1confirmation founder: Why do we love Nouns?

Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The argument at the time was that the U.S. But not anymore.S.S.S.co

Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author’s point of view, and does not represent the official position of Mars Finance.

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Source: Chain Wen

Writer: Nick Tomaino, founder of 1confirmation

Compiler: What value does Perry Wang p

give? Is it aura? Is it an artwork that can be displayed online or a real life (IRL) mounted in a digital photo frame? Is it the effect of equipment in a game or virtual world?

Since Satoshi Nakamoto released Bitcoin in 2009, ordinary people have been confused about its value. The argument at the time was that the U.S. dollar is valuable because you use it to pay taxes and the military supports its value; BTC has no potential value, it is just fake online funds used to buy illegal guns and drugs in an anonymous online market. Twelve years later, the market value of BTC has soared to about US$1 trillion. The early claims are still lingering, but people believe it is very valuable :)

And now, you will never buy NFT. The population has heard similar confusion: a house is valuable because you can live in it; a company is valuable because it generates cash flow ; everyone can copy the JPG picture, why is there value?

免責事項:この記事はより多くの市場情報を伝えることを目的としており、いかなる投資アドバイスも提供するものではありません。当時の論調は、米国But anymore.S.S.S.co.


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ライター 1confirmationの創設者、ニック・トマイノ氏

コンパイラー ペリー・ワン(Perry Wang p)はどんな価値


2009年にサトシ・ナカモトがビットコインを発表して以来、一般の人々はその価値に戸惑うようになった。当時の論調は、米ドルは税金を払うために使うから価値があり、その価値を軍が支えている、BTCには潜在的な価値はなく、匿名のオンライン市場で違法な銃や麻薬を買うために使われる偽のオンライン資金に過ぎないというものだった。それから12年、BTCの市場価値は約1兆ドルにまで高騰した。初期のクレームはまだ残っていますが、人々は非常に価値のあるものだと信じています :)

そして今、NFTを購入することはありません。国民は同じような混乱を聞いたことがあります:家は住めるから価値がある、会社はキャッシュフローを生み出すから価値がある ; 誰でもJPGの写真をコピーできる、なぜ価値があるのか?

Indeed, people believe that the dollar, real estate, and companies have value,There are good reasons. But aren’t these all beliefs? We must meet the basic human needs (food, water, shelter) in order to survive. But apart from these needs, don’t other values ​​in the world just exist in our minds and are determined by our common beliefs?

The Internet and cryptocurrencies have begun to reveal this, as people’s interest in meme stocks, meme tokens and NFTs has surged. Successful people on Wall Street, Washington, and Silicon Valley have told us in the past few decades that there are some reasons for the existence of assets, and we believe them. But not anymore. Absolute optimism on the Internet has skyrocketed, and it is now clear that anything that “people think is valuable” can be of great value, whether it is Gamestop stock that was once driven by retail investors, the Solana public chain, or the boring monkey (Bored Apes) NFT.

The open blockchain turns faith into real ownership
Humans can always believe in anything we want, but an open blockchain like Ethereum enables anyone to transform their beliefs into Real ownership. Anyone on the planet with access to the Internet can create a cryptocurrency or NFT and own it without any gatekeeper’s permission, or distribute it to others. No matter who you are or where you are, you can now turn your beliefs into real ownership. It turns out that true ownership strongly strengthens conviction. When humans own something, even if it is rubbish in the long run, we still tend to believe that it has great value in the present because we own it.

If you have been paying attention, this phenomenon will naturally be seen clearly in your eyes. The value of trillions of dollars was created “out of thin air”, based purely on the beliefs of randomly distributed people all over the world. In this new era of “value = faith,” meme spreading like wildfire, and highly interconnected global markets, it is not clear how this value will continue in the future.

In a world where value is widely understood as purely based on faith, anyone on the Internet can create great value if their voice is loud enough and their meme is a concrete existence. This is a very dangerous thing, because humans Faith may be fleeting.Human beings are fickle-today’s beliefs can easily become hatred tomorrow. When it comes to money, people tend to be very emotional.

