The first Nounlet just sold for 4.2 ETH

The first Nounlet, a new collection out of the fractionalized NFT platform Tessera, sold for 4.2 ETH (over $5,000).

Nounlets are a new experiment in collective NFT ownership out of Tessera using NounsDAO, the flagship CC0 NFT project. Nouns mint a new NFT every day, which can easily cost the user more than 60 ETH (around $77,000). Tessera’s Nounlets project lowers the cost barrier for a Noun-focused NFT while still letting holders participate in NounsDAO voting.

Each Nounlet represents 1% of the entire Nouns NFT. Further auctions over 1% of the NFT will occur every four hours until 100%, or 99 other Nounlets, have been bought.

Nounlet 1, the first Nounlet minted.

These Nounlets are based on Noun 315, which was minted on May 21 for 73 ETH (around $144,000 at the time). All 100 Nounlets will keep the same head as Noun 315 but have different bodies with features that have been randomly generated. 

Noun 315 is the original NFT that the 100 Nounlets will be based on.

One delegate will be elected from among the 100 Nounlet owners to vote on Noun governance proposals and correspond to other Nouns holders via the project’s Discord channel. Every Nounlet affords one vote for a delegate candidate.

To be sure, this is not the first time multiple individuals shared ownership over the same Nouns NFT.

In August, individuals could buy securities of Noun #160 – a Nounders Noun that’s not usually available to the public — in which owners of these securities could vote upon NounsDAO matters. However, Nounlets is its own spin-off project based off NounsDAO; Nounlets have 100 unique NFTs while Noun #160 is a part of the original Noun project, which has an unlimited amount of NFTs.

Tessera, the fractional NFT platform previously known as Fractional, is powering the Nounlet auctions and will take 2% of the proceeds. The remaining 98% will go to Noun 315’s original owner.

Editor’s Note: This story and its headline have been updated to more accurately characterize the nature of the Nounlet project. 

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