So you are telling me- that my NFT can be minted by many people infinitely for a specific amount of time.
Open edition NFTs: NFTs with no supply cap and open for a limited period.
The NFT industry is evolving and so are the needs of the creators and the fans engaged in the paradigm.
The birth of Open Edition NFTs:
In recent times, there has been a significant rise in the adoption of Non-Fungible Tokens (NFTs) in the real world. As the market for NFTs continues to expand, a new type of NFT has emerged - Open Edition NFTs. In this blog post, we will explore what open-edition NFTs are, their origins, and the advances in open-edition NFTs.
🎯🎯What Are Open Edition NFTs?🎯🎯
Open Edition NFTs are a type of NFT that can be created in unlimited quantities. Unlike traditional NFTs that are unique and limited in quantity, open edition NFTs can be purchased by multiple buyers. Open edition NFTs are typically used for digital art, animations, GIFs, and digital photographs.
The concept of NFTs was already thought up in 2012, long before Ethereum existed when a paper by Meni Rosenfield introduced the idea of using blockchain technology to create a unique digital asset. The concept of open-edition NFTs is relatively new. It was first introduced by the Nifty Gateway platform in 2020. Nifty Gateway is a platform that allows artists to sell their digital artwork as NFTs. They introduced the concept of open edition NFTs to allow artists to sell their work at a lower price point and make it accessible to a larger audience.
Open-edition NFTs aim to make digital art more affordable and accessible. Since open-edition NFTs can be created in unlimited quantities, they are an excellent option for artists who want to make their art available to a broader audience without compromising on the value of their work. Traditional art markets often have high barriers to entry, with high costs and limited availability. With open edition NFTs, however, anyone with an internet connection can potentially purchase and own a piece of digital artwork or other content.
How to create open-edition NFTs?
You can create an open-edition nft or an open-edition nft collection in several ways. The two paths that we are going to explore today are:
1- Using Zora.
2- Using Manifold.
Using Zora to Create NFTs:
Let's explore the methodology to create open-edition nfts using Zora.
1- Open Zora NFT marketplace on your browser.
2- SIgn in with your wallet in the Zora NFT marketplace.
3- Tap the Mint icon to mint any NFT on the marketplace.
4- To create your own NFT on the platform, tap the Create button on the top right section of the window.
5- Once you tap the Create button, it will ask you the type of NFT that you want to create.
Currently, there are three options present on the platform:
1- Edition-721
2- Multi-Edition-ERC-1155
3- Drop ERC-721
4- DAO
If you are intending to drop a single piece instead of an entire collection, it's recommended that you go for the Edition -721.
If you are intending to drop an entire NFT collection, choose Multi-Edition ERC-1155.
If you are going for the airdrop dedicated to your community, you should go forward with the Drop ERC-721 option.
If you are in the process of forming and governing a DAO, elect DAO.
Let us take an instance of ERC-721. After you select the ERC-721 standard, you will be taken to a window that looks similar to this:
Fill in all the fields in order to release your NFT.
Give your collection a name and attach the media that you would like to upload as an NFT. Once you have given appropriate value to all the fields- tap in the Create button
It is recommended to launch your NFT collection on the test network before launching it on the mainnet.
Congratulations! You have successfully created your Open Edition NFT. The platform also gives the option to create a fixed NFT collection.
Using Manifold to create NFTs:
Now, let's explore the Manifold platform for the creation of open-edition NFTs.
Tap 'Create your own' at the top left section of the webpage to enter the studio.
Then, you can connect any wallet for NFT transactions. Metamask wallet is often used which is easily available in the Chrome Web Store. Metamask wallet is often used which is easily available in the Chrome Web Store.
Then you can connect any wallet. Metamask wallet is often used which is easily available in the Chrome Web Store. Metamask wallet is often used which is easily available in the Chrome Web Store.
When you sign up on the Manifold platform, you will be able to select a wallet and choose a contract for deployment.
Initially, it is recommended that you elect the Goerli Test Network.
Further, when you want to deploy the smart contract on the main net- you will have to set the royalty percentage and mint the art onto the contract.
Some popular open edition NFTs:
Let's look at some popular open-edition NFT collections:
1- Checks by Jack Butcher:
Jack Butcher release the Checks open-edition NFT collection referencing it to the changing policy of Twitter verification under Elon Musk.
8$/month policy of Twitter Boss was captured in this NFT to mark the occasion.
At the time of writing, Checks has a total sales volume of 52,000ETH+ on OpenSea. 'Checks' NFT collection was released in the first week of January 2023.
