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There are 60 minutes in every hour, and 24 hours in every day. 60 * 24 = 1440. Coincidentally, (at least American) film is shot at 24 frames per second (fps), and so 24fps * 60 second = 1440 frames in one minute of film.
1440 Frames is a project to encourage people to shoot timelapse movies of a single 24-hour period. These could be scenic, documentary, or even fictional in nature. There will be open submissions for general, un-themed time-lapses, but from time to time, there will be suggestions for a group project where submissions will match a specified theme or direction.