The Rise of Open Edition NFTs | 08/02/23
NFTs or Non-Fungible Tokens have been making waves in the world of digital art and collectibles in recent years. NFTs are unique digital assets that are verified on a blockchain network and are not interchangeable or replaceable. These NFTs can represent a wide range of digital assets, from digital art to music and video game items. However, not all NFTs are created equal! One type of NFT that is becoming increasingly popular is the Open Edition NFT.
What are Open Edition NFTs?
Open Edition (OE) NFTs are NFTs that are not limited in the number of copies that can be created. Unlike Limited Edition NFTs, which have a fixed number of copies that can be produced, OE NFTs have no limit. This means that an OE NFT can be sold an unlimited number of times, and the value of the asset depends on its popularity and demand.
Why are so many people creating Open Edition NFTs at the moment?
There are a few reasons why Open Edition NFTs have become increasingly popular in recent times. Firstly, OE NFTs are much easier and quicker to produce compared to Limited Edition NFTs. As there is no limit on the number of copies that can be created, artists and creators can quickly produce and sell a large number of Open Edition NFTs, which generates more profit for the artist.
Another reason for the popularity of OE NFTs is that they are more accessible to a wider audience. Limited Edition NFTs are often priced higher and are only accessible to a select group of people who can afford to purchase them. OE NFTs, on the other hand, are more affordable and can be purchased by a larger number of people, making it easier for artists and creators to reach a wider audience.
Open Edition NFTs are also becoming increasingly popular as a way to monetize digital art and other creative works. As the world becomes more digital, the demand for digital art and collectibles has increased, and OE NFTs provide a way for artists and creators to sell their works and receive payment for their creations.
Open Edition NFTs are a unique type of NFT that are becoming increasingly popular in the world of digital art and collectibles. With their ease of production and accessibility to a wider audience, OE NFTs provide artists and creators with a new way to monetise their digital works and reach a larger audience. The rise of OE NFTs is a trend that is here to stay, and it will be interesting to see how it continues to evolve and impact the world of digital art and collectibles.
If you’ve an artist looking to sell an NFT collection, we’re a Web3 Marketing agency that can help. Take a look at our list of services here.