The first Nounlet just sold for 4.2 ETH
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The first Nounlet, a new collection from the stratified NFT platform Tessera, was sold for 4.2 ETH (over $5,000).
Nounlets is a new experiment in collective NFT ownership from Tessera using NounsDAO, the flagship CC0 NFT project. Nouns create a new NFT every day, which can easily cost a user over 60 ETH (about $77,000). Tessera’s Nounlets project lowers the cost barriers of noun-centric NFTs while still allowing holders to participate in NounsDAO voting.
Each noun represents 1% of the entire noun NFT. Additional auctions of more than 1% of the NFT will be held every four hours until 100% or 99 more titles have been purchased.
These tokens are based on token 315, which was minted on May 21 for 73 ETH (about $144,000 at the time). All 100 nouns retain the same head as noun 315, but have different stems with randomly generated properties.
Among the 100 noun owners, one representative will be chosen to vote on noun administration proposals and to respond to other noun holders via the project’s Discord channel. Each Nounlet casts one vote for a representative candidate.
This is not the first time that multiple individuals have shared ownership of the same noun NFT.
In August, individuals can buy securities from noun #160 – a noun that is not generally available to the public – where holders of these securities can vote on NounsDAO matters. However, Nounlets is its own spin-off project based on NounsDAO; Nounlets have 100 unique NFTs, while Noun #160 is part of the original Noun project with unlimited NFTs.
Tessera, a fractional NFT platform formerly known as Fractional, operates on Nounlet auctions and takes 2% of the proceeds. The remaining 98% goes to the original owner of the noun 315.
Editor’s note: This story and its title have been updated to more accurately describe the nature of the Nounlet project.
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