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A new trend in NFTs has been on the rise with Open Edition NFT drops becoming immensely popular. Although not entirely new, the OE NFTs trend is heating up exponentially, bringing unprecedented levels of volume to the NFT space. Before we take a look at why they have become so popular, we need to understand what Open Edition NFTs actually are.
In a nutshell, Open Editions are NFT drops with unlimited supply, with collectors able to mint as many tokens as they choose. Typically, the minting is conducted over a set period of time, however, Infinite drops do exist.
OE NFTs can be released by anyone, from newbies to experienced NFT creators. Specific platforms such as Manifold or Zora have updated their platforms to accommodate OE NFTs, so creators can drop their collections as they choose, with no prior coding knowledge necessary. Both platforms boast incredible volume and daily active user numbers.
So, why the craze? What makes OE NFT’s so special?
In terms of rarity, OE NFTs do not necessarily offer the same investment values as say, a 1 for 1 collection. Considering that it is an unlimited mint, OEs generally represent customized drop experiences for that particular artist's community at large. This naturally
does not apply to all OEs, as they can become quite valuable if the artist incorporates utility, the artist is popular or gains popularity through their OE release, or finally if only a few OEs are minted, with these pieces becoming rare by default.
OE NFTs provide artists with the opportunity to share their work with vastly more holders; and with the increased use of OE NFTs by popular NFT artists, the trend is taking off in a big way. In regard to this craze, artists sit on both sides of the fence. Some artists seem to prefer a limited range of collectibles, whilst others argue that OE NFTs allow for a healthier balance in the market, where NFTs are not only the purview of the deeply pocketed.
With leading NFT creators experimenting with OE NFTs, a rising trend is set for 2023. As a collector, or for the fun of it, one would need to pay attention to various platforms for relevant information. The leading platform for news on OE NFT drops is Twitter, whilst one should pay attention to marketplaces such as Manifold and Zora for the drops.
So, for the love of art, or for the love of money, or both, in fact, OEs certainly are rocking the proverbial boat. Whether they can bring about value through utility, or if they can be flipped for a profit remains to be seen. OEs form part of an ever-growing NFT ecosystem, and at the moment, OEs are setting the trend for 2023