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The Open Edition NFT season is here.
Open edition NFTs are collections with only temporal scarcity limitations and per-wallet mint limits. For example, an open-edition artwork can be available for purchase for only a week. Open edition NFTs can be free or paid mints and starting an open edition project has become easier with recent UX improvements in marketplaces like Zora and Manifold. However, there is debate on the significance of this trend in comparison to the scarcity-focused NFT collections of 2021-2022. While some embrace the trend, others prefer limited edition NFTs with set quantities such as 50, 100, or 1,000 pieces.
Successful examples are the Checks by Jack Butcher , the TRAITORS by XCOPY and Money Printer Go BRRRRRR by NessGraphics, which raised over 1,404 ETH ($2 million) in one hour.
OE benefits:
Accessibility: Open edition NFTs are generally more accessible and affordable than limited edition NFTs, making them accessible to a broader audience.
Liquidity: Open edition NFTs can be bought and sold more quickly, providing a more liquid market for investors and collectors.
OE drawbacks:
Decreased scarcity: Open edition NFTs have a lower perceived value as they are not limited in quantity and therefore lack scarcity, which is one of the critical factors that drive the value of limited edition NFTs.
Quality control: The abundance of open edition NFTs can lead to a decrease in the overall quality of the art and content being produced, as creators may prioritize quantity over quality.
Over saturation: The market may become oversaturated with open edition NFTs, leading to a decrease in demand and a decline in overall value.
Overall, the trend of OEs presents both opportunities and challenges for artists, collectors, and investors. While OEs may provide greater accessibility and liquidity, they also face the risk of decreased scarcity, decreased quality, and market oversaturation.
The government of Australia announces initial steps to regulate cryptocurrency and Bitcoin
On 3 February, the Australian Treasury published a consultation paper titled "Token Mapping", which organizes cryptocurrencies and other digital assets into the major groups that will direct the government's regulatory strategy moving ahead.
Regulate Web3 Apps, Not Protocols
The third part of a16z Crypto's "Regulate Web3 Apps, Not Protocols" series was recently released and is full of insights. Web3 protocols can be semi-autonomous and accumulate value (fees, commissions, etc.). Web3 protocols can generate value (such as fees and commissions) and operate independently. However, the DAO associated with a web3 protocol could be established to profit from illegal activities and incentivize such behaviour. This allows bad actors to operate DAOs like businesses and evade app-based regulations, as seen in the case of CFTC v. Ooki. Over-Regulating DAOs would impede their functionality, which poses a dilemma for regulators. This article explores potential solutions, including a new approach that balances the benefits of DAOs while ensuring regulatory compliance.
Hybrid Ownership
The traditional token design often needs to be revised to recognize and reward stakeholders' contributions appropriately. This article, written by shough.eth, the Chief Operating Officer of Variant Fund, proposes a hybrid token model that assigns different forms of ownership based on the unique value provided by users, founders, and investors. He believes ownership should enhance the user experience, not be the sole focus. While there may be better solutions than a hybrid model for attracting new users seeking potential profit, it can lead to a more sustainable and user-governed protocol in the long run.
Bright Moments x SamsungUs
The NFT art collective Bright Moments has partnered with @SamsungUS to distribute curated generative art collections via the #SamsungArtStore.
Nike brings .SWOOSH to life with its first co-creation challenge and marketplace
A community vote led Nike to publish an NFT collection inspired by its renowned Air Force 1 sneaker as its first offering on its ".SWOOSH Studio" NFT marketplace.
OREO Launches its own Metaverse Experience
Recently OREO debuted the Most OREO OREO, a new limited-edition flavour that includes genuine OREO grit incorporated into the cream. The business has produced its own metaverse experience that is accessible on Meta Quest 2 and Meta Quest Pro headsets as a way to celebrate the new product.
Toyota is experimenting with blockchain.
By supporting a Web3 hackathon on the multi-chain smart-contract network Astar Network, the world's largest automaker Toyota is diving further into the applications of blockchain technology. This effort might result in new management tools for Toyota's workforce.
VitaDAO Closes $4.1m Fundraising Round With Pfizer
The largest pharmaceutical corporation in the world, Pfizer, announced that it completed a $4.1 million funding round with Balaji Srinivasan, the former CTO of Coinbase. This was Pfizer's first investment in the Web3 sector.
What is DeSci
Coolcats is introducing the cool store
From the Coolcats website, "To ensure we're always rewarding the most engaged and active members in our community, we're implementing a new system called the Cool Score. Your Cool Score is an accumulation of points calculated by a variety of components, including the collection of NFTs you hold, your level of engagement within our community, your activity in Cooltopia, among other things. "
What is a Bitcoin NFT?
The recent development of a new protocol on the Bitcoin blockchain allows the creation of non-fungible tokens.
Decentralized social networking protocol Nostr is now officially live on Apple’s app store
Nostr, which stands for Notes and Other Stuff Transmitted by Relays, is fundamentally just that. Users can only create an account by using a client application to generate a key pair, consisting of a public and a private key. The private key is comparable to the user's password, but the public key serves as the user's "ID" on the protocol. By connecting to a relay, the user may broadcast a message to the protocol and sign it with their private key. By using their public key, anyone may message a particular user.
Enjoy reading!
🆙Ins
DeSci
DAOs
Open editions
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QOD
“Art is never finished, only abandoned.”– Leonardo Da Vinci.
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