 | Open Edition NFTs are the new hot thing for NFT collectors right now. An open edition NFT is simply a a single image that can be minted during a certain time frame, the creator might allow 24 hours for minting or one week and depending on the popularity you might end up with a couple of hundred or hundreds of thousand NFTs that look exactly alike. Looking at three really popular NFT collections that started this year to try and understand the appeal of open edition NFTs first one is Checks a piece of art based on the twitter check mark. these are open edition which means there is a set price for each one, they all look the same and as many as can get minted during a specific time will exist. 16,000 were minted at $8 each = $128k These NFTs have a unique burn mechanism were you are able to burn multiple NFTs to receive a different NFT back with the color changing or the amount checks changing, the more you burn the more unique your NFT is and hopefully more valuable. So you are incentivized to buy more on the original mint day or on OpenSea if you missed the $8 mint price so you can transform them into more expensive NFTs, this burn mechanism is great for the creator to sell more buy still ultimately keep the total amount low if enough people burn the ones they buy. The most expensive listed one right now is a single red check mark, they had to burn 64 NFTs to get this at the current floor price of 0.898 eth it comes to 57.4 eth burned. The second open edition NFT collection was made by and NFT collector who saw the success of the checks and decided to make a Pepe edition, $7 original mint price and people managed to mint 237k of them. 237,000 x $7 = $1,659,000 (this is just the original mint that lasted three days, not including what they are making on royalties) 1.6 million for a Pepe checks NFT that all look the same. no type of burn mechanism has been announced for theses keeping the floor price relatively close to mint price at 0.0089 eth. the third one another open edition NFT mint created by artist Kevin Abosch, original mint price was 0.03 eth and managed to mint over 7k before the artist stopped minting early due to the amount being minted. 7,000 x 0.03 eth = 210 eth This one is simply image with the words Open Edition written in yellow text - The artist hasn't announced any type of burn mechanism for these but that hasn't topped the floor price from shooting up to 0.1177 eth. Open Edition NFTs are not really a new thing it's simply the name that has changed, before they were just called unlimited mints or something. Even though these types of NFTs are gaining a lot of popularity do you believe these could actually be sustainable over a longer period of time or will the fact that they are minted in extremely high numbers eventually cause the price of these to crash? I can't see why having 237k of the same NFT image would be worth any amount of money, Reddit avatar NFTs the free ones at least are minted into the millions and only sell for a couple of cents each. Is this just the new craze that will eventually pop? leaving many holding thousands of these now worthless NFTs? [link] [comments] |
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