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https://opensea.io/collection/nouns
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Elie
@elie
Nouns was a cool experiment. Nothing against the idea. It had potential. But didn't pan out in actuality. Maybe it would have for a different set of holders. This was clear 2 years ago as well. Nouns treasury still holds $20m. So maybe given another few years you'll figure something out.
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raulonastool.eth 🎩 🏰
@raulonastool
Oof hot take and appreciate the balls it takes to post it in this channel. Not sure how you define failure. It's arguably the most recognizable Web3 brand. Brand awareness and network effect says more about a project than the individual value of NFTs (especially with the entire sector still in deep bear market). Could you elaborate?
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Elie
@elie
I’d argue brand awareness isn’t great. Very few people know about nouns in crypto. It’s easy to fail in crypto. Almost every project does. If you’re looking for an objective measure of success then price would be it. And there it’s failed quite badly. If you’re looking for other metrics, then sure. But show me the metric it has succeeded on. Right now the treasury has $20m. That’s a fair bit of money. It could fund 40 YC startups $500k each, create a fair amount of value for the world, and maybe also be profitable. I don’t think the treasury should implement that exact plan, but something in that vein would likely create more value than anything it’s done to date.
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raulonastool.eth 🎩 🏰
@raulonastool
It's hard to compare it to anything else because it's a first-of-its-kind, community-owned brand. Remarkably, it hasn't faded away like many other projects released around the same time. Price isn't a reliable indicator of success. It's more so a reflection of current market sentiment. Measuring the success of a public good is inherently difficult. How do we gauge the success of Wikipedia? Is it by the number of donations, or is it more accurately measured by its usage and contributions to the cultural zeitgeist?
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Elie
@elie
Yes. The measure of success for Wikipedia is the number of pages it gets each month. Or in other words, the number of humans it helps each month. I’m open to other measures of success for nouns. But I’m waiting to hear the metrics for this. If you’re telling me naming a frog for 90k has had long term value I’d say no. And many of the other things it’s done also no. I’m actually not totally against that experimentation. Sort of wild to spend that to name a frog but at the same time it’s just a small part of the treasury so go have fun. But I’d hope that at least some of the experiments have created something lasting and there’s not much to point at.
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