An open edition NFT is sold with no supply cap and a set buying period. Another variation is to set no time limit, enabling the NFT to be purchased indefinitely. However, this isn't as common as scarcity still plays a role in the value of NFTs including open editions.
When it comes to creating an OE NFT, there are generally two types of token standards used by creators. Both of which have their own pros and cons.
- ERC-1155 token standard
This standard can support an infinite number of tokens in a single contract, meaning it’s often less expensive to publish to the blockchain as a creator. The main downside to ERC-1155 NFTs is that they’re often considered not as valuable, and ownership can be more difficult to track.
- ERC-721 token standard
This standard is preferred by most creators and collectors as it can have a different value than another token from the same smart contract. Most notable NFT collections are created using this standard. That said, they’re more expensive to mint.
Furthermore, most open editions appear to have certain qualities that separate them from the expectations associated with “non-OE” collections in the space, such as:
Low entry price
Open editions provide collectors with an opportunity to get their hands on a creation that would otherwise be too expensive since most OEs have an extremely low mint price, ranging anywhere from $5 to $100.
A burn mechanism is used by creators to gamify an NFT collection and increase scarcity. Many creators are implementing burn mechanisms to incentivize people to buy more tokens, and in turn, collectors receive something in exchange.
It could be another NFT from a non-OE collection, a collaboration piece, a physical product, or other types of utility.
No promise of utility or a roadmap
Many open editions are created without a roadmap or promise of any utility. Rather, they exist solely as a creation on the blockchain and collectors don’t expect anything in return. This is far different from other projects where collectors are constantly hounding creators about floor price and utility.