Open collections
Introducing Open Collections: A Collaborative Twist on Traditional NFT Collections
Introducing Open Collections: A Collaborative Twist on Traditional NFT Collections
Open Collections revolutionize the way we perceive NFT collections. While they share similarities with standard NFT collections on platforms like OpenSea, Open Collections introduce a collaborative dimension, allowing users to work together and contribute new meme templates, be it original or inspired.
A Glimpse into Open Collections: Imagine Matt Furie, the creator of the iconic Pepe meme, owning an Open Collection titled "PEPE". While this collection would function similarly to those on OpenSea, with Furie earning royalties from every transaction within, the dynamics in our ecosystem take it a step further. In the world of OpenMeme, "Pepe" isn't just a meme; it's an NFT character with ownership rights. This character can appear in memes crafted by various creators. We have the capability to trace the ownership of "Pepe", identify its creators, and as its popularity surges, its value does too.
The Structure of an Open Collection: At the helm of each Open Collection is a Leading NFT, which symbolizes the ownership of the entire collection. This NFT can be traded or transferred, effectively passing on the ownership of the entire Open Collection.
Contributing to Open Collections: So, how does one add elements to these collections? And what standards must they meet?
Every proposed element undergoes a rigorous validation process. Once it clears validation, it's minted onto the blockchain and seamlessly integrated into the Generator, ready for creators to use.
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