It is a noteworthy fact that Jack Butcher is also the founder of Visualize Value and has been involved with the advertisement industry and the creative space for more than 10 years.
2- Crowd by Danny Cole.
This open-edition NFT was released as the successor to the extremely popular 'Creatureworld' NFT collection by Danny Cole.
More than 35,000 editions were minted and the creator was able to bag 1.7m$+ in revenue.
3- Traitors by XCOPY:
XCOPY's aesthetic is aggressive and distinct throughout his entire creation, employing glitch to criticize contemporary concerns and mindsets.
The 'Traitors' collection was released on Nifty Gateway on March 24th, 2021.
The collection explores death, dystopia and apathy through distorted visual loops.
The collection is titled “MAX PAIN AND FRIENDS,” with the open edition mint of the MAX PAIN NFT as the centerpiece.
'MAX PAIN and FRENS' currently stands at a total volume of 19000ETH+.
4- 'The Memes' by 6529:
The Memes by 6529 is an NFT collection of memes aimed to spread the message of the fight for an open metaverse (OM). The collection is ERC-1155 tokens minted on a standalone Manifold contract and the art is saved on Arweave (an interplanetary file system).
The total Sales Volume of the project on OpenSea had crossed 19000ETH+.
5- Lil Nouns and Nouns Project.
Lil Nouns are an open edition NFT with an endless minting mechanic. Lil Nouns is a Nouns DAO generative NFT collection. Lil Nouns are 32x32 pixel NFT characters that appear every fifteen minutes.
Lil Nouns is an Ethereum blockchain project fork of Nouns DAO. Lil Nouns are smaller than standard Nouns, measuring only 16x16 pixels, and have unique and fun designs that are meant to inspire a sense of sweetness and charm.
Advantages of Open Edition NFTs:
1. Reduction of cost for buyers
The most impactful advantage is that open edition NFTs have reduced the cost for buyers through their affordability. Since there is no limit to the number of copies that can be made, the price of each individual NFT is typically much lower than a limited edition NFT.
This means that buyers can acquire a unique digital asset at a lower price point, which is particularly appealing to those who are new to the world of NFTs and want to experiment without breaking the bank.
2. Increased access to creative works
Open edition NFTs have democratized the NFT market by allowing more people to participate. Limited edition NFTs can often sell out quickly, leaving many potential buyers unable to acquire them.
Open edition NFTs, on the other hand, are readily available to anyone who wants to purchase them. This allows more people to participate in the market, thus increasing access to the NFT industry.
3. Potential for creative works to reach a wider audience
Since open edition NFTs can be replicated and sold an infinite number of times, they can be distributed across a wider range of platforms and marketplaces.
This means that the work can reach a larger audience through different channels, such as social media, online marketplaces, or specialized NFT platforms.
This increased distribution can help to build awareness and interest in the work, and can also help to establish the artist or creator in the NFT community.
Challenges Posed by Open Edition NFTs
1. Risk of oversaturation of the market
The risk of oversaturation of the market is a potential concern when it comes to open-edition NFTs. Since there is no limit to the number of copies that can be made, there is a possibility that the market could become flooded with too many similar or identical NFTs.
This oversaturation could lead to a devaluation of the asset, as buyers may lose interest in purchasing something that is no longer seen as rare or exclusive.
2. Hassle of pricing and marketplace
Pricing and marketplace can be a source of hassle for creators and buyers in the case of open-edition NFTs. Since open edition NFTs can be replicated an infinite number of times, it can be difficult to determine a fair and consistent price that reflects the value of the work.
One issue is that some creators may undervalue their work in order to attract more buyers, leading to a devaluation of the asset and a loss of potential revenue. On the other hand, some creators may overvalue their work, leading to a lack of interest from buyers and an inability to sell the NFTs at a fair price.
3. Chaos of authentication and validation
Authentication and validation of open-edition NFTs can be a chaotic and challenging process, especially given the decentralized nature of the NFT market.
One of the primary challenges is verifying the authenticity of the NFT. Since open edition NFTs can be replicated an infinite number of times, it can be difficult to determine which copy is the original, and which copies are unauthorized duplicates.
In conclusion, open-edition NFTs have opened up a whole new world of possibilities for artists, collectors, and enthusiasts. While there are certainly challenges to be addressed, such as oversaturation and authentication, the potential for a more accessible and democratized art market is exciting. As the NFT market continues to evolve and mature, we can expect to see more innovations in the realm of open-edition NFTs, such as new pricing algorithms and authentication systems. I hope this article has been informative and thought-provoking, and I would like to express my gratitude for your interest in this exciting and rapidly-evolving field.