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Open Edition NFTs
Hello and welcome to MadeMeThink! Once a week I send out this newsletter with curated content, events and examples that have sparked my interest. It's a review of my last 7-days in Web3, NFTs and the Metaverse. Want to follow my thoughts on a daily basis? Then connect with me via Linkedin and Twitter. This article is also available in German. To receive this newsletter in your inbox weekly, consider subscribing 👇
Following an emerging new space is incredibly interesting. It is fascinating to see what new applications, possibilities, variants are being explored.
Currently, Open Editions are creating a buzz in the NFT market. As the name suggests, Open Editions are not limited in the number of NFTs that are issued, they are open. This is in contrast to the usual approach, in which NFTs are characterized precisely by the fact that they have few editions, are preferably unique pieces (1:1)1.
Many actors are now using Open Editions for marketing purposes. They leave the Open Edition NFT Mint open for 24h or 48h to create FOMO and gain as much attention as possible (see this example).
One of the Open Edition OGs2 for me is the artist Dadara. With his Crypto Greyman project he already started an Open Edition NFT in spring of last year that works without any time pressure & FOMO. Everybody can mint a Crypto Greyman NFT for 1 Matic (= approx. 1 Euro). There are 7.9 billion Greyman NFTs available (okay, the edition is not completely open, but there is still a long way to go until the 7.9 billion Greyman have been minted). I minted my Greyman last year in March :)
Here are two good articles that explore the Open Edition topic a bit more:
For Better or Worse, NFT Open Editions Are on the Rise (Read Article)
How are Open Editions changing the NFT space? (Read Article)
What is your opinion on Open Edition NFTs? And if you know of an interesting upcoming Open Edition NFT Mint, let me know, would be interested to check it out.
Disclaimer: The thoughts published in this publication are my personal opinions and should not be viewed as investment advice. I am not a financial expert. My specialty is entrepreneurship, innovation & marketing. Readers should always do their own research. I own various cryptocurrencies and NFTs, however in many cases it is for the sake of researching the field and gaining a deeper understanding of Web3, NFTs and the Metaverse and not for investment purposes.
Definion 1:1 (direct quote from MHouse): Shorthand for One-of-One. A unique piece of art. In traditional art, Rembrandt’s Nightwatch is a 1/1. Many Beeple and XCOPY pieces are one of ones. They generally differ from a 10k PFP project where all the images share many of the same attributes and look similar. 10k PFP projects are sometimes referred to as 1/1/10,000 because while the individual pieces are unique, they look very similar to all 10,000. A 1/1 will usually not share many similarities with any other art piece, though may share a similar style, especially if in a collection.
“PAK just dropped a 1/1, never saw anything like it before. I’m bidding on it!”
Explanation OG (direct quote from MHouse): OGs are experts in a certain field or niche that were there from the beginning and possibly even invented it. OG stands for Original Gangster. It originates from rapper @Ice-T’s track O.G. from the seminal album of the same name from 1991. Ice-T rapped about being a hardcore OG gangster from the streets and it now has come to describe anybody that has paid their dues in an industry, knows their sh#t and is not to be messed with.
Degen 1: “Who is that guy keeps talking about technical analysis and token charts? Boooring!!”
Degen 2: “Girl, have some respect! Don’t you know that’s @Jon Bollinger? He’s the OG of technical analysis, almost invented it and created the @Bollinger Bands.”