# NFTR: The First Ethereum Protocol Run by a Nounish DAO

# TLDR

NFTR, the first and only NFT Naming Registry on Ethereum, is requesting 80 ETH to seed its Nounish DAO Treasury. In Nounish DAO fashion, 1 daily NFT = 1 vote,  will determine NFTR funding initiatives. In return for the funding, Nouns DAO will receive 10% of the supply in perpetuity. In addition, NFTR will direct 5% of daily auction proceeds to the Nouns DAO treasury up to 80 ETH.

NFTR allows naming any ERC-721 with a globally unique name across all Ethereum.

NFTR DAO will eternally proliferate Nouns as sponsor of the NFT Naming standard. 

The up and coming standard -- [ERC-6551](https://eips.ethereum.org/EIPS/eip-6551)’s Token-Bound Accounts turn NFTs into active onchain identities that can do anything an EOA / smart contract wallet can do. Active NFTs and their accounts need human-readable names for reference and reach.

This initiative expands Nouns’ addressable market to **all NFT holders**.

# Who's Behind NFTR?

[DigitalOil](https://x.com/0xdigitaloil) is the founder and CEO of [NFTR](https://nftr.name). Team includes 1 BD lead, COO, 2 more devs, and a designer. Development began in Q3 2021. Before going full-time web3, DigitalOil was an iOS developer, satcom engineer, and logistics business executive. He was behind [Prop 199](https://nouns.wtf/vote/199) and worked on [Private Voting](https://prop.house/nouns/private-voting-research-sprint/3976) (recently won the Nouns Private Voting contest) Research funded by Nouns. DigitalOil also recently founded [The Panama DAO](https://twitter.com/ThePanamaDAO), in the image of Nouns DAO, which was pre-seeded 1 ETH by [Nouns Prop House](https://prop.house/nouns/open-round:-12/2166) and subsequently seeded 20 ETH by a [Builder DAO Incubator round](https://prop.house/builder/dao-incubator-round-2).

For more on DigitalOil’s thoughts about Nouns, please refer to his Nouns Agora statement.

Note that DigitalOil has fronted all NFTR founding expenses (over $400k worth) since inception, ~19 months ago. NFTR has never raised seed funding.

# What is NFTR?

NFTR (NFT Registry) is a universal, permissionless NFT Naming Registry on Ethereum.

NFTR allows naming any ERC721 with a globally unique name across all NFTs.

It's comparable (albeit different architecturally) to ENS for naming NFTs instead of wallets.
 
Naming an NFT grants the NFT a NFTR Profile with soon to be integrated ERC-6551 functionality (a new standard for Token Bound Accounts) and extensive utility. 

NFTR provides an API so that any platform can pull and display names alongside NFTs.

For more details on protocol architecture, visit [NFTR.name](https://nftr.name) to view our [Docs](https://docs.nftr.name), try our live dApp, view NFTR Profiles at [name].NFTR.name, or engage on our [Discord](https://discord.gg/frMSHsAvay).

![*Nouns that have been named on NFTR. JellO.nftr is the Nouns DAO-owned Noun that was named on NFTR via Prop 280. JellO can be interacted with by visiting jello.nftr.name in any web browser.* ](https://i.imgur.com/aPBEQTX.png)

*Nouns that have been named on NFTR. JellO.nftr is the Nouns DAO-owned Noun that was named on NFTR via Prop 280. JellO can be interacted with by visiting jello.nftr.name in any web browser.* 

# Why name NFTs?

NFTs need the accessibility afforded by simple, unique names.

The rise of ERC-6551 Token Bound Accounts accelerates the inevitable onchain use of NFTs as our identities.
 
A universal NFT Naming Registry unlocks limitless NFT-centric app potential, hosted within NFTR Profiles, allowing you to BE your NFT. 

**Current "web3" ID jumble**
* A Twitter account with an off-chain handle
* Ubiquitous profile name featuring reference to an unverifiable on-chain domain (ENS or NNS)
* A verified or unverified image of an NFT that’s impossible to refer or navigate to

All representing a web2 account who may not own the displayed NFTs or domains.

**NFTR Names and Profiles provide**
* Cohesion of NFT, onchain identity, and social media
* Instant reference/reach via a simple domain: [name].nftr.name
* Organized ERC-6551 functionality, 1 subdomain per Token-Bound Account. 
* NFT Utilities: listed below

For an expanded vision behind NFTs as identities, refer to [this article](https://medium.com/blockchain-biz/on-web3-digital-identity-ies-480e2257a706) by DigitalOil.

