Newsletter #126


This week’s featured collector is NelbRodrigues

NelbRodrigues is a Fine Art Photographer, born in Brazil and based in Italy. Nelb’s Lazy profile features a few of their recent photographs. Check it out at

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Nouns DAO’s NFT Governance Experiment: A Treasury-Draining Fork

Nouns DAO, a notable NFT community project, has recently completed a “fork” that allowed some holders of the NFT to redeem assets from the community’s treasury. Nouns DAO is a decentralized autonomous organization (DAO) that raises funds by auctioning a unique NFT once a day. The revenue from these daily auctions contributes to its treasury, which is then allocated based on community decisions for various projects and endeavors.

As a mechanism to manage dissent within the community over how the treasury was being spent, the DAO introduced a “fork” – a move hailed as a progressive step towards decentralized governance. However, the introduction of this fork proved a double-edged sword. While it was designed to protect from potential threats like a 51% attack, it inadvertently attracted savvy arbitrage traders who manipulated the fork system for profit. These traders, having accumulated Nouns NFTs below their “book value,” utilized the “rage quit” mechanism, ultimately draining over half of Nouns DAO’s $50 million treasury. This incident underscores the complexities of decentralized community management.

While the fork in Nouns DAO resulted in financial loss for the project’s treasury and was seen by some as a shortcoming of decentralized governance, the incident serves as a pivotal learning experience for the NFT community. The events highlighted the tension between two primary factions within the DAO: those focused on promoting the NFT brand through high-visibility expenditures, and those with a more conservative financial approach. Additionally, the rise of arbitrageurs, who saw the fork as a financial opportunity, added another layer of complexity. Despite the challenges, many within the Nouns community remain committed to the vision of the DAO and see this event as a chance to refine and improve the DAO’s governance structure.

For a detailed analysis of the Nouns DAO fork, check out this article in Coindesk.

Bitcoin Ordinals Controversy: Rodarmor’s Proposed Renumbering Sparks Backlash

Casey Rodarmor, creator of the Bitcoin Ordinals protocol, which has produced numerous “NFTs on Bitcoin,” is considering retracting a key promise made to Bitcoiners about the immutability of ordinal numbers, suggesting they be renumbered and potentially changed in the future. Ordinal numbers have been a vital aspect of the collectibles’ appeal, with many collectors valuing specific ordinal numbers for their significance. For instance, OnChainMonkey Genesis chose Ordinal #20219 to mark the month and year of its creation, and many ordinals embed their unique number in the name. Rodarmor claims that preserving the rank and order of these ordinals complicates his work on new versions of the protocol, and making the inscription numbers “unstable” would facilitate new software features. However, the proposed change has been met with skepticism and backlash, especially from those who have invested heavily in specific ordinal numbers. Developer Raphjaph has suggested an alternative that wouldn’t alter existing numbers, but only the future generation method. Although a vote has been proposed regarding the changes, Rodarmor, who has significant control over the ORD protocol, could potentially overlook its outcome.

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This week’s poll: Should NFT projects allow “rage quitting” and distribution of the treasury?

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