A playful nod to the Pepe the Frog meme, also a revolutionary NFT art experiment
Opepen NFT is a generative art and PFP project on the Ethereum blockchain that allows collectors to influence the art pieces’ evolution. This dynamic mechanism creates a unique art ecosystem with several distinctive sub-collections within the parent series. Notably, the project’s floor price has risen significantly since May 2023, with most sales clocking in over $1,000 since June. In this article, we will unveil the innovative features of Opepen, explaining how it reshapes the NFT art landscape.
Contents
- What is Opepen?
- Who is behind Opepen?
- What is the $2 Opepen Hype?
- The evolution of Opepen NFTs
- What utilities do the Opepen NFTs have?
- Is there a token attached to the project?
- Are Opepen NFTs a good investment?
- What does the future look like for Opepen?
- Discover more NFTs with DappRadar
- Useful Links
What is Opepen?
Opepen is an NFT art collection with 16,000 evolvable pieces. Created in January 2023, it has become a distinctive force in the realm of generative art.
The art project brings a collective journey through an open and collector-engaged approach, inviting community members to shape its artistic narrative. As a result, it allows for a more democratic and inclusive art creation process.
The success of Opepen is evident in its historical data performance. As of 15 Aug, the collection has accumulated an impressive $123.48 million (over 69,000 ETH) in trading volume, underscoring the market’s recognition.
Furthermore, initially minted for free, Opepen trades at a floor price of $1,120 (0.619 ETH) at the time of the writing.
Who is behind Opepen?
Jack Butcher, a multidisciplinary artist, designer, and writer, is the mastermind behind Opepen. He is also the founder of Visualize Value (VV), an agency exploring the interplay between visual design and its inherent value.
While drawing inspiration from Pepe the Frog, Jack Butcher did not intend to monetize the meme frenzy. Through Opepen and his other projects, Butcher explores intricate ideas of Web3 and the transformative impact of its infrastructure and consensus mechanisms.
Butcher explains his artistic ideology and provides a glimpse into his creative mind in this thought-provoking Twitter thread.
In addition to Opepen, other notable projects of the artist include Checks – VV Originals, with a trading volume of $38.57 million, and Checks – VV Edition, boasting an impressive trading volume of $100 million.
Use the links below to gain data-driven insights into Jack Butcher’s most influential NFT projects.
What is the $2 Opepen Hype?
Opepen is never short on engagement. But on 17 July, it took Twitter by storm, showing how the Web3 community’s passion and the NFT creators’ genius can create a blazing buzz. And this hype only costs a cool $2 for everyone to join in the fun.
The story unfolds with Bored Elon Musk, a whale Opepen holder, offering Thread Guy, another Web3 KOL, a valuable Opepen 001 worth $40,000. In exchange, the latter was asked to promote the project by using it as his profile picture.
Though Thread Guy declined the offer, he still changed his profile picture to this 1/1 Opepen created by Jack Butcher, inspired by Thread Guy’s Mutant Ape NFT (MAYC #7450). This sparked a tremendous response from the community, including support from crypto artist Beeple.
Following this incident, the offered Opepen transformed into an open edition, allowing anyone to mint it for just $2. As of July 18, the Opepen Threadition has seen an impressive 39,570 NFTs minted, amassing over $79,000.
This event serves as a tribute to the genius of the Web3 content creators, the passion of the community, and the collective consensus that drives the culture forward.
The evolution of Opepen NFTs
The Opepen NFTs you see now are notably distinct from their original forms. This is because the NFTs in the Opepen collection can evolve over time. Specifically, numerous distinct sub-collections can be generated while the total number of Opepen NFTs remains unchanged.
The current mechanism allows the generation of 200 diverse sub-collections, each comprising 80 unique NFTs. Notably, this adds layers of depth and richness to the artworks themselves and gamifies the overall experience for collectors.
So collector participation is an integral part of this mechanism. It invites holders to actively engage with the evolution of their NFTs through an opt-in system. Within a 48-hour window, holders need to decide whether to participate in the ongoing evolution.
Currently, the collection has evolved eleven times, showcasing eleven captivating sub-collections through collaborations with various artists and projects.
The latest addition, Opepen Set 011, is a collaboration between Opepen and Pudgy Penguins.
What utilities do the Opepen NFTs have?
As an art collection, Opepen NFTs serve both as aesthetic expressions and as tradable assets. Their utility lies in their artistic value, offering a unique visual experience. Additionally, these NFTs can be traded in marketplaces, enabling holders to exchange them for monetary value based on market demand.
In terms of utility within the Opepen evolution, owning an original Opepen NFT is essential for participating in the ongoing transformative journey. Once an NFT has undergone evolution, it cannot continue to evolve further.
However, potential future developments may be introduced to allow holders to carry on their journey of evolution, thereby increasing their NFTs’ rarity.
Is there a token attached to the project?
No.
Are Opepen NFTs a good investment?
Opepen has emerged as one of the most traded NFT collections by Jack Butcher, accumulating a remarkable 163,320 sales as of 15 Aug. At the time of writing, the floor price stands at an impressive $1,130 (0.619 ETH).
It is worth highlighting that Opepen was initially free-to-mint. The collection’s floor price tracked by DappRadar reveals a steady upward trajectory, punctuated by notable peaks correlated with specific historical events.
First, in February 2023, Jack Butcher provided a clearer artistic vision for the Opepen collection, resonating with the community and driving the floor price up to $1,120 (0.72 ETH) on 26 Feb. However, when Sets 001 and 002 were revealed on 28 April, they failed to generate significant buzz within the NFT community, resulting in floor prices dangling below $500 (~0.27 ETH) for about three weeks.
Subsequent sub-collections, including Sets 003 and 004, unveiled on 26 May, followed by Set 005 on 06 June, gradually caught the attention of collectors. This increased recognition translated into notable upswings in Opepen’s floor prices, reaching $1,570 (0.89 ETH) on 06 June.
The announcement of Set 006 on 09 June once again met market enthusiasm, keeping the floor price at $1,430 (0.83 ETH).
Set 011, the Opepengs sub-collection, has generated significant buzz, particularly because of its collaboration with the Pudgy Penguins community. Sub-collections often hold higher value due to their distinctive nature, and this partnership with Pudgy Penguins has undeniably set some noteworthy records.
- Opepen 10649: 10 ETH
- Opepen 7391: 5.69 ETH
- Opepen 12086: 5 ETH
This success has led other PFP project holders to express their desire to collaborate with Opepen as well.
While the current trend appears promising, collectors must conduct thorough research, analyze market conditions, and consider their risk tolerance before making purchase decisions.
What does the future look like for Opepen?
All of Jack Butcher’s projects, including Opepen, demonstrate a remarkable phenomenon where the artist no longer relies on active pursuit in approaching the audience. Instead, his users are drawn to the project through the resonance they have with the project.
This paradigm shift showcases the inherent power of consensus, where a shared vision becomes the driving force that unites individuals in their quest for artistic expression and, in some cases, financial gain.
With this newfound understanding, Opepen is ready to further inspire creative and art exploration.
Discover more NFTs with DappRadar
If you’re interested in the world of NFTs, DappRadar is your one-stop platform for discovering top decentralized applications. With its suite of tools, such as Top Games Ranking, NFT Explorer, and Token Explorer, you can research and stay up-to-date with the Web3 industry. Whether you’re a seasoned investor or new to NFTs, DappRadar can help you navigate the exciting world of decentralized applications.
Useful Links
- Articles Opepen and Jack Butcher
- What is generative art
- Opepen NFT page
- Checks – VV Edition NFT page
- Checks – VV Originals NFT page
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