Have been thinking a bit about a Noun ERC-20 token and Nounish NFT marketplace. I think it’s inevitable that we eventually build these things, so wanted to get people’s thoughts on it.
We have the resources to build a top tier marketplace and it makes sense to have a Nounish token and I think it only makes sense that the token is called Noggles. The more Noggles are used for transactions across the ecosystem the better it is for Nouns. If ETH is used to transact it doesn’t really help Nouns at all. Noggles could be given as grants, or used to transact in any other Nounish project that might require a transaction between two or more parties.
Nounish marketplace transactions are facilitated in Noggles. Maybe there is a 0.5% fee on each transaction half of which goes back to the treasury and half is distributed to the project or artist. Maybe there’s another clever distribution method on top of this that rewards projects and artists for doing volume based on some pro rata share of total volume done. Need to account for wash trading and maybe there’s separate distributions for artists and projects given that most independent artists cannot match the amount of volume at popular 10k project does.
In regards to the token - Nouns treasury bootstraps liquidity on Uniswap and distributes some initial amount to Nouns holders based on a claiming method for all Nouns that exist at the time the token is created. 1 Noun = Some amount of Noggles. The rest goes back to the treasury for whatever.
I’m interested in exploring building this and getting feedback on the mechanics I mentioned. I built an early NFT marketplace which was acquired by a top 3 exchange and I went on to help them build their NFT marketplace as well.
Today to build your own token you need to meet certain conditions. In order for it to make sense.
You do not fuck tokenholders
You have armored tokenomic, without airdrops and free tokens
What you promised in the presale, you deliver
Your business model is based on some kind of adaptation
Then you have at least a chance that the token will always be above the presale, otherwise it can turn over nouns.
By the way
1 Noun = Some amount of Noggles = inflation and devaluation of the value of nouns.
I didn’t mention a presale. There is no presale and there are no promises made. The initial use case for the token is to transact on the marketplace. Pontetially give grants in this token as well. It becomes a primitive of the Nouns ecosystem. I’m not talking about a sketchy ICO with false promises.
Do you have experience launching a token? I’m looking for suggestions on the mechanics of the token and the marketplace especially in regards to the fees or lack of fees.
Yes I know you meant using a token for the transaction. As a native marketplace token. I will think about it tomorrow and send you a message on priv. some solution.
But a better way would be to not bind the token to nouns. And certainly paying out grants with a token. Grants are better paid out in an asset that already has a certain market value.