A Brief Introduction to OceanNouns
If you ever wanted to know what OceanNouns is all about, this is a great place to start.
What is Ocean Nouns?
Ocean Nouns is a fork of Nouns: a generative non-fungible token project on the Ethereum blockchain. Like Nouns, Ocean Nouns are 32x32 pixel characters based on people, places, and things. An Ocean Noun is generated every day. Here are some examples of Ocean Nouns:
Ocean Noun Auctions
One Ocean Noun is auctioned every day, forever. One interface for participating in Ocean Noun auctions is oceannouns.wtf, which is a website built and maintained by the project founders ('Ocean Nounders'):
In the auction above, Noun 586, is for sale. The current bid is 30.60 ETH (Ether), and there are 4 hours, 9 minutes, and 51 seconds remaining in the auction. If this auction ends with no further bids, 30.60 ETH from flx.eth ($49599.00 USD as of this writing) will be automatically and trustlessly sent to the Ocean Nouns DAO Treasury and flx.eth will win this Noun, which means that the ERC-721 token will be transferred to their address.
Ocean Noun Auction Settlement
Because of the way Ethereum works, Ocean Noun auctions must be settled after they are completed. The auction settlement transaction does three things: 1. It sends the current OCEANNOUN ERC-721 token to the winner of the auction, 2. Generates the next Ocean Noun, and 3. begins the next 24 hour Ocean Noun auction.
Ocean Nouns DAO
The OceanNouns DAO treasury receives 100% of ETH proceeds from daily noun auctions. As of this writing, the OceanNouns DAO treasury is not yet deployed.
OceanNouns DAO, which is based on Nouns DAOs fork of Compound Governance, is also the main governing body of the Ocean Nouns ecosystem. Each noun is an irrevocable member of OceanNouns DAO and entitled to one vote in all governance matters.
Here is an image of Nouns Vote
OceanNouners use their voting abilities (remember, 1 Ocean Noun = 1 vote) to direct the treasury. OceanNouners can create and vote on governance proposals, which execute transactions on the Ethereum blockchain when they are approved.