![Current profile page of JellO. Previously owned by our Treasury (at time of naming). Now owned by mucholove.eth. This Noun is reachable at [jello.nftr.name](https://jello.nftr.name)](https://i.imgur.com/T91LU81.png)
*Current profile page of JellO. Previously owned by our Treasury. Now owned by mucholove.eth. This Noun is reachable at jello.nftr.name*

# NFTR Utility

NFTR Names unlock usage of NFTs as our identities. NFTR Profiles at [name].nftr.name facilitate and embed the following utilities (**bold** still under development):

* Simple NFT reference + reach
* Web3 verified links to socials + NFT marketplaces (showing best available price)
* **ERC-6551 Integration (Token-Bound Accounts)**
* **Subdomain per Token-Bound Account**
* NFTR Name Marketplace (name trading)
* **NFT Direct Messaging (between NFTs)**
* Composability: New primitive for dApps to leverage
* **Collection-native utilities and plugins into NFTR Profiles**

![Verified socials (verified twitter handle shown). Allows for the first time for an NFT to point to a social media identity, inter-relating them both ways.](https://i.imgur.com/6zQ32bc.png)
*Verified socials (verified twitter handle shown). Allows for the first time for an NFT to point to a social media identity, inter-relating them both ways.*

Integration of ERC-6551 features will operate a named NFT’s TBAs (Token-Bound Accounts) and associate them with a subdomain, making the TBA reachable by referring to the subdomain (e.g. banking.DigitalOil.nftr).

![The NFTR Name Marketplace allows for trading NFT names.](https://i.imgur.com/UnUzHIP.png)
*The NFTR Name Marketplace allows for trading NFT names.*

As an extension of an NFT's naming history, NFTR will develop the first NFT-event specific indexer. The indexer searches and detects all events related to an NFT, including:
* Contract provenance
* Mint date
* Naming history
* Wallet to wallet transfers
* NFT enhancements / metadata changes
* App specific events, like airdrop claims
* Uses of the NFT as collateral
* Using the NFT for some collection-specific utility (e.g. Mutating a BAYC)
* Staking the NFT for yield
* All of the above with the intent of making NFTR into the first NFT-centric identity platform, where NFTs become social and are front and center.

# Why involve NounsDAO?

Distributing ownership of the contracts and treasury of an Ethereum-wide primitive to a decentralized DAO is the ultimate proliferation of Nouns: perpetuating the ideal on-chain governance model.

We view Nouns as the purest instantiation of a DAO and are interested in adopting the Nouns DAO model for control and proliferation of the NFTR protocol.

NFTR has been bootstrapped to date. A funding infusion will accelerate development at a critical time, facilitate NFTR’s first marketing efforts, and permit other initiatives to cement NFTR into its sensible role as a necessary and universally adopted public good. 

The Nouns community is full of individuals concerned with innovation and the welfare of web3. We’d be honored to enlist your support and advocacy, both as a Nouns brand and as a collection of highly sensible and web3 native individuals. 

# ERC-6551 Integration + Enhancement

From ERC-6551's [whitepaper](https://eips.ethereum.org/EIPS/eip-6551#abstract):

ERC-6551 Abstract: “This proposal defines a system which assigns Ethereum accounts to all non-fungible tokens. These token bound accounts allow NFTs to own assets and interact with applications, without requiring changes to existing smart contracts or infrastructure.”

Another quote: "Each token bound account is owned by a single ERC-721 token, allowing the token to interact with the blockchain, record transaction history, and own on-chain assets. Control of each token bound account is delegated to the owner of the ERC-721 token, allowing the owner to initiate on-chain actions on behalf of their token."

If ERC-721s (NFTs) are to be so active, they must be simply and uniquely identifiable.

ENS, fundamentally, provides this service to Ethereum wallets.

NFTR, natively, provides this service to NFTs and ERC-6551 Users.

As ENS provides limitless value and utility beyond reach/reference, so does NFTR. 

# NFT Name Integration

NFTR Names can be easily integrated by ABI/API call into:
* Existing NFT Marketplaces (show names below NFTs for sale)
* Metaverse spaces
* Web3 Games
* Social media apps that display verified NFTs

Integrated NFTR Names are:

* Quickly reachable by web domain at [name].nftr.name
* Clickable, directing to NFTR Profile for direct interaction with the NFT
* Interactive via NFT Messaging, direct payments, bidding, browsing NFT history, etc.

# How Does NFTR’s namespace work?

NFT Names are registered in NFTR’s [Registry Contract](https://etherscan.io/address/0xc662a8ce36392d4b9489d0b59605a1874711bfc6). They are unique, meaning that no two NFTs can simultaneously hold the same name. They are NOT tokens or NFTs themselves. This brings the following benefits:
* NFTR Name transactions are light (not gas intensive)
* NFT Names are bound to the NFT, and travel with the NFT
NFTR’s native name marketplace facilitates free in-wallet name transfer and buying/selling/bidding between wallets. Names are integrated into existing dApps via API/ABI call.

Names are alphanumeric strings with no leading or trailing spaces, and are case sensitive for display purposes. But case-insensitive for duplicity purposes.


# Similar Props

**107 Verse**: Narrowly passed before funds were returned. Conflicted results due to purchase of equity in a non-Nouns project (Verse). Relation to our prop: NFTR is requesting DAO funds, not selling equity. NFTR is Nounish in DAO structure, and will feature ⌐◧-◧ in daily NFTs. 

