Non-fungible tokens (NFTs) have evolved how art is used today by making it easier for people to own unique pieces of art and trade them. Although the NFT industry had a pullback in 2022, there seems to have been a rise in demand for Open Edition NFTs recently.
What are Open Editions NFTs?
Open Edition NFTs are digital assets or collectibles that can be minted unlimitedly without any limit to the number of copies that collectors can generate. This type of NFT is simply the opposite of Limited Editions, which set a certain limit for the number of art or collectible copies. There are various OE NFTs, however; all of them can be categorized under the two types below:
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Timed Open Edition NFTs
Timed OE NFTs are collectibles that can be minted repeatedly during the creator’s designated mint period. However, once the mint period is over, collectors no longer have access to getting more copies of the NFTs.
Infinite Open Edition NFTs
Contrary to the Timed OE NFTs, Infinite OE NFTs can be generated repeatedly without an end time. This means that collectors are free to generate more copies as long as they want.
How Do Open Edition NFTs Work?
Open Editions work by using the blockchain to generate digital certificates of ownership for the collectibles. All the artworks or digital asset transactions are stored on the blockchain, and the creator earns a percentage from the small price of each digital asset sold.
What are the Benefits of Open Editions NFTs?
Despite having a large supply, Open Editions have several advantages that make them worthwhile. Some of the benefits of Open Editions NFTs include:
i. Open Edition NFTs are cost-effective
Most Open Edition NFTs are below $10 making them cost-effective and accessible to a wider audience. This is also limiting the high barrier of Web3 by making it easier to onboard new users into the space.
ii. Artists can have full control of their artworks and reach a wider audience.
Creators can continuously add more value to their collections and get their pieces in front of a larger audience that’s willing to buy. As a result of the affordability and unlimited pieces of work, several people would be willing to buy into their project because of the low risk involved.
iii. The NFTs are beneficial for fans to support their favourite artists
Open Editions serves as means for collectors to support and appreciate their favourite creators. For instance, you can choose to mint unlimitedly as you want to encourage or show love towards an artist you admire or regard.
iv. Open Editions NFTs help artists promote their brands
The more people purchase from the Open Editions NFTs collection, the more the creator’s works and name become widely recognized and with time, they are likely to become globally relevant.
v. Open Editions NFTs are Flexible
It’s easier to create Open Edition NFTs than Limited Editions NFTs because they’re simple to build and do not require complex programming languages. There are existing infrastructures on platforms like Zora and Manifold, making it easier for creators to launch their collections.
How Did Open Editions NFTs Become Popular?
The recent surge in Open Editions NFTs started in 2022 when infrastructure-minting platforms like Manifold and Zora captured the Web3 market. This spurred several artists to try Open Editions. In January 2023, several OE generated good sales, for example, Checks VV NFTs sold 19ETH ($29.87) worth of NFT in secondary sales as of this writing.
Similar to Limited Editions NFTs, derivative projects are beginning to show up, helping the sales of NFTs surge. For example, Vincent VanDough’s Pepe meme collection of Checks VV NFTs sold 238,000 copies at $6.90 each. The project generated $1.6 million from the drop and increased the trading volume of NFTs in 2023.
What is the Future of Open Edition NFTs?
Open Edition NFTs are rapidly growing and may experience higher surges in prices. However, because the NFT industry operates in different Metas (Seasons), OE NFTs may turn out to be one of the regular market trends, for example, Zero-Utility NFTs like Mfers or weird art collections like Goblin Town. This is because most new industry trends result from speculation, making it easier for them to lose momentum after some time.
Final Thoughts
Open Editions NFTs are on the rise now despite being in existence since 2022. Considering the market speculation, it’s likely that they do well or they decline over time. So, you should ensure that you DYOR (Do Your Own Research) before investing in any collection.