I have been closely following the rapid growth and evolution of the NFT market. One aspect of the NFT market that I find particularly exciting is the importance of open editions and the “burn” mechanic for NFTs. These concepts have the potential to revolutionize the way we think about art, collectibles, and digital assets, and I’m here to tell you all about it.
Let’s start with open editions. In the world of traditional art, limited editions are often considered more valuable and sought after than open editions. However, when it comes to NFTs, open editions are actually a game-changer. They grant accessibility, utility, and exposure for NFT artists in a way that limited editions simply cannot.
The Open Edition Season and Nifty Gateway
The early days of Nifty Gateway were filled with excitement and innovation as the platform helped to usher in a new era of NFTs. Nifty Gateway was one of the first platforms to bring NFTs to the mainstream, and it did so by embracing open editions and making NFTs accessible to a wider audience. This was a critical factor in helping NFTs gain the exposure and focus they needed to become a mainstream phenomenon.
Open editions allowed NFTs to be more affordable and accessible to a wider audience, which helped to increase their popularity and exposure. This, in turn, helped to build the NFT market and establish NFTs as a new asset class. By creating open editions of NFTs, Nifty Gateway was able to reach a wider audience and provide artists with a platform to showcase their work. This helped to establish Nifty Gateway as a leader in the NFT space and paved the way for the growth and evolution of the NFT market.
Fast forward to today, and we are seeing a similar story play out with the next generation of NFTs and platforms like Manifold. Manifold is leading the charge with its cutting-edge NFTs and its embrace of open editions. By offering open editions of its NFTs, Manifold is making NFTs accessible to a wider audience and helping to increase their exposure and popularity. This is helping to build the NFT market and establish NFTs as a new asset class, just as Nifty Gateway did in its early days.
Open Edition NFTs are back
Accessibility is all about reaching a wider audience. Open editions allow for the creation of NFTs that are more affordable and accessible to a larger audience. This helps artists reach a wider audience, as well as helps collectors start to appreciate art in a real way. For example, if an artist creates a limited edition NFT with a total supply of 100, only 100 people will ever have the opportunity to own that NFT. However, if the artist creates an open edition NFT, the potential audience is unlimited. This opens up the world of NFTs to a wider audience, and makes it more accessible to those who might not have otherwise had the opportunity to invest in NFTs.
Utility refers to the practical value that NFTs bring to their owners. Open editions allow for NFTs to have a variety of uses, such as serving as a collectible item, a form of digital currency, or a way to access exclusive content or experiences. This increases the value of the NFT and makes it more appealing to potential buyers. For example, an NFT could be used to access a virtual concert, a limited edition print of a piece of art, or a behind-the-scenes look at the creative process of an artist. The possibilities are endless, and the utility of open edition NFTs makes them even more valuable to their owners.
Exposure is all about reaching a wider audience and gaining recognition for one’s work. Open editions allow for NFTs to be shared and re-sold, increasing their visibility and helping artists to build their brand. This helps NFT artists to build their reputation, as well as helps collectors start to appreciate art in a real way. For example, if an artist creates an open edition NFT, that NFT could be resold by a collector and end up in the hands of a new owner who is not familiar with the artist’s work. This new owner could then share the NFT on social media or with friends, helping to increase the artist’s visibility and reach a wider audience.
Now let’s talk about the “burn” mechanic. This is a novel concept that is helping to increase the value of NFTs. The “burn” mechanic refers to the practice of destroying a certain number of NFTs, thereby decreasing their supply and increasing their scarcity. This increases the value of the remaining NFTs, as well as helps to combat the issue of NFT over-production. For example, if an artist creates an NFT with a total supply of 1,000, but then decides to “burn” 500 of those NFTs, the remaining 500 NFTs become even more valuable due to their increased scarcity. This “burn” mechanic is a unique aspect of NFTs that is helping to increase their value and establish them as a new asset class.