The brand is free, the vote is not

The essay argues that Nouns DAO's brand is freely usable but its treasury and votes belong only to token holders, so outsiders are an audience rather than participants. The author notes that one Noun goes to auction every 24 hours with all proceeds going to the treasury, that one Noun equals one vote, and that votes can be delegated by holders. It also points to Proposal 727, which moved the DAO into a Wyoming DUNA, and to a Nouns Foundation veto that the Foundation's own text limits to legal or existential risks. The author says they cannot judge from the public material whether the funded projects have been worthwhile.