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As the name implies, Lil Nouns are essentially tiny versions of the Nouns NFTs from which they evolved. According to the Lil Nouns website, "nouns as children." That is, they have the same pixel art style and aesthetic as the Nouns.
In essence, these NFTs will be used to fund the Lil Nouns DAO, which is an extension DAO based on the Nouns DAO. As a result, the Lil Nouns DAO's purpose is to expose more people to Nouns.
The Lil Nouns Auction Contract will function as a self-sustaining Lil Noun generation and distribution mechanism, auctioning off one Lil Noun every 15 minutes in perpetuity. 100% of auction earnings (ETH) are instantly deposited in the Lil Nouns DAO treasury and administered by Lil Noun owners.
When an auction is settled, the settlement transaction creates a new Lil Noun and starts a new 15-minute auction.
While settlement is significantly incentivized for the successful bidder, it can be triggered by anybody, allowing the system to auction Lil Nouns with confidence as long as Ethereum is operating and interested bidders exist.
Therefore, the Lil Nouns mint price shall be the settlement price of the auction.