Open Edition NFTs Help Fuel Market Resurgence

The NFT market continues to show signs of recovery after sales volume rose for the third straight month. This resurgence isn’t only inspired by notable collections such as CryptoPunks and Bored Ape Yacht Club but also by less-valuable pieces. The majority of these are open edition NFTs.

This subset of NFTs has gained popularity lately as gamification techniques and potential future rewards are pushing collectors towards them. Open edition NFTs represent mints that lack a cap on the number of identical artwork pieces you can buy within the period they are available.

Even though the first Open Edition drop happened back in 2021 as the NFT market gained traction, it wasn’t until recently that things really took off. Currently, the number of individuals launching open edition drops is so large that it has attracted ridicule from some circles. Recently, Kmoney, cohost of the ngmi podcast, made a mockery of the situation through a video that is quite hilarious.

pov: everyone is releasing an open edition nft pic.twitter.com/Yk4456ybYI

— kmoney (@kmoney_69) January 31, 2023

When open edition NFTs first came out, they initially traded for hundreds of dollars, however, in the latest guise, they cost less than $10. The price is part of the reason why collectors are warming up to them. Another incentive is gamification mechanics, where the owners of these projects allow holders of the NFTs to trade multiple copies to unlock a potentially more valuable NFT or attain other promised benefits in the future.

Checks Leads Open Edition NFTs

The most successful open edition story so far is that of Checks by Jack Butcher, a Visualize Value artist. The project plays around with the idea of Twitter’s verified user checkmarks. It held its open edition mint last month on Zora and managed to sell over 16,000 identical pieces, each going for $8.

After the sale was complete, the project issued details of a gamified trading model that allows holders to burn a given number of editions for a less common NFT. This has created hype around the project plus FOMO with the value of Checks NFTs skyrocketing in the past few weeks. Now the Checks NFT floor price sits at 1.869 ETH, or $2,876 as of press time. In addition, the project has now generated over $26 million in secondary trading.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.