One NFT collection that has garnered a lot of attention this week is Opepen by Jack Butcher.
Opepen comprises 16,000 NFTs, all centered around the iconic and highly meme-worthy Pepe the Frog. This collection is divided into 200 distinct sets, each housing 80 NFTs. What sets Opepen apart is its tiered structure, ranging from the most common edition with 40 copies to the exceedingly rare 1/1 edition.
But Opepen is more than just a static art collection. It incorporates a democratic voting mechanism that empowers the community to shape its evolution. Should the demand for a particular set fall below 200% within its respective tier, it will be replaced, granting owners an active role in determining the art that flourishes within the project. This element of social participation injects a sense of engagement and ownership.
So far two sets have been unveiled, each showcasing a distinct artistic style. It appears that Jack Butcher meticulously curates each piece to ensure exceptional quality. The first set alone boasts a staggering floor price of 24 ETH, emphasizing the inherent value and desirability of these digital art pieces. Unrevealed 1/1 NFTs are exchanging hands at prices ranging between 7 and 8 ETH each.
In my opinion, there are a few key reasons behind the Opepen narrative:
- Novel drop mechanics with slow reveal over time
- People love playing economic games, trying to figure out where the best value lies in. Is it in the unrevealed 1/1s? The early sets? Or is it better to buy multiple cheaper editions?
- Hybrid art / PFP collection
- Anything related to Pepe gets an attention premium these days, with the recent mania surrounding the $PEPE memecoin. People are fearful about missing the next big thing.