Under appreciated or a rising star? Nouns NFTs are taking over the crypto space
The Nouns NFT collection has been on the horizon for a while, yet it seems it does not generate the buzz and hype surrounding competitors. While Bored Ape Yacht Club and CryptoPunks are constantly in the spotlight, Nouns remains a project lurking in the shadows. Yet, the collection seems to be outperforming CryptoPunks and aiming to take on BAYC as well.
According to DappRadar data, the average price paid for a Nouns NFT in the past 7 days is $252,780. This ranks the collection in seventh place in DappRadar Top NFT Collections rankings, just a position below Bored Ape Yacht Club.
What’s more, in the past 24 hours, Nouns has managed to surpass CryptoPunks averaging a sales price of $252,660. In contrast, CryptoPunks only managed to reach $200,410 as an average price yesterday.
While Nouns are holding a remarkably high average price, this might be due to the relatively small number of transactions the collection records. This makes it easier for the average price to float above $250,000. The Nouns collection still has a long way to go to reach the trading activity of collections like BAYC and CryptoPunks. Still, the fact that the average Noun NFT sale is closing in on projects like Bored Ape Yacht Club is a strong indication that the collection has the potential to become a real blue chip project.
What is the Nouns NFT collection?
Nouns are among the most experimental NFT projects in the space right now. Completely on-chain, every day the smart contract of the collection generates one unique Noun NFT. This process is virtually endless. Once the daily Noun NFT appears on the website, collectors have the chance to participate in an auction to buy the token.
Noun NFT holders automatically become part of the governance body of the collection, known as Nouns DAO. Importantly, Nouns DAO also controls the treasury which stores all proceeds from NFT auctions. The Nouns DAO holds 20,339 ETH at the time of writing, which amounts to close to $57 million.
With a treasury of that size and an unlimited supply of NFTs, the collection has an interesting road ahead. While the unlimited supply can be a good thing for collectors, it is also a prerequisite for falling prices and decreasing scarcity. Importantly, to reach the same amount as the 20,000 Bored Apes it will take Nouns around 50 years, as a single NFT is minted every day. Still, the project is producing an enviable performance in the last couple of weeks.
DappRadar will continue monitoring this innovative completely on-chain collection as it takes on big names like Bored Ape Yacht Club and CryptoPunks. To learn more about Nouns and its main competitors check out the links below. Additionally, you can join DappRadar PRO and get access to the most up-to-date on-chain NFT sales data.
