So far, the defining Web3 conversation of 2023 has been about Open Editing (OE). 3D animator and crypto artist NessGraphics broke records when they fell Money Printer Go BRRRRRR and raised more than 1,404 ETH ($2 million) in one hour. Similarly, Victor Mosquera’s January 29 OE release for The Collector raised 224 ETH (nearly $400,000) in the span of 90 minutes.
These exceptional sales volumes, along with a clear statistical rebound in the number of OEs minted in the last month, sparked a passionate debate in the NFT community about the supply, value, and usefulness of an artist’s body of work. That debate is now coming to a head.
At this point, nearly every prominent NFT artist, collector, and builder in the world has spoken about the rise of open editions, addressing everything from the benefit or harm it might be doing to the ecosystem to what it means. for artists and collectors in the future. This is what they are saying and doing.
Open editions can work wonders for artists and collectors.
Several artists have responded to the open publishing trend with optimism. Like many other things in Web3, proponents say they are a tool for artists to use at their discretion and choice, just like any other pitching mechanic. Furthermore, they argue that much of the activity in the Web3 world comes from expensive and often unaffordable limited-edition or 1-of-1 NFT drops. As such, OEs allow an artist to generate income while expanding their community and allowing a wider variety of people to participate in the NFT ecosystem.
Beyond that, proponents point out that, if carefully executed, open editions can serve as a kind of subscription plan that allows collectors access to an artist’s future work.
Vector artist and lover of western aesthetics Jeremy Booth recently released an open edition that works this way, with Booth writing on Twitter recently that his latest OE “will be the key to buying all my personal (non-collaborative) limited editions in the future.” In a sense, this type of open editing dynamic allows artists to implement their art as a kind of currency in the NFT ecosystem. How artists choose to play with that potential remains to be seen, but the possibilities are enticing.
Collectors: don’t get ahead of yourself
Others in the community urge caution when approaching SOs, especially as a collector. Drawing comparisons to physical prints or posters of famous works of art, OE skeptics advise people to mint OE for the love of the art, without expectations of utility or the potential to sell them later for a profit.
Some commentators who view open editions as potentially problematic have also pointed to the fact that several mints released this way in recent weeks are now trading below the starting mint price (although the opposite is true of many other OE collections). .
Ultimately, there will always be a profit-seeking element to the NFT space, as some Web3 denizens have briefly pointed out. It is common for collectors to mint more than one OE in a drop in hopes of an upcoming recording event or to later sell some of their editions for a profit. The point is valid; Like everything else in the NFT space, open editions aren’t always just “about the art.”
From open edition to sales 1 of 1
Some artists have taken the popularity of the OE and the controversy surrounding it and turned it into an artistic opportunity to explore a concept and even get a 1-for-1 sale. Grant Riven Yun, who is among those advising a cautious approach of the open edition, he sarcastically took to Twitter on January 29 to suggest an open edition mint set at 70 ETH a piece.
After coining a new illustration (called Laundry) later that day on AOTM, a collector bought the piece for – you guessed it – 70 ETH. The event marked a new historical record for the artist.
Illustrator Oxdgb then took things even further, launching an open edition in Manifold as a performance piece on the same day for 69 ETH called Rejected Idea. Zero people coined the piece, which Oxdgb later coined as 1 of 1 on Foundation. That ended up selling for 8.40ETH.
Open editions are neither hero nor demon
Others in the space have argued that open editions are neither good nor bad. Rather, they are just another tool in the NFT ecosystem. How artists choose to use the OE is largely limited by their imagination, and collectors can choose to interact with them however they like, even not interact at all.
to expand with a real opinion:
on the internet, distribution is a better strategy than hyperexclusivity for almost everyone
the world is very big
—@jackbutcher (@jackbutcher) January 30, 2023
So how should you feel about open editions?
Whenever a new tool is introduced to Web3 (or an existing one is used more widely), there will always be a lively conversation about the trade-offs involved in collecting/investing in art and what that art brings to the table. But the NFT space has seen this conversation before.
Ultimately, the open publishing debate is uncannily similar to the public services debate that erupted in the summer of 2022.
The NFT space has always been at least partially focused on money; it’s why Web3 advocates celebrate the blockchain’s ability to help artists earn a fair living from their work. But the space must not idolize or demonize those who participate in the OE race. Most of the people involved in Web3 are not here for the money or the at, but for a combination of the two. No one should envy anyone for their particular combination of preferences.
And while it’s wise to keep a diligent eye on the NFT space’s relationship with money, open editions probably aren’t the hill to die on when it comes to Web3 debates. The recent OE hits from NessGraphics and Victor Mosquera are something to celebrate, as are the countless smaller sales made by up and coming artists using Manifold and other platforms to launch their OE releases. After all, democratization is a pillar of Web3. Open editions could be another great way to keep up that spirit.
