We’ve previously gone over the different methods one can utilize to unveil their NFT collection to the general public. You can check that out right here! However, in this article, we’re gonna discuss a newly debated way of putting out collections! It has been under scrutiny for quite some time in the Web3 world. Furthermore, it is the talk of the whole community on Twitter these days, and for a good reason. Some people boast about its value and importance and seem excited about the concept while others are forsaking it… We’re talking about Open Edition drops; but first, what are they?
Open Edition Drops (OE Drops): They are a new type of drop where users are allowed to mint an NFT from a certain collection an unlimited number of times during a specified time window. Basically, they are the opposite of Limited Edition drops.
So, without further ado, let’s jump right in!
How Do Open Edition Drops work?
In a nutshell, Open Editions are a marketing tool. And the mechanics of Open Edition drops vary depending on the marketplace and what the Artist intends. Furthermore. OEs may or may not have an edition number, and may or may not advertise the total number of editions created.
On one hand, for most NFTs created on platforms like OpenSea and Rarible, it’s not necessary to specify whether an NFT is part of a limited or open edition if the artist is not in high demand.
However, on other curated marketplaces like Nifty Gateway, Open editions are not just limited by a specific number of editions but also a window of time in which an OE piece is available to buy. There will be as many pieces minted as are bought in that window of time. Once the window closes, no more editions of that NFT will be minted.
Are Collectibles From OE Drops Valuable?
Some people view Open edition drops as less rare or coveted than limited editions since they are structured to satisfy the demand for a piece rather than being a unique 1 of 1.
However, OEs can become quite valuable in the following cases:
- The artist brings valuable utility to the NFT (Exclusive airdrops to holders, whitelist privileges for upcoming drops).
- The artist succeeds in gaining popularity after the OE release. This creates a stronger demand for their earlier works.
- If only a few OEs are minted, the pieces become rare by default.
Opinions on Open Edition Drops
Open Edition drops rose to fame due to the prominence of platforms such as Manifoldxyz. In detail, the platform hosted more than 12,000 claim page drops worth a total of 40M mints of volume traded.
Not to mention ourZORA where users can create OE drops. It is welcoming new users to explore its OE NFT features. At the moment, it is boasting over 2K Daily Active Users – one of the 11 highest numbers of all dapps.
Now, let’s look at some mixed Twitter opinions regarding OEs…
Open Edition Drops (OE) are exposing the carefully “curated” WL allocation strategy for “top” projects & influencers.
– spoiler alert^ they never mint & project flops
Work on your “user acquisition strategy”
And keep in mind that the market will always determines your worth.
— SafZ (@CrypSaf) January 30, 2023
They have no problem with PFP projects making Millions of dollars in a NFT Rug Pull
But they have problem with artists making over 100K in OE drops
I want every single artist to be successful, I absolutely love the recent trends…
— BAVUGAR NABU (@bavugar) January 31, 2023
Thoughts on OE: I think there’s a time & a place that makes sense for them, which is when the artist decides. They offer accessible prices to works from artists that might be otherwise inaccessible, they shift the focus from the fp to the act of actually owning the art.
— BETTY (@betty_nft) January 28, 2023
Artists bullish on OE drops believe that 'NFT scarcity is overrated'.
Open Editions make NFTs more accessible & affordable while driving greater engagement.
They widen artists' audiences & allow lesser-known artists to earn passive income through NFTs 💰
— RoverX – NFT alerts on mobile (@RoverX_io) February 1, 2023
OEs are like prints, time has already shown us that this meta is viable both for artists and collectors. It allows artists to earn money from their art, drives value to 1/1 and LEs for serious collectors and you get cool art at low prices.
It’s a win-win-win situation.
— charlesai.eth | SR💎 (@HODLFrance) January 29, 2023
The discussion about Open Edition drops reminds us of the debate about NFT utility in the summer of ’22. Proponents of Web3 swear by the blockchain’s ability to help artists make a living… Because the NFT space has always been about money…
If money is your only concern, this NFT Artist recently raised over 1.4K ETH in his Open Edition Drop NFT mint dubbed ”Money Printer Go Brrrr”. We’re talking about Ness Graphics who surpassed the likes of Bored Ape Yacht Club and Doodles in their original mints! Talk about iconic…
An open edition sale of a single image by @Ness_Graphics just generated more ETH than the last Zombie punk sale.
(1405 vs 1155) pic.twitter.com/9Q21RKClpC
— NFTstatistics.eth (@punk9059) January 28, 2023
However, to most people and average Joes jumping on the Web3 bandwagon, they are in it for both money AND fun. That’s why OE skeptics advise people to mint OEs for the love of the art, without expectations of utility or the potential to flip them later on for a profit.
Furthermore, as a business savvy in the NFT space, it is common knowledge that raising your token’s floor price is among your top priorities. However, you shouldn’t forget the ultimate goal: Bringing value to users through your product.
Not to mention that we need not ignore the other variables that are causing the FP to decline… So, inspect and scrutinize all the factors rather than labeling Open Editions drops as the sole culprit. And evidently, how others choose to operate their ship is up to them.
Even though it’s important to keep an eye on money and finances in this space, it is also important to focus on what’s beyond that. Building a strong supportive platform and recruiting members to your Web3 community. That is the real measure of success…
Finally, do your research, weigh your options, and double-check your goals. And as always, stay tuned for more!