Nouns, web3, and participatory marketing
AI summary of the linked articleNouns, a DAO built on Ethereum, is presented as an example of how web3 can offer participatory marketing that replaces the one-way communication of web2 and mass marketing. The project launched in 2021 and creates a new algorithmically generated Noun character every 24 hours, which is sold as an NFT, with proceeds forming a treasury. Each Noun holder gets a vote on how treasury funds are spent, and the article notes that Nouns-funded projects have included art projects and skate parks. The author also says the project has relinquished strict control over its brand and encourages sharing and remixing of brand assets. |
 |
Recommended by 2 curators |
1 comment > “In traditional companies, the shareholders, the brand creatives, and the consumers are all very distinctive and separate roles. Not so much with a project like Nouns.“ It gave me a perspective I hadn’t considered before. When I think about NFT projects, they primarily focus on expanding outside the crypto circles. BAYC getting covered in talk shows, RTFKT designing merch with Nike, Penguins selling plushies in Walmart, and so on. And it makes sense because they’re already well-known in crypto, and their pfp supply is constrained to 10k-20k NFT, so they want to reach new markets to increase the demand. But with Nouns, the supply is infinite. There’s one Noun every day. But there are also Lil Nouns, Based Nouns, and many other derivatives. This means that - at one point - there could be even 100k or 1M Nounish NFT holders. And every Nounish holder could potentially be interested in Nouns-related products such as merch and so on. So, if you look at NFT projects as countries, Nouns are focused on growing their internal market by making different tiers of ‘citizenship’ easily available, whereas more traditional NFT projects have closed borders and are focused on export. |
