the topic!
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This article is educational material.
As always, make your own research prior to making any kind of investment.
