Opepen Edition (OPEPEN) is a non-fungible token (NFT) collection by popular digital artist Jack Butcher. The project is consisted of a total of 15983 unique NFTs, with 5216 unique holders.
According to data by CoinGecko, the Opepen Edition collection currently has a total market cap of around $20 million. Data by NFT marketplace Blur shows that the NFT project has had a trading volume of more than 2,000 ETH (around $3.2 million) over the past day.
Moreover, Opepen Edition currently has a floor price of 0.725 ETH (or over $1,100), which makes it one of the more expensive collections on the market. Since its launch, the project has a total volume of over 11,200 ETH (or over $18 million).
Back in January, Butcher released an open edition “Opepen” alongside the Checks release. The collection started with an image of a “mondrian-like” Pepe present on all 15,984 NFTs. However, Butcher has recently changed the metadata to a single green circle with a white background.
Butcher’s teasing may provide an opportunity for those outside the Visualize Value ecosystem to acquire an NFT from Butcher at a cheaper entry point, that is, if he drops a PFP. Additionally, the potential to utilize Opepen as a “mint pass” for a larger PFP collection is important in two ways.
Firstly, it continues a trend of open edition projects becoming eventual access points to other NFT collections (see also End of Sartoshi, Pepe Checks).
Secondly, an Opepen PFP may provide Butcher with access to at least a minimum royalty (because of the new collection creation), something that he’s struggling to generate on Checks because of OpenSea’s recent change.
While the finances provide the “shock” in Butcher’s notes about royalties, perhaps the more appealing aspect of this situation is OpenSea’s inability to communicate to one of its top creators and money makers. If someone made you $300,000, and was poised to make you a whole lot more, would you respond to their emails?
Who is Jack Butcher?
Jack Butcher is the founder of Visualize Value a communications channel that creates unique pieces of art, and offers insight into becoming a successful creator on the internet.
Furthermore, he worked for ten years in Fortune 100 advertising as a creative director. In fact, he has worked with some of the biggest brands in the world, including Amazon and Ferrari.
In early 2021, Jack hopped onto the NFT bandwagon, selling several NFTs. His “NFTs, explained”, for instance, sold for 74 ETH.
Butcher is also the guy behind Checks NFT collection, an open-edition NFT project that takes inspiration from the famous Twitter checkmark.
Based on the Ethereum blockchain, each NFT features 80 checks resembling the Twitter verification logo. During the 24-hour mint on January 3, 2023, 16,027 NFTs were sold out at $8 each—the amount Twitter charges people for verification.
“The intent of this piece is to capture a moment in time – the shifting context in which the process of verification takes place, in a society dominated by electronic culture and communication,” notes the project’s website, adding:
“Checks is an infinite canvas for expression that is designed to challenge the concept of ownership and authorship in the age of the internet.”