This week’s featured collector is Makaviti
Makaviti has a large and diverse collection of Ethereum NFTs. Lots to browse. Check it out at lazy.com/makaviti
The results of last week’s poll: Of the NFTs that you own, how many did you originally mint?
The poll showcases a striking split in NFT minting habits: 21% of respondents don’t mint NFTs at all, favoring acquisitions through secondary markets, while a notable 50% have minted 11 or more, hinting at deep involvement in the NFT ecosystem, possibly for artistic creation, entrepreneurial projects, or speculative ventures. Interestingly, no one reported minting exactly one NFT, suggesting that once users start minting, they tend to continue, reflecting either a high entry barrier or the addictive nature of the process. The 14% in both the 2-5 and 6-10 categories indicate a minority with moderate minting activity, hinting at a diverse mix of casual creators and emerging enthusiasts. This distribution raises questions about what drives the leap from casual to prolific minting and why so many opt out entirely.
NOUNS FEST 2024: A Creative Experiment for the Future of NFT
Hey everyone! We just finished reading this fascinating interview with Walter Newman, one of the key minds behind NOUNS FEST 2024, and we couldn’t wait to share some insights with you. If you’re into NFTs and decentralized content, this one’s definitely worth your time. NOUNS FEST, which just took place in downtown LA, was a living experiment in what happens when an NFT project combines decentralized funding with open intellectual property. Here are some highlights that really stood out:
Decentralized Funding Equals Radical Creative Freedom
Walter Newman described how Nouns DAO’s funding model flips traditional entertainment on its head. Instead of corporate sponsorship and top-down control, the DAO simply funds creators and lets them run wild. No micromanagement, no one breathing down your neck—the only request is that creators include a “Noun” somewhere in their work. Imagine getting the backing to bring your vision to life without a dozen stakeholders telling you what to change. This is pure creative freedom funded by the daily auction of new Nouns, which in turn powers a whole range of decentralized projects.
The Power of Open IP: CC0 is Changing the Game
One of the things that makes Nouns DAO unique is that all of its intellectual property (IP) is under a Creative Commons Zero (CC0) license. This means anyone can use the Nouns IP to create—no permissions, no red tape. Newman talked about how this is in stark contrast to traditional media, where IP is tightly guarded. In the Nouns universe, anyone can take an element and make something entirely new. This openness isn’t just a concept—it’s something we’re seeing play out at NOUNS FEST, where fifty animators showcased shorts that wouldn’t have been possible without the unrestricted use of Nouns’ IP.
How the Nouns Daily Auction Model Works
Nouns DAO operates using a daily auction model where a new Noun NFT is auctioned off every 24 hours. Each Noun is a unique, pixelated character, and the proceeds from each auction go directly into the DAO’s treasury. This treasury is then used to fund community-driven projects, like NOUNS FEST. The daily auctions ensure a continuous stream of funding, allowing creators to propose and develop projects without traditional gatekeepers. This model is not only self-sustaining but also keeps the community actively engaged, as each new Noun represents a piece of collective ownership and creative potential.
An Experiment in Decentralized Content Creation
Newman is refreshingly honest about what NOUNS FEST represents—an experiment. He emphasized that this isn’t a “solid business model” in the traditional sense. It’s more about testing whether creators can govern a project without central control and still produce something cohesive and exciting. The vibe here is experimental, decentralized, and yes, a bit chaotic—but that’s where the magic seems to lie. There’s something thrilling about seeing talented artists take the funding and run with it in unexpected directions.
A Glimpse Into the Future of NFTs and Storytelling
Newman didn’t shy away from discussing the state of NFTs, especially now that the hype has cooled. But he made a solid point: the underlying technology of NFTs still has enormous potential, particularly when it comes to reshaping funding models and storytelling. NOUNS FEST is a glimpse of what decentralized IP and funding can do, even if it’s a bit unpredictable right now. That unpredictability is exactly what makes it so interesting to watch.
The Takeaway: Why NOUNS FEST Matters
NOUNS FEST 2024 is a fascinating example of where decentralized funding and NFTs can take creative industries. It’s all about empowering creators to dream up projects without gatekeepers. It’s rare to see such a pure form of creative freedom, and the festival is proving that this model could have legs beyond web3.
If you’re intrigued by how NFTs can shape the future of entertainment, definitely check out the full interview with Walter Newman. This isn’t just another event—it’s a window into what our world could look like when creativity and community come first.
Read the full interview on OpenSea’s blog.
What do you all think? Could NOUN FEST’S type of decentralized approach work in other industries, or is it too chaotic to scale?
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