NounsDAO’s Fork Sparks $27 Million ETH Withdrawal Surge

Key Points:

• Over half of Nouns NFT holders bolt as NounsDAO completes its fork, withdrawing $27 million in ETH.
• 472 out of 846 Noun NFT owners (56%) participate in the fork, highlighting waning faith in the current Noun DAO.
• Noun NFT floor prices tumble from a peak of $267,000 in Dec 2021 to $57,700 today, revealing the challenges ahead.

NounsDAO executed a highly anticipated fork that would change the course of its community.

The outcome was striking, with more than half of Nouns NFT holders choosing to part ways, resulting in a staggering withdrawal of over $27 million worth of ETH.

The fork witnessed the active participation of 472 out of 846 Noun NFT owners, approximately 56% of the total, making a decisive move to withdraw nearly 16,757 ETH from the existing DAO Noun pool to the newly established DAO entity. This substantial sum equates to a value of 27.3 million USD.

This mass exodus sends a clear message that a significant portion of Noun NFT holders harbored doubts about the current state of NounsDAO. The decision to leave en masse demonstrates a lack of confidence in the project’s ongoing trajectory.

Analyzing the data further, it’s evident that the Noun NFT market has experienced a significant decline. The floor price for these sought-after digital assets, which peaked at a staggering $267,000 in December 2021, has now plummeted to approximately $57,700. This decline in value underscores the growing discontent within the Noun NFT community and provides additional context to the massive withdrawal.

The NounsDAO fork has thus become a focal point in the evolving landscape of NFTs and decentralized governance. The departure of over half of its NFT holders, along with the substantial ETH withdrawal, raises questions about the future direction of the project and the challenges it faces in rebuilding trust and value within its community.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.