Our industry has seen countless examples of meme. They were once popular but soon disappeared: Tron, EOS, Neo, Bitcoin Cash, these are just a few of them. To be sure, there are still thousands of people who believe that these projects are worth hundreds of millions of dollars, and I am not targeting them. But the most shining moment of these projects is when retail investors who don’t have beliefs participate madly.

Ordinary investors may be severely hurt by the meme market, so it is important to realize: social media participation does not equal investment returns; how loud a person’s slogan is, does not always equal him/ How strong is her belief in it. In fact, it is usually a good countersignal (see the article on crypto countersignaling 101).

Nevertheless, for ordinary investors in this new world, the benefits greatly outweigh the disadvantages. We believe that for long-term dedicated people who want to invest in the meme market, a new investment frame of reference will appear.

Below I would like to introduce the valuation framework we used when investing in Nouns DAO recently. This is a useful framework for us, but it by no means means that this is the only framework-there is no doubt that many investment reference frameworks will flourish!


インターネットと暗号通貨は、ミーム株、ミームトークン、NFTに対する人々の関心が急増していることから、このことが明らかになり始めている。ウォール街やワシントン、シリコンバレーの成功者たちは、過去数十年にわたり、資産の存在には何らかの理由があると語り、私たちはそれを信じてきました。しかし、もう違う。インターネット上の絶対的な楽観主義が急増し、かつて個人投資家が動かしたGamestop株も、ソラナのパブリックチェーンも、つまらない猿(Bored Apes)のNFTも、「人々が価値があると思うもの」であれば、大きな価値があることが明らかになったのである。

人間はいつでも好きなことを信じることができますが、イーサリアムのようなオープンなブロックチェーンは、誰もが自分の信念をReal ownershipに変えることを可能にします。インターネットにアクセスできる地球上の誰もが、暗号通貨やNFTを作り、ゲートキーパーの許可なしにそれを所有したり、他の人に配布したりすることができます。あなたが誰であろうと、どこにいようと、あなたは今、あなたの信念を真の所有権に変えることができるのです。真の所有は信念を強くすることがわかった。人間は何かを所有すると、たとえそれが長い目で見ればゴミのようなものであっても、自分が所有しているからには現在に大きな価値があると信じる傾向があるのです。






以下、先日Nouns DAOに投資した際に使用した評価フレームワークを紹介したいと思います。これは私たちにとって便利なフレームワークですが、これが唯一のフレームワークということでは決してありません-多くの投資基準フレームワークが誕生することは間違いありません

Our investment in Nouns DAO
Our investment strategy in NFT is similar to our approach to cryptocurrencies in the past 10 years: for assets that we believe more people think will be valuable in 5 years, we will buy. We consider what the current collective belief is and imagine what it will look like in the future.

For us, people’s long-term beliefs are easier to map than short-term whims. Our funds have been quietly investing in NFTs we believe in for some time. Our first purchase of NFT was SuperRare’s Genesis Coin, Robbie Barrat’s AI Generated Nude Portrait #1.We like this aura, we like the true beliefs of the communities around Robbie and SuperRare, and we like the creators and the originality of their creations. We just believe that more people will believe in its value in 5 years.

Nouns today is the same. Since the project started 45 days ago, we have been following the project and have purchased 3 Nouns so far: #17, #29, and #43.

Aura, community and originality
We like the aura of “Nouns”: its artwork is interesting and historical. We love its community-“nounders”, including cryptoseneca, supergremplin, punk4156, eboyarts, punk4464, dhof, TimersHD, lastpunk9999, etc. Their understanding of the NFT movement is as good as anyone, and in less than two months , Some interesting projects have been launched in the community, such as Nouns Party and Verbs (verbs).

Some people use social media participation to measure the strength of the community, but we have very different views on this. In fact, so far, Nouns’ social participation has cooled down. But if you look closely, you can clearly see that there are not many true believers in the Nouns community. We believe that in the long run, this is more valuable than social participation.

We like originality. Nouns is a waver of similar projects in several respects. Cryptopunks has created a fixed supply of 10K generated profile picture (PFP) category (anyone can initially participate by casting NFT on the chain). There are already thousands of PFP projects with a circulation of 10K, following the original path of Cryptopunks.

