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In 2020, open editions emerged, but it wasn't until Dec 2022 that they became popular.
Artists struggling to sell their 1/1 works offered low-priced editions instead, making their art more affordable.
This allowed artists to gross $10M+ in the year's last two weeks.
Thread🧵
Explanation:
In NFTs, "burning" refers to the process of swapping an edition from the initial art series with an edition from a different series.
The "burned" NFT gets destroyed while the total number of NFTs in the original series is reduced.
The majority of these editions followed the same strategy:
– available to mint for 24-72 hours
- large mint count (100+)
- low price ($50-100)
- possibility to “burn” them in the future, encouraging collectors to buy multiple pieces
Recently, open editions have become more popular, as many artists struggle to sell their high-priced 1/1 work.
Now they are introducing their work as low-priced editions, making it more affordable for people to collect.
Find out more:
https://t.co/vGJ6l2ipEN
NFT editions play a big role when it comes to making the shift from traditional art provenance to digital.
If you're interested in learning more, check out this article:
https://t.co/l2qk7USZPO
NFT editions are copies of the original artwork produced in batches and authorized by the artist.
There are two types of NFT editions:
1) open (uncapped set size available for purchase within a given time frame)
2) limited (a capped set size for sale until sold out)
Removing the barriers to art provenance has been one of the biggest shifts in the Web3/NFT space.
NFTs give artists an opportunity to bypass the gatekeepers and reach their audience in a transparent way.
Check out this article to learn more:
https://t.co/l2qk7USZPO
NFT editions enable artists to make their work more accessible to collectors at a lower price point.
The NFT burn mechanism strengthens the artist-collector bond and encourages patronage in the long term.
Here are 3 main benefits for you to consider🧵
Gm ☕️ frens and photographers 😃
Always remind yourself to remains humble and to show humility in life. Your success is ok, but showing off and throwing it to the face of your pairs all the time is wrong and can be toxic. Avoid "success bombing" attitude. Be humble.