XCOPY, an NFT artist, has been chastised for his new 1 ETH Open Edition Mint.
With his open edition mint happening on Nifty Gateway today, XCOPY, one of the most acclaimed and successful NFT artists, seems primed for some significant sales. While many people are ecstatic at the news, the feeling isn’t universal.
Nifty Gateway has the XCOPY “MAX PAIN” open edition NFT mint.
In a nutshell, the open edition mint on Nifty Gateway is part of XCOPY’s most recent NFT drop. MAX PAIN AND FRIENDS is the name of the series, which has an open edition mint of the MAX PAIN NFT as the centrepiece.
To clarify, an open edition is one in which the number of NFTs accessible in a mint is not limited. Rather, the mint occurs over a set period of time. In other words, while the mint is open, anybody can mint as many NFTs as they like. On March 24th, between 6.30 and 6.40 p.m. EST, the “MAX PAIN” mint will be open for 10 minutes.
The XCOPY open edition NFTs, for example, are 1 ETH each. To be fair, that’s a steep price for an NFT mint (1 ETH is currently worth over $3100). With that stated, XCOPY is unquestionably one of the most acclaimed and costly NFT artists working today.
The lowest verified XCOPY NFT on OpenSea, for example, is advertised at 6.69 ETH and comes from the artist’s Afterburn collection. Not to mention the fact that only a limited percentage of XCOPY NFTs are available for purchase.
As a result, many individuals on Twitter speculated that the open edition may be their best chance to get their hands on an XCOPY NFT. Even said, some people were understandably put off by the XCOPY open edition’s 1 ETH price tag.
What are people’s concerns about the collection?
Apart from the 1 ETH mint price for XCOPY’s MAX PAIN, the open edition component seemed to be the most frequent complaint on Twitter. People are concerned that the open edition will result in a high supply, which will damage secondary market values. While many individuals are excited to own an XCOPY work for a long time, there are always those who want to sell it quickly.
One person who tweeted a critique of the XCOPY open edition was @cryptoartcollec, as indicated above. They appear to imply that a 10K pfp collection would have been a more efficient way of releasing new XCOPY NFTs. Furthermore, the influencer responded with a tweet that read,
“I’m bullish because I know it’ll make more than $5,000, but I’m disappointed because I was hoping for more originality at this point.”
In the comments, there was a good mix of people who agreed and disagreed with the tweet. In addition, a handful of tweets expressed dissatisfaction with the Nifty Gateway platform.
“All I learnt is that people get offended by ‘open editions,'” XCOPY responded to the tweets.
Needless to say, XCOPY was probably expecting some backlash. In any event, no one can deny XCOPY’s place in the space, regardless of their feelings towards open editions. In any case, the mint appears to be more than likely to be another win for the artist.
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