**189 SharkDAO**: “I see these types of proposals as "cultural venture investments", similar to our @nounsbuilder funding… we just need to know whether a) we trust that the subDAO will steward those funds in a way that is positive for Nouns DAO, and b) if the cumulative ask is an amount of our treasury we are comfortable "locking up" until we see the cultural ROI from that spending.” Relation to our prop: NFTR can be viewed as a venture investment, though all funds will be incrementally added to the NFTR DAO, and their usage will be determined by DAO members (20% NFTR team, 10% NounsDAO). As a contributing member of Nouns and an innovator in the space, it can be reasonably assumed that DigitalOil will be an admirable steward of NFTR and its association to the Nouns brand and DAO model. 

**284: PizzaDAO**: Executed prop to fund PizzaDAO’s global pizza party, featuring Nouns branding and Noggle props. Here, Nouns served as sponsor for another DAO’s mission while perpetuating the Nouns meme. Relation to our prop: Not only will Nouns’ branding be integrated into NFTR’s NFTs and platform; NFTR’s DAO structure will inherently mimic the ideal web3 standard established by NounsDAO, eternally perpetuating the meme and the model. 

# NFTR Revenue Model

Multiple revenue streams that will flow to the NFTR DAO Treasury.
* Paid Namings (0.01 ETH, one-time lifetime fee, adjustable by the DAO)
* NFTR Marketplace Revenue (5% fee of name trade value, adjustable by the DAO)
* Daily Nounish NFT Mints
* Golden Ticket sale fees ([GTKs are an existing](https://www.nftr.name/#/golden-ticket) NFTR-created ERC-20 that token-gates NFTR’s top 1000 names)
* Fees from eventual advanced NFTR features (NFT Groups, subdomains, etc.)

# How NFTR will proliferate Nouns

* Finish building a web3 standard in the model of Nouns DAO
* Nounish governance NFTs
* Nouns DAO will become a major contributor to the NFTR DAO
* Nouns DAO maintains a significant influence (10% voting weight) over NFTR DAO props. Note that if Nouns chooses to exert this influence it would likely be by delegation to interested parties.

# Deliverables

* Adopt Nouns DAO governance structure (includes turning over ownership of the protocol contracts to the Nounish NFTR DAO) via Nouns Builder DAO deployment.

![NFTR governance becomes Nounish](https://i.imgur.com/7qZ3KV5.png)
*NFTR governance becomes Nounish*

![Nouns profile pages on NFTR would show different than profile pages for other NFTs](https://i.imgur.com/o9GiXGg.png)
* Nouns profile pages on NFTR would show different than profile pages for other NFTs
* 10% of minted NFTs go straight to Nouns DAO treasury
* 20% of minted NFTs are sent to the NFTR team address
* 5% of minted NFTs go to a contract governed by [Golden Ticket](https://www.nftr.name/#/golden-ticket) holders
* The other 65% of NFTs are auctioned daily with proceeds going 100% to the Treasury
* Outfit our daily NFTs with ⌐◧-◧

![NFTR DAO daily NFT early concept](https://i.imgur.com/VEJKMwI.png)
*NFTR DAO daily NFT early concept*

Supply every Nouns NFT (forever) with a Naming Credit (existing and future), good for a free name + associated NFTR Profile (accessible by [name].nftr.name). This includes development of a PR into the [nouns.wtf](http://nouns.wtf) front-end to facilitate naming upon auction settlement

![Name your Noun on NFTR for free with a naming credit granted for each newly acquired Noun](https://i.imgur.com/TIdKeRz.png)
*Name your Noun on NFTR for free with a naming credit granted for each newly acquired Noun*

Further customize Nouns NFTR Profiles, integrating Nouns-specific utility (e.g. delegation plugin, vote bidding plugin, etc.)

# Funding Request
* 80 ETH to seed the NFTR DAO Registry for decentralized use by NFTR DAO. NFTR will direct 5% of daily auction proceeds to the Nouns DAO treasury up to 80 ETH.
* All funding directs to a 2/3 multisig controlled by Noun12, Joel & Digital Oil until the NFTR DAO treasury is ready to receive the funds.

These are some of the initiatives the NFTR team envisions will be proposed:

**Team expansion**
Funding permits core team to work continuously on NFTR, in addition to funding additional hires to accelerate development (frontend + backend), event indexer, maintenance, and community-facing roles, etc.

**Marketing and Business Development**
Promotion + NFT community education on the utilities of NFT Naming, as well as its essential nature in support of ERC-6551.

**NFT Conference Sponsorship + Promotion**
⌐◧-◧ x NFTR sponsorship at worldwide 2023-2024 NFT conferences

**NFTR PropHouse**
⌐◧-◧ x NFTR will create a PropHouse to solicit community-built utilities and dApps that leverage the universal NFT namespace.

**Auditing**
The completed NFTR ecosystem includes new smart contracts that must undergo auditing to ensure their security and safety for trustless + immutable NFTR DAO ownership and operation.

# Success Metrics
* Wide-scale Adoption of native NFT Naming (1 mil+ domains registered)
* Becoming the primary hub for ERC-6551 activity
* Propagation of Nouns meme + Nouns DAO model as the ideal governance model for a business / decentralized web3 protocol
* Steady demand for daily NFTR NFTs, which stock the NFTR DAO Treasury and keep NFTR as decentralized as possible, sustaining NFTR indefinitely as a standard on Ethereum

Outcome: DEFEATED