Opepen Explained 🐸 – by William M. Peaster


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Dear country without banks

The past month has seen the launch of an open pen collection by Jack Butcher and Friends. Achieved trading volume equivalent to approximately 6,300 ETH.

Still, about 4,200 ETH, or 66% of that total, came in last week alone. So what do we get?

The sudden surge in activity coincided with the first “Openen Drops” starting to gain momentum.

If you’re not sure what that means, don’t worry. In today’s post, let’s take a quick look at the basics of open pens and explore the current state of the collection.

-WMP

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Inspired by the artist’s geometric work ButtsOrpen was brought to life by artists, designers and writers. Jack Butcher January 8, 2023.

Featuring a 60-minute “Open Edition” NFT drop, the project minted an impressive 16,000 within a short period of time, but Openpen’s evolution didn’t stop there.

In February 2023, Butcher unveiled plans for the second phase of the collection, and by March, Butcher confirmed that Open Pen would be transformed in this new era. mint pass A new Profile Picture (PFP) collection, “PFPs of Check Collector”, will be gifted for 200 drops. It is a tribute to Butcher’s other admired works. open edition project.

Along the way, the expansion of Openpen into an ‘Opepfp’ effort was marked by Butcher’s style of transparent leadership. Butcher has evolved the project mostly in public. Regular updates and discussions on Twitter.

The new Openen Drops system is unique in the NFT arena. Initially, Openens is unpublished and appears as a blank canvas with a signature Openopen frame that looks like this:

However, the publishing process is not a one-time event as is often the case with PFP collections. Rather, it is done in a series of drops, each containing 80 opens out of a total of 16,000. Also, unlike his other NFT projects, Openen owners must: opt in Allow NFTs to be revealed during these drops.

Zooming in here, the drops are not scheduled at fixed intervals, but occur periodically, with each drop transforming the metadata of the 80 selected opens. These 80 Open Pens are sorted into 5 rarity groups, each containing a certain number of Open Pens (40, 20, 10, 5, 4, 1).

You can only opt-in to corresponding groups that are identifiable in the NFT’s metadata, such as the “edition size” characteristic that can be easily exposed on OpenSea and other NFT platforms. This edition size was assigned based on a combination of the algorithm and the number of check NFTs retained during the first snapshot.

Each drop is unique and will feature the work of butchers, community and guest artists. The distribution of art to those who opt-in is completely random, and if their open pen was not selected during the drop, the owner can opt-in to the next set or later sets.

Notably, demand for each drop must be at least 200% for drops to occur, at least in the early stages. If the demand is not very high, the set will be replaced with a new one. Openopen owners can check the demand status on her website at: open art You also opt-in to drop there by signing the gasless wallet verification message.

Only four “sets” of Openen have been dropped so far. So at the moment only 2% of the wide collection is complete. So far, all sets have been heavily oversubscribed with opt-ins, thanks to huge demand. The first four are:

For comparison, the lowest price for an undisclosed “Edition Size: 40” Open is currently: Trade around 0.9 ETH.

Interested in digging deeper into the Openen ecosystem? Be sure to check out the following tools as potential starting points.

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The rise and evolution of the Open Pen collection is one of the most interesting stories to surface in the NFT space so far this year. Butcher in the lead, Jalil Es, and more, the collection’s team pioneered a flexible drop system and cultivated a vibrant community of fans and contributors, a combination that has made this project one to ignore for years to come. And while the evolved Openopen collection is only 2% complete, the innovation and excitement here is only just beginning.

William M. Peester is the creator of metaversal — Bankless newsletter focused on the emergence of NFTs in the crypto economy. He is the senior writer for Bankless’s main his newsletter and a contributor to the NFT curation platform JPG.

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It is not financial or tax advice. This newsletter is for educational purposes only and is not intended as investment advice or a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult your accountant. Find out for yourself.

disclosure. From time to time I add links to products I use in this newsletter. We may receive a commission when you purchase through one of these links. Additionally, bankless writers hold crypto assets.see our Click here for investment disclosure information.


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Conor the Tech Veteran
He previously spent 6 years publishing research on tech stocks, and believes in using a combination of fundamental, technical, and quantitative analysis. Prior to a career in tech stocks journalism he was a technology and semiconductor analyst with a research team.

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