Nouns is a generative non-fungible token project on the Ethereum blockchain. Nouns are 32x32 pixel characters based on people, places, and things. One noun is generated every day. Here are some examples of nouns:
this is a horse noun
this is a taco noun
this is an airplane noun
One noun is auctioned every 24 hours, forever. One interface for participating in noun auctions is nouns.wtf, which is a website built and maintained by the project founders ('Nounders'):
In the auction above, Noun 8, which is the 9th Noun (Noun IDs start at 0) is for sale. The current bid is 88.88 ETH (Ether), and there are 2 hours, 21 minutes, and 50 seconds remaining in the auction. If this auction ends with no further bids, 88.88 ETH from xaix.eth ($286,824 USD as of this writing) will be automatically and trustlessly sent to the Nouns DAO Treasury and xaix.eth will win this Noun, which means that the ERC-721 token will be transferred to their address.
You can see all the Noun ERC-721 tokens here: https://opensea.io/collection/nouns
Because of the way Ethereum works, Noun auctions must be settled after they are completed. The auction settlement transaction does three things: 1. it sends the current NOUN ERC-721 token to the winner of the auction, 2. generates the next Noun, and 3. begins the next 24 hour Noun auction.
The Nouns DAO treasury receives 100% of ETH proceeds from daily noun auctions. As of this writing, the Nouns DAO treasury contains 3,455.6022 ETH, the equivalent of $12,273,677.01 USD.