Similarly, Nouns has also created a new daily auction distribution mechanism, which occurs every 24 hours and will loop indefinitely in the future. How this new mechanism will work in the future is clearly unknown.But this is an experiment worth trying. Nouns’s hourly timing is very interesting-although Americans are now a bit late to participate, because the Coldie-style auction has been extended :)

Perhaps most importantly, Nouns has also introduced a novel underlying organization for the NFT field Architecture. In all previous PFP projects, the main sales revenue belonged to a team, and then the team used the revenue for itself or figured out how to distribute the revenue to accumulate more value for the project owner. The proceeds from all sales of Nouns go directly to Nouns DAO, where each Noun represents one vote. Its on-chain funds have exceeded 20 million U.S. dollars, and we have deployed funds to high-quality projects.

Compared to any previous PFP projects, the Nouns ecosystem has great potential to develop faster.

Anti-imitation in industries where there is super imitation
The encryption industry is an industry where there is super imitation. People tend to follow up quickly and imitate the most popular things. When you face fierce competition between large sums of capital and thought leadership in the short term, you will encounter similar dilemmas like the Loot project.

Loot project is very interesting (does “Holy Robe” sound cool?) and I will never take anything from the creation. However, when a lot of people beat the gongs and drums and yell about something in an attempt to impose it on others, and more people with low convictions yell afterwards, this usually indicates that the matter has overheated.

This kind of thing often happens in the field of encryption. Super-imitation bubbles usually indicate that long-term macro trends are very real, but people/projects who use hype to cut leeks in the short term may not be able to capture real value.

And surrounding Nouns DAO did not imitate the bubble-it just has a strong aura, a small community of true believers, and original innovations that introduce many new ideas to this field. I believe this type of NFT can capture high long-term value. In the final analysis, this is of course only my personal belief, and the market will reveal the truth in time.

This is the great thing about the market-it has recorded the truth impartially and unselfishly for a long time.I firmly believe that insisting on anti-imitation in the short term and thinking about what will have the greatest long-term impact from the basic principles is the best way to approach the encryption field (although it attracts pitifully little attention). let us wait and see. We like Nouns!

Nouns DAOへの当社の投資



Nouns」のオーラが好きです:そのアートワークは興味深く、歴史的です。cryptoseneca、supergremplin、punk4156、eboyarts、punk4464、dhof、TimerHD、lastpunk9999など、そのコミュニティ-「nounders」が好きです。彼らのNFT運動に対する理解度は誰にも負けず、2ヶ月足らずの間に 、Nouns PartyやVerbs(動詞)など、興味深いプロジェクトがコミュニティで立ち上げられました。



同様に、Nounsはまた、24時間ごとに発生し、将来的に無期限にループする新しい日次オークション分配メカニズムを作成しました。この新しい仕組みが今後どのように機能するかは明らかに未知数ですが、これは試してみる価値のある実験です。Nounsの1時間ごとのタイミングは非常に興味深い。ただし、Coldieスタイルのオークションが延長されたので、アメリカ人が参加するのは少し遅くなったが :)

おそらく最も重要なのは、NounsがNFTフィールド・アーキテクチャの新しい基礎構造を導入したことです。これまでのPFPプロジェクトでは、主な販売収益はあるチームに帰属し、そのチームは収益を自分たちのために使ったり、収益を分配してプロジェクトオーナーのためにより多くの価値を蓄積する方法を考えたりしていました。Nounsのすべての販売収益は、Nouns DAOに直接送られ、各Nounは1票を表します。そのオンチェーン資金は2,000万米ドルを超え、質の高いプロジェクトに資金を配備しています。



Loot projectはとても面白いし(「Holy Robe」ってカッコいい響きでしょ?)、創作物から何かをパクることはない。しかし、何かを押し付けようと多くの人が銅鑼や太鼓を叩いて叫び、その後に信念の低い人がさらに叫ぶというのは、たいていその事柄が過熱していることを示しています。


そして、Nouns DAOを取り巻く状況は、バブルを真似たのではなく、強いオーラ、真の信者の小さなコミュニティ、そしてこの分野に多くの新しいアイデアを導入する独自の革新性を持っているだけです。このようなNFTは、長期的に高い価値を獲得することができると思います。もちろん、これは私の個人的な考えであり、真実はやがて市場が明らかにしてくれるだろう。