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The Nifty Dictionary: One of One (aka 1/1)

/ J.T. Fales / Leave a comment

DEFINITION

A 1/1, 1 of 1, or one of one, is an NFT that has been issued as a single, unique edition. One of ones are seen as more scarce and therefore more valuable, because only one person can own them at a time.

CONTEXT

When an NFT is minted, the creator can choose to issue any number of editions of their work. If the creator elects to make multiple editions, these editions will all appear exactly the same, differing only in their edition number and/or token ID.

Issuing multiple editions of an NFT allows more people to collect that nifty. However, the law of supply and demand dictates that the more editions that exist of an NFT, the less valuable each edition becomes.

1/1s therefore have more value than multi-edition NFTs. (By this same logic, 1/1s are generally more valuable than open editions, since open editions are designed to create many editions of that item.)

On the Ethereum network, 1/1s are typically ERC-721 tokens, since the alternative ERC-1155 token standard was created in order to make minting multiple editions of an NFT cheaper and easier.

VIDEO EXPLANATION

For an explanation of 1/1s and other NFT concepts, follow the Niftyist TikTok account.

Collect this Crypto City NFT: Barcelona

/ J.T. Fales / Leave a comment

Note: As of 3/29/2023, I own an NFT in the CryptoCities Suburbs collection. I therefore have a financial stake in the CryptoCities brand. Links on this page may contain affiliate codes for OpenSea that could compensate me in the event you purchase an NFT.

This intricate piece caught my eye today on /r/NFT, as it’s no doubt already caught yours: a voxellated city floating in a burnt orange sky, steeples and and a