What is an Open Edition NFT and How Does It Differ?

Key Takeaways:

• Open Edition Accessibility: Open Edition NFTs allow an unlimited number of mintings, promoting inclusivity and maximizing outreach by offering a lower entry barrier through affordable minting prices.
• Limited Edition Rarity: Limited Edition NFT projects, in contrast, restrict the number of minted NFTs, heightening their value through scarcity and rarity within the digital art or media space.
• Distribution Strategy Options: The terms “open edition” and “limited edition” signify distinct distribution strategies for NFTs. NFT projects can choose between these strategies based on their goals and objectives for the distribution of associated art or media.

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NFTs represent a unique digital or physical item that can range from digital art, music, videos, and virtual real estate to any form of digital or physical asset that holds value. One fascinating category within the NFT ecosystem that has emerged as a result is Open Edition NFTs, which add a new layer of accessibility and inclusivity to the world of digital collectibles.

What is an Open Edition NFT?

An Open Edition NFT, or Non-Fungible Token, is a type of digital asset that represents ownership or proof of authenticity of a unique item within the realm of blockchain technology. Unlike Limited Edition NFTs, which have a finite number of copies, Open Edition NFTs have an unlimited supply. This means that an infinite number of people can own identical digital assets, making them more accessible to a broader audience.

Open Edition NFTs often focus on inclusivity, affordability, and a democratic approach to ownership, offering a different dynamic compared to limited and exclusive editions in the NFT space.

In essence, an open edition NFT is not constrained by a set quantity of copies. In contrast to limited edition NFTs, which come with a predefined scarcity, open edition NFTs can be produced in an unlimited quantity. This implies that creators have the flexibility to consistently create and distribute new copies of the same NFT.

Within the realm of art and collectibles, open edition NFTs introduce a distinct perspective.

Read More: What are Dynamic NFTs?

Different Types of Open Edition NFTs

There are various types of OE NFTs; however, they can all be classified into the following two categories:

1. Timed Open Edition NFTs
   Timed OE NFTs are collectibles that creators can continuously mint during a specified period. Once the minting period concludes, collectors no longer have the opportunity to acquire additional copies of the NFTs.
2. Infinite Open Edition NFTs
   In contrast to Timed OE NFTs, Infinite OE NFTs can be generated endlessly without any set endpoint. This implies that collectors have the freedom to create more copies for as long as they desire.

ERC Token Standard Used to Make the OE NFTs

ERC-20 serves as the standardized protocol for fungible tokens generated on the Ethereum blockchain. Fungible tokens are mutually interchangeable, in contrast to non-fungible tokens (NFTs), which lack interchangeability with one another. When delving into the creation of an OE NFT, creators typically leverage two types of ERC token standards, each with its own set of advantages and drawbacks.

1. ERC-1155 Token Standard: The ERC-1155 token standard facilitates the support of an infinite number of tokens within a single contract, making it a cost-effective choice for creators publishing to the blockchain. However, the perceived drawback lies in the potential devaluation of ERC-1155 NFTs, and tracking ownership can be more intricate.
2. ERC-721 Token Standard: Preferred by most creators and collectors, the ERC-721 token standard allows tokens from the same smart contract to hold different values. Many prominent NFT collections opt for this standard. Nevertheless, the downside is that minting ERC-721 NFTs tends to be more expensive.

In addition, several qualities often distinguish open editions from the expectations associated with non-OE collections in the space:

• Low Entry Price: Open editions present collectors with an opportunity to acquire creations that might otherwise be financially out of reach.
• Burn Mechanism: Creators employ a burn mechanism to gamify an NFT collection and enhance scarcity. Many creators integrate burn mechanisms to incentivize token purchases, rewarding collectors with items such as NFTs from non-OE collections, collaboration pieces, physical products, or other forms of utility.
• No Promise of Utility or Roadmap: Unlike some projects with detailed roadmaps and promises of utility, many open editions are created without such commitments. This sets them apart from other projects where collectors actively seek information about floor prices and utility from creators.

Additional Read: What is ERC-6551 NFT Standard?

5 Key Features of Open Edition NFT

1. Cost-Effective Access: Most Open Edition NFTs are priced below $10, ensuring affordability and accessibility for a broader audience. This lowers the entry barrier to Web3, facilitating the onboarding of new users into the space.
2. Artistic Control and Audience Reach: Creators retain full control over their artworks and can reach a wider audience by consistently adding value to their collections.
3. Support for Favorite Artists: Open Editions provide a means for collectors to support and express appreciation for their favorite artists. Collectors can choose to mint unlimited copies.
4. Brand Promotion for Artists: Increased purchases from Open Edition NFT collections contribute to the widespread recognition of the creator’s works and name. Over time, this recognition can lead to global relevance, establishing the artist’s brand in the digital art space.
5. Flexibility in Creation: Building Open Edition NFTs is simpler than Limited Editions, requiring less complex programming.

Open Edition NFTs vs. Limited Editions NFTs

Aspect	Open Edition NFTs	Limited Edition NFTs
Supply	Unlimited supply, infinite copies available.	Limited supply, a fixed number of copies.
Accessibility	More accessible, lower entry barriers due to lower minting prices.	Exclusive may have higher entry barriers with potentially higher minting costs.
Rarity	It is less rare as there is no limit on the number of copies.	Rarity is inherent; limited quantity enhances perceived value.
Cost	Cost-effective, often priced below $10.	Potentially more expensive, depending on exclusivity.
Creator Control	Full control for creators to continuously add value and reach a wider audience.	Control over scarcity, allowing creators to maintain exclusivity.
Collector Support	Enables collectors to support favorite artists through unlimited minting.	Encourages collectors to act quickly due to limited availability, fostering exclusivity.
Brand Recognition	Promotes brand recognition through widespread purchases.	Establishes brand through exclusivity and limited availability.
Creation Complexity	It is easier to create and requires less complex programming.	It is more complex to create and may involve intricate programming.
Infrastructure	Utilizes existing infrastructures on platforms like Zora and Manifold.	May require custom infrastructure, potentially limiting options.

Why are Open Edition NFTs so Popular?

• Inclusive Popularity: Open Edition NFTs have surged in popularity due to their emphasis on inclusivity, in stark contrast to limited NFTs that often employ exclusive protocols like allowlists.

• Community Focus: The inclusive nature of open editions fosters a strong sense of community and engagement. By eliminating the fear of missing out (FOMO), collectors can focus on appreciating the artwork, understanding the project’s mission, and connecting with the artist.

• Appeal to Collectors and Creators: Open edition NFTs hold appeal for both collectors and creators. Collectors appreciate the chance to acquire artwork or digital items without the pressure of scarcity, while creators benefit from increased exposure, sales, and engagement.

Pros & Cons of Open Edition NFT

Pros of Open Edition NFTs	Cons of Open Edition NFTs
Inclusivity: Appeals to a broad audience due to unlimited availability.	Potential Value Impact: Lack of scarcity may impact value without additional measures.
Accessibility: Lower entry barriers with affordable minting prices.	Resale Uncertainty: Questions may arise concerning the resale value.
Community Engagement: Fosters a sense of community and ongoing interaction.	Regulatory Absence: The absence of strict regulation during minting may pose challenges.
Artist Exposure: Offers exposure to a larger audience, benefiting creators.	Risk of Oversaturation: High supply may lead to oversaturation and decreased perceived value.
Continuous Availability: Creators can continuously offer their creations to interested buyers.	Perceived Lower Rarity: The lack of scarcity may reduce the perceived rarity of the NFTs.
Flexibility in Creation: Simpler to create without requiring complex programming.	Potential Impact on Demand: High supply may impact demand dynamics.

5 Most Popular Open Edit NFTs Collection

NFT Collection	Details
Creature World, Crowd	“Crowd” by Creature World, the first generative open edition on OpenSea, allowed users to mint an unlimited number of NFTs within a 24-hour window. The collection features Creatures with unique color combinations, and the algorithm, crafted by the Creature World team, ensures visually striking and cohesive art through specific color palettes and variations.
VV Checks	The “VV Checks” collection, influenced by Twitter’s verification alterations, permitted an unlimited NFT minting window for 80 black and white checkmarks. Jack Butcher introduced a burn dynamic, converting a burnt NFT into on-chain artwork. The project prompts users to contemplate the purpose of NFTs, providing expanding options for creating new artwork. In the initial drop, 16,031 checks were minted.
MAX PAIN AND FRENS BY XCOPY	Anonymous creator XCopy’s collection had a 10-minute sale window for minting an infinite number of NFTs. The collection was capped at 7,469 items, providing a more accessible price point for fans to collect XCopy’s glitch art, known for its individual creation rather than generative methods.
FRENS by GABE WEIS	Gabe Weis, a mixed media and NFT artist, presented “FRENS,” a 48-hour open edition sale featuring generative art with abstract faces in infinite colorways. The NFTs, created based on a unique algorithm, provided collectors with a variety of color combinations during the sale period.
First Day Out by DrifterShoots	DrifterShoots, also known as Isaac Wright, explored photography to cope with mental health challenges. “First Day Out” is a 24-hour open edition sale NFT collection, dropping on the one-year anniversary of the creator’s release from jail. It allows collectors to toggle between a self-portrait of the creator in New York City and a moving image capturing the day of his release.

How to Mint an Open Edition NFT

Creating an Open Edition NFT is similar to how you create a limited edition NFT. Here is a step-by-step process for you to explore OE NFTs.

1. Platform Selection: Choose a platform that supports NFT creation and minting. Options include OpenSea, Manifold Studio, Rarible, and Mintable.
2. Wallet Setup: Ensure you have a digital wallet compatible with the chosen platform. Popular choices include MetaMask, Trust Wallet, or Coinbase Wallet.
3. Artwork Preparation: Prepare the digital artwork you wish to transform into an NFT and include relevant details such as title, description, and artist information.
4. Inclusivity and Flexibility: While limited edition NFTs may carry prestige due to their scarcity, open edition NFTs introduce inclusivity and flexibility to the NFT space. They enable ongoing creation and distribution, contributing to a dynamic and evolving market where artists and collectors engage on a broader scale.

Read On: How to Create an NFT on OpenSea?

Future of Open Edition NFTs

Art collectors, whether in traditional or NFT art, prioritize rarity and uniqueness. In the NFT realm, captivating visuals are attractive, but rarity is crucial, as seen in the success of limited edition NFTs.

Open edition NFTs make a deliberate trade-off, sacrificing some regulated supply benefits for inclusion and accessibility. While held by a vast NFT collector community, the absence of strict regulation during minting may impact their value. Original creators benefit if demand is high, but the resale value may be uncertain.

Both NFT distribution approaches serve different goals. Open editions prioritize exposure, aiming for broad acquisition during minting. Limited edition NFT projects focus on selling out assets, building value for holders, and catering to distinct situations in the diverse NFT market.