Nina Open Editions – Infinite Supply NFTs
Nina – the decentralised music platform built on the Solana and Arweave blockchains – has just announced a new platform feature: Open Editions.
This change represents a significant shift in the way Web3 digital music can be distributed by artists on Nina, bringing them a new method for monetising their content – one similar to the traditional digital (and physical) sales model.
Want to learn more?
Let’s dive in!
Today we are releasing ‘Open Editions’ which will allow you to publish Releases with an infinite supply.
Until now, all Releases on Nina have been Limited Editions.
Though this is natural with physical formats, it can be counterintuitive for digital releases. pic.twitter.com/o30FP7VZSs
— nina (@ninaprotocol) February 6, 2023
Nina Open Editions
Until now, all releases on Nina have been Limited Editions, which means that the number of copies of each song (NFT) was limited to a certain number, set by the artists themselves. This approach is natural in the world of NFTs, where each digital piece of media is seen as a digital collectable, and limiting its supply can greatly increase its value. But in the traditional space of digital music sales (think iTunes Store, Amazon Music store, etc), limiting the number of copies can be counterintuitive. After all, the more copies an artist sells, the more money they can make.
So now, with the introduction of Open Editions, artists and musicians will be able to publish their releases with an infinite supply.
The Open Editions feature is likely a response to the changing needs of the digital music industry. In recent years, digital music has become the dominant format for music consumption. As a result, musicians are looking for new ways to monetize their work in the space. Nina’s Open Editions offer a solution that allows artists to sell an unlimited number of digital copies of their music while still retaining ownership and control over their work.
Looking a little deeper
Open Editions can remain open forever, meaning that as long as an artist wants to sell their music, they can. This feature allows artists to reach a wider audience and generate more revenue from their work. Moreover, artists can change the price of their Open Editions at any time, giving them more control over their revenue streams.
However, it is important to note that just because Open Editions have an infinite supply, it does not mean that they are not valuable. Each copy of a release will still be unique and represent ownership of that digital music file. Additionally, the scarcity of physical copies of a release will still affect its value, making it a collectable item for fans and collectors.
But at the same time, they have the potential to become limited.
Nina Open Editions offers the ability for artists to close an edition at any time they wish to do so. That means that if an artist no longer wants to sell a release which was initially set as an Open Edition, they can close it. For example, if a release has sold 100 copies and then it is closed, it will exist as a Sold Out edition of 100. This feature provides artists with the flexibility to manage their releases and ensures that their work remains valuable over time.
In case you missed it, check out Nina’s new music themed Web3 podcast: 400 FLOOR
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