Jack Butcher Sparks Conversation, Opepen Charge
Jack Butcher was at the center of attention on Sunday, teasing an Opepen PFP and pointing out some of the early detriments of OpenSea's royalty policy change.
Back It Up
As a nod to web3's obsession with Pepe, in January alongside the Checks release, Butcher also released an open edition "Opepen." The collection started with an image of a "mondrian-like" Pepe present on all 15,984 NFTs. Late last night though, Butcher changed the metadata to a single green circle, and tweeted "Opepen PFP?"
❗Why It Matters
Butcher's teasing may provide an opportunity for those outside the Visualize Value ecosystem to acquire an NFT from Butcher at a cheaper entry point, that is, if he drops a PFP. Additionally, the potential to utilize Opepen as a "mint pass" for a larger PFP collection is important in two ways. Firstly, it continues a trend of open edition projects becoming eventual access points to other NFT collections (see also End of Sartoshi, Pepe Checks). Secondly, an Opepen PFP may provide Butcher with access to at least a minimum royalty (because of the new collection creation), something that he's struggling to generate on Checks because of OpenSea's recent change.
🔥Hot Taek
While the finances provide the "shock" in Butcher's notes about royalties, perhaps the more appaling aspect of this situation is OpenSea's inability to communicate to one of its top creators and money makers. If someone made you $300,000, and was poised to make you a whole lot more, would you respond to their emails?
📊 By the Numbers
- Opepen surged from around 0.14 ETH to 0.5 ETH at the time of writing, a 450 percent increase in the last 24 hours.
- According to Butcher, OpenSea generated around $300,000 in revenue from Checks trading last week. For Butcher to achieve that much in creator royalties at 0.5 percent, his collections would need to trade $60 million on the secondary market.
🎤 Community Quotes
