Creators on Voice can mint their NFTs as 1 of 1s or editions. 1 of 1s are unique NFTs that exist as only a single edition. If you own a 1 of 1 NFT, no one else in the world can own that NFT at the same time as you.
Editions are unique NFTs that share the same content. So, for example, if you minted a song as a series with 10 editions in it, each edition in that series would be the same song, but each edition would also be a unique NFT with a unique record on the blockchain. If you are a creator with a verified account on Voice, you can create a series with up to 100 editions.
Why mint 1 of 1s?
Because only one person can own a 1 of 1 at any given time, they are inherently more scarce than editioned NFTs. The law of supply and demand deems that the scarcer something is, the more value it holds- this is why 1 of 1s are generally considered to be more valuable as assets.
Why mint editions?
Editions give you the ability to manage the scarcity of your creations, while also making them more accessible to a wider audience. We sometimes forget, in this digital world, that content can be owned; it can be bought and sold; it can change hands. With digital media, you have access to whatever you want whenever you want it, usually completely for free. NFTs remind us that even digital media can be limited; it can be rare. Editions give you the ability to modulate that rarity.
Since you can control the scarcity of your content with editions, you can also be more flexible with the pricing of your content. For example, if you want to make $500 from a creation, you can choose whether you want to sell that creation as a one-of-one NFT for $500 or whether you want to sell 50 editions of that creation for $10 each. As a creator, you can decide what you think will best meet the desires of your audience for each piece you create.
Currently, many in the NFT world use editions for digital collectibles, from pixel art to trading cards; however, editions facilitate a number of other creative opportunities as well. Here are a few options you might consider.
Digital music has largely removed the concept of rarity or scarcity from the world of music and flattened the value of that content as well. If you’re a musician, your digital music is available to pretty much anyone at any time at the same cost as any other musician with digital music. It doesn’t matter whether you’re incredibly famous or just starting your music career.
NFTs can re-introduce the concept of rarity to digital music. As a musician on Voice, you can mint a song with multiple editions, providing many of your fans with the opportunity to own your music but still keeping that number limited in a way that adds value for yourself and for the fans who collect your work.
Editions give creators a way to reward their fans who may not have access to their more limited, one-of-one works. As a creator, you can mint, say, 100 editions of an NFT and then provide those at a relatively low cost so that more of your fans can support you.
A lot of podcasters make no money at all. A lot make money from ad revenue. Why not mint your podcasts as NFTs instead? Few, if any, podcasts are one of one; instead, much like digital music, podcasts are broadly available to whoever wants them whenever they want them, typically free of charge. If you’re a podcaster, you can mint your podcast as an NFT on Voice with multiple editions, giving your fans the opportunity to support you directly while also introducing the concept of rarity or scarcity to your work in a medium that has never really had that kind of concept before.
If you’re a writer, NFTs with editions provide you with new opportunities to create, distribute, and sell your content. Making money as a writer can be very challenging, but NFT editions can take advantage of the low cost and ease of accessibility of digital content while also maintaining (or introducing) the aspect of scarcity. In fact, these days, it’s difficult to think of almost any text as being scarce. You can go online and buy digital or hard copies of basically any book you want. With NFT editions, though, you can mint the number of copies you want of your story or essay or installment in a serialized work. This ensures that your content can reach the audience you want while also determining the rarity of the content in a way that shows off its value. Personally, I can’t wait for someone to mint installments of their serialized novel on Voice.
Whether it’s music or writing, videos or visual art, NFT editions give you the ability to manage the scarcity of your work in a digital world.
Check out the first use of editions on the platform here.