In recent years, the world of digital art and collectibles has undergone a profound transformation with the rise of NFTs and Web3 technology. NFTs, or Non-Fungible Tokens, are unique digital assets that can be owned and traded on a decentralized blockchain. Meanwhile, Web3 represents the next generation of the internet, a decentralized network that empowers individuals to own and control their digital assets without intermediaries.
Eric James Beyer
The impact of this digital revolution on the art world has been particularly striking, as artists, musicians, and creators can now sell their work directly to their fans, without the need for middlemen. This means that collectors can purchase and own one-of-a-kind digital art pieces that are verified on the blockchain, guaranteeing their authenticity and uniqueness. Additionally, the value of these assets is determined by the market, not by a central authority, enabling more equitable and transparent pricing.
The NFT photography market saw significant growth in 2022, with sales reaching $47 million, a 33% increase from the previous year. However, photographers faced challenges with the sustainability of royalties, as the majority of earnings came from a small number of collections, leading to liquidity drying up in the market. Despite this, the number of photographers earning significant amounts of ETH is increasing, and collectors are still drawn to limited edition pieces.
As we look to the future, it's clear that the NFT and Web3 revolution is just beginning. The possibilities for digital creativity and ownership are endless, and the art world will undoubtedly be shaped by these technologies in the years to come. So, embrace this new era and explore the world of NFTs and Web3 – the future of digital art is here!
IKIGAI LABS Open Edition Collections
The NFT community has flocked to them in droves, generating millions in revenue and reinvigorating the crypto art space as it tries to shake off the icicles of a frosty 2022. Beyond the financial boost, OEs benefit the NFT ecosystem by driving engagement, allowing an artist’s fan base more opportunities to collect their work while expanding that community’s reach at the same time.
Open editions are NFT drops with no set supply limit, allowing collectors to mint as many tokens as they want within a certain period (usually within 24, 48, or 72 hours). Manifold’s most significant impact on the OE movement came when it launched Paid Claim Pages in October 2022. An extension of its Claim Pages functionality which lets creators set up pages for free mint drops, Paid Claim Pages allowed users to launch a drop page for limited and open editions for ERC-721 and ERC-1155 tokens. The result? Currently, over 16,000 claims have been created by over 6,000 users on the platform, churning out nearly 15,000 ETH ($20 million) in total primary sales volume, according to Dune’s analytics dashboard.
Eric James Beyer
Collecting needs to be simple. Artists choosing a supply and price makes it difficult for minting to take place at scale. Open Editions are a great way to test the waters. They remove the pressure of having to sell out while allowing the market to fairly determine the supply of a collection. Creators in web3 can directly influence the value of their content through scarcity. It's perfectly fine (and in fact encouraged) to have one artwork minted as an open edition for 0.01 ETH for 5 days, followed by another drop of 25 editions fixed at 0.05 ETH.
At Ikigai Labs, we stand out from other marketplaces by facilitating native listings and delistings that come with creator royalties. Unlike our competitors who offer royalties as an option, we ensure that artists can sell their work without any concerns regarding their royalties being honored. Furthermore, we are dedicated to collecting listings from other marketplaces without imposing extra charges, giving our users the most economical option that fully backs both artists and the platform's creator royalties. We rely on Reservoir as our aggregation layer to ensure that all listings without creator royalties are royalty-normalized. Our aim is to provide a platform where artists can list and sell their creations with peace of mind.