THE NFT market saw a sharp downturn in 2022 as a result of the cryptocurrency collapse. This phenomenon is pushing industry players to innovate to give this technological innovation a second wind with initiatives like open-edition NFTs.
Open editions are a type of non-fungible token, i.e., certificates of digital value registered on a blockchain. Most NFTs offered for sale are unique or limited editions: they only exist in the form of one unique copy or are available in a limited quantity pre-defined by their creators.
For example, "Everyday: The First 5000 Days", a digital creation by Beeple which sold for $69.3 million in March 2021, is a unique-edition NFT, while CryptoPunks NFTs are limited editions.
Open-edition NFTs are somewhere in between these two models. The creators of the NFTs allow purchasers a period of time, usually between 24 and 72 hours, during which they can purchase as many non-fungible tokens from the same collection as they wish.
After that time, no more can be purchased. Some open-edition sales may be open-ended, but they are rare in the market.
The concept of open editions is not new in itself. The American artist Beeple, the star of the NFT world, tried it out in December 2020.
At the time, he offered three of his works - "BULL RUN", "INFECTED" and "INTO THE ETHER" -- as open editions. Collectors had just five minutes to buy as many NFTs of these works as they wanted.
But this type of NFT drop was gradually abandoned in favor of unique and limited editions, which are generally more lucrative because of their rarity. However, open editions are making a comeback, driven by prominent crypto-artists who want to make NFTs more accessible.
Among them are Terrell Jones, Lucrece, Marcel Deneuve and XCOPY. The latter sold 7,394 NFTs from the "MAX PAIN" collection in just 10 minutes, in March 2022. An operation which is said to have earned the artist $23 million.
Faced with the craze for open-edition NFTs, specialist platforms such as Zora and Manifold are offering budding crypto-artists the chance to create them in a few clicks.
But this isn't to everyone's taste. Some collectors worry about a potential collapse of the NFT market if too many open editions appear on the market at the same time. Others fear that the NFTs they own will lose value if the artists who made them start making open editions.
33, a collector and NFT specialist, says open publishing may be a relevant choice for crypto-artists whose single-edition digital works reach astronomical sums. "Generally, I wouldn’t recommend any artist to drop an open edition until their 1-of-1s have become unaffordable for most," the expert told nft now.
"There should also be a good reason for the open edition. I’d much rather see a limited edition of 50, 100, or 1,000 if the artist so wishes. But I like to know what that number is."
ETX Studio
Tue Feb 28 2023
In March 2022, XCOPY sold 7,394 NFTs from the "MAX PAIN" collection in just 10 minutes. - ETX Studio
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.