Open editions: Why new metas are NEVER here to stay 🧵👇 (1/18)

Open editions: Why new metas are NEVER here to stay 🧵👇 (1/18)

Checks, Opepen, Comedian: Open editions currently dominate the Top 10 on Opensea and are probably all over your timeline too. It seems like this is the new meta. (2/18)

"Checks to 100 ETH. "A game changer. "The space will never be the same again". Okay calm down. If there's one thing a look at the past shows us, it's that new metas often disappear even faster than they emerge. (3/18)

So let's take a deep breath and dive into it. I'm not here to fud your Checks bags. Checks are at the forefront of the new hot meta: Open editions. They are the first (recently launched) open edition to really gain traction. (4/18)

I’ve read a lot of tweets about open editions in general and Checks in particular in the past few days. Here’s my favorite one: "Open editions are the new meta and Checks are the OG, the top is a long way off, see ya at 20 ETH!" (5/18)

Do you agree with this tweet? Well, I lied to you. This tweet wasn’t really tweets about Checks at all, but about Goblintown and the free mint meta back in the day: (6/18)

If you don't remember, let me help you: Goblins launched in 2022 in the midst of the bear market and was the first free mint to really gain momentum during that time. Everybody was talking about them. (7/18)

MenaceToSociety 🥶@NFTsAreNice · May 26, 2022

Mfs after selling 1 Goblin Town NFT

Free mints seemed to be the new meta. Here to stay. Goblins were on the forefront of this new meta and on their way to the NFT Olympus - within a few days the floor price rose to 9 ETH. (8/18)

Today the floor price stands at 0.6 ETH and free mints themselves are not that hot anymore. Quite the opposite. Looking at @valhalla, @ether etc, high mint prices seem to be coming back. (9/18)

Attention shifts. New metas emerge, those who manage to become the leaders of the new meta offer investors unprecedented returns. But most of the time, the new metas disappear just as quickly as they emerged. And the leaders disappear along with them. (10/18)

"Okay Wale, but Checks, Opepe, open editions in general, that's real art, not just a stupid pfp. This is different!". Is it? How many people do you think bought a Checks or an Opepe solely because of the art? (11/18)

Let’s be real: How many of the 240k (!) mints of @Vince_Van_Dough's new open edition were minted because the individuals just wanted to own a copy of the art? 10 people? 100? Maybe 200? Like everything in the NFT space, the OE meta evolved into pure speculation. (12/18)

That may not have been the original intent, but that's where it's evolved into. Free mints back then weren’t started with the intent of building the next bluechip either. But speculation drove it there. (13/18)

So what do we learn from this? Every new meta loses momentum at some point. The only question is when. Good indicators are top signals. The hundreds of Goblintown derivatives back then were one. But imo also the mass mint of @Vince_Van_Dough's open edition. (14/18)

So will Checks and the other hyped open editions dump to zero tomorrow? Not necessarily. The question is where in the hype cylce are we rn. Are we already at the peak? Or only just on the way up? (15/18)

Depending on your bags, you probably have different opinions on that. My subjective opinion is that we are close to the peak. But what do I know. I have no idea. But neither do the people who are forecasting that Checks will go up to 5 ETH tomorrow. (16/18)

I just hope this thread gives a little perspective. There are people who still hold their Goblin today because they thought that the free mint meta was a revolution and that Goblintown as the OG will overtake BAYC. You don't want to be that person. (18/18)

That being said, big fan of all the artists who launched open editions. More power to them. But I think that slowly everyone realizes that this new meta is more and more dominated by speculation. And that shouldn't be the point of open editions. (18/18)