How do Editions Work on The Pixel Gallery
Creating an edition for your artwork can be an interesting way to bring the price of your artwork down while making it accessible to a wider audience. Creating an edition of NFTs of your artwork is slightly more conceptually complicated than just creating a single NFT per artwork. This article explains how the edition feature works and how it can be used to make your artwork accessible to more people and increase your sales.
We break the topic down in to the following concepts:
- Edition Sizes
- Editing the Size of the Edition
- How to Price Your NFTs in an Edition
- Edition Numbers
Edition Sizes
The Pixel Gallery allows edition sizes to be created with any size from 0 to infinity (∞). An edition size of zero is equivalent to listing an artwork as "Not for sale", meaning that no price is specified for the artwork and the artwork cannot be purchased. An edition size of one would mean that only a single NFT is to be produced of that artwork. By choosing edition sizes greater than 1, it is possible to create an edition of multiple NFTs of the same artwork. Let's use an edition size of 5 as an example. Then, once all 5 NFTs in the edition have been sold, the edition will be sold out and it will no longer be possible to buy NFTs of that artwork.
Artworks on The Pixel Gallery are displayed in the format "M/N", for example "1/1" or "3/10". In this format, M is the number of NFTs that remain in this edition, and N is the size of the edition, or equivalently the number of NFTs to be created for that edition.
To decipher these examples, a "1/1" NFT means there is 1 NFT remaining that is available to purchase, and the total number of NFTs being produced of that artwork is 1. A "3/10" NFT means that there are 3 NFTs remaining in that edition of 10. You can infer from this that 7 out of the 10 NFTs in that edition have been sold.
Editing the Size of the Edition
After an artwork is listed, artists can still change the size of the edition until the first NFT of an edition is sold. Once the first NFT of that edition is sold, the edition size becomes fixed, since it is important to ensure that present owners of an NFT do not feel like their NFT is being devalued by later changes in the number of NFTs in the edition.
The price of the NFTs being offered can be edited as the edition is sold, so you might take the approach of choosing a price and seeing how well the NFT sells, and bringing the price up or down accordingly.
How to Price Your NFTs in an Edition
A simple way to estimate a price for an NFT as part of an edition is to take the price that you'd expect to sell the NFT for if it was being sold as a single (1/1) NFT, and divide the price by the size of the edition. As a simple example, if you would price your 1/1 NFT of an artwork for $1,000, but you would like to create an edition size of 10 for it, then you could price each NFT at $100 each - which would give you back that same $1,000 once all of the NFTs had sold.
This is of course, a guide: You could then argue that $100 is too low since it will be accessible to many more people and it will sell quickly, so you decide to increase the price a little bit to $120. We'll leave this aspect up to you, but we think the method above gives a good way to get your prices in the right ballpark.
Edition Numbers
Each NFT of an edition is assigned a number based on the order in which they were purchased. The first NFT purchased gets an edition number of 1, the second gets an edition number of 2, and so on.
This edition number is stored by us and is written in to the "metadata" of the NFT itself. (The metadata is a way of storing extra information in the token along with the artwork.)
Conclusion
This article has covered most of the considerations one should make when selling your artwork as an edition of NFTs. We hope it gave you a better understanding this feature of The Pixel Gallery and hope it allows you to feel confident using it to your advantage. If you feel we have missed anything, please let us know and get in touch!
Thanks for reading, have a great week.
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