Opepen Edition: A free but rather valuable NFT project by Jack Butcher
Have you ever come across something mysterious yet popular? No? Then the Opepen Edition project on Ethereum is for you. It entered the masses overnight and so fast that even the top collections of the NFT market seem not so successful. Over 46,000 ETH of trading volume on secondary market in less than half a year, in just 2 months to be exact. That’s worth something!
Opepen Edition Official Links
- Twitter @jackbutcher – over 266k followers.
What is Opepen Edition?
Opepen Edition is a collection of 16,000 ERC-721 NFTs based on the Ethereum blockchain.
These NFTs are a kind of identifier. All Opepen Edition NFTs are the same. They all have the same shape of figures and the same color. But nevertheless, they are already a hit in 2023.
What are these NFTs exactly is not known. Jack Butcher, the author of the collection, revealed some details on Twitter. For example, he said that the meaning was the identification, as well as some belief in the values of the blockchain space and the Internet in general. According to the artist, signs of identification should be easily reproducible and recognizable anywhere: on a wall, a postage stamp, or in a social media post.
transparency time
opepfp
— Jack Butcher (@jackbutcher) March 16, 2023
It was also fueled by this tweet in a series of tweets where the Opepen Edition NFT has CryptoPunks NFT on the back.
broadly speaking
a recognizable restraint that allows us widen the parameters of provenance
who owned this
what else did they own
when did they own italternatively or additionally, how do they apply their taste to a fixed canvas? pic.twitter.com/nVEVfIZQAr
— Jack Butcher (@jackbutcher) March 18, 2023
One might assume that the collection is ecosystemic in relation to Checks – VV Edition. But it is not so, there are just some similarities between these collections. However, they are not related to each other in any way other than authorship.
Opepen Edition in numbers
- Minting of the collection of 16k NFTs took place in early January 2023 and was free.
- At minting time, each user paid a commission of about $10 for gas.
- Total secondary sales exceeded 46.5k ETH (over $80M at the current exchange rate).
- Floor price is 0.32 ETH (about $550).
- Average sales range from 0.04 ETH to 0.88 ETH.
- The most expensive #1 was sold on February 20, 2023 for 11.11 ETH (about $19k at the time of sale).
- Total 5,161 unique holders (32%).
- Only about 2% of the collection (346 pieces out of 16,000) are for sale, among them the offers range from 0.32 ETH to 100 ETH. This shows that almost all holders see the project as a great investment prospect and are not in a hurry to part with their assets at a lower price.
Data (including exchange rates) are given at the time of publication (March 28, 2023)
Who created the Opepen Edition?
The creator of the collection is Jack Butcher @jackbutcher.
Jack Butcher is an American designer with years of experience in corporate advertising. He is the creator of the popular resource Visualize Value which is designed to work with web resources and has many tools such as SEO auditing tools, analysis, reporting and more. Such clients as Mercedes-Benz, Michelin, Tiffany & Co., Unilever and others have already used this resource.
Why is the Opepen Edition popular?
It is hard to say why the Opepen Edition NFTs are so popular and have such a volume of trades. But we can make several assumptions:
- Perhaps one assumption is the future activities that Jack will organizing.
- The artist’s mention of identification and the connection to Web 3.0. influence the community in the way that makes the floor price of the collection to grow several dozen times.
- The popularity of the collection has also been influenced by the Checks – VV Edition project which Jack also recently released. What’s more, Opepen Edition NFTs contain a check just like tokens from the Checks – VV Edition collection. There is also speculation that the artist may tie these collections together through the release of future projects.
- The project has been actively quoted on Twitter by quite famous personalities. For example, the music producer and creative artist TRVP posted a rather vivid tweet with a very ambiguous image.
EthOpepenCult@jackbutcher 🏴☠️ pic.twitter.com/AWQeMDAprC
— BIG TRVP (@trapdaddyvoss) March 21, 2023
There are quite a lot of tweets like this with an image or reference to the Opepen Edition project.
Opepen Edition Idea
The ideas of the project are quite mysterious. Perhaps this collection is an identifier for something in future that the artist is going to release.
The goal is to create something that can function as a unique identifier, a piece of art, and a signal of participation/belief/enjoyment in a set of values that I would broadly define as permissionless creativity in an internet economy. Here’s what Jack Butcher says about the idea of the project
Opepen Edition Roadmap
The project has no roadmap.
But here’s what the author of the project says in his tweet:
one massively important thing to emphasize, as is the case with checks – the underlying symbol can proliferate by the hands of anyone
yesterday we saw pfps, art, photos, textures, sketches as inputs
seeing it transcend aesthetic specific communities made something click
— Jack Butcher (@jackbutcher) March 17, 2023
Opepen Edition Ecosystem
Opepen Edition has no ecosystem projects, but in this case it is too early to talk about the limited infrastructure due to the fact that the project was released only a few months ago.
How much do Opepen Edition NFTs cost?
The free minting of the collection took place in January 2023. In the same month the collection began trading on secondary markets, where there was great demand for it.
To visualize the price dynamics, we made a slice of the average price for 1 NFT:
- In January 2023: 0.04 ETH;
- In February 2023: 0.5 ETH.
As of March 28, 2023, the floor price is 0.32 ETH. On average, the latest sales range from 0.04 to 0.88 ETH. And the total volume of secondary sales amounted to more than 46.5k ETH (more than $80 million).
The Most Expensive Sales of Opepen Edition NFTs
The most expensive sales are led by the following NFTs from the Opepen Edition collection:
- #1 was sold on February 20, 2023 for 11.11 ETH (about $19k at the time of sale);
- #7610 was sold on February 22, 2023 for 10 ETH (about $16k at the time of sale);
- #15 was sold on March 1, 2023 for 5 ETH (about $8k at the time of sale);
- #4 was sold on Feb 7, 2023 for 4.44 ETH (about $7k at the time of sale).
Where to buy Opepen Edition?
Currently, Opepen Edition can only be purchased on the secondary market, on marketplaces such as OpenSea, X2Y2 and LooksRare.
How to buy Opepen Edition?
- Remember that initially you need to connect your crypto wallet with self-storage to the marketplace of your choice.
- Next, find the official collection using the search bar on the marketplace.
- Analyze and choose the NFT you want to buy; click on it and then on the “Buy” button.
- Or you can bet on the token you like. Make sure you leave enough ETH for gas or transaction fees. If the seller approves your bid, the deal goes through.
Should you invest in Opepen Edition?
There are several positive things that make the project worth investing in:
- Floor price of the collection has increased several times since its launch;
- Possible further relationship to the Checks – VV Edition NFT collection;
- The mystique of the project based on some pretty interesting tweets of popular influencers:
Opepen Magritte
"Ceci n'est pas un opepe."
free claim for Magritte Checks holders
— gillesdc (@gillesdc) March 21, 2023
EthOpepenCult@jackbutcher 🏴☠️ pic.twitter.com/AWQeMDAprC
— BIG TRVP (@trapdaddyvoss) March 21, 2023
- While the author of the project has not revealed all the cards the entry threshold of the project is quite affordable;
- The collection is rapidly gaining organic trading volume. In less than six months, the volume on the secondary markets has surpassed 45,000 ETH.
In any case, do your own in-depth analysis and research when investing in NFTs, and then make your own decision.
Opinion of NFTmetria
Opepen Edition is the most enigmatic project of 2023, which is as successful as the most famous collections in the NFT space. It does not belong to any metaculture, but it is valued quite highly. Perhaps in the future, the collection will get rid of the mystery which is also kept by Jack Butcher, whose creation topped the sales charts in the first months of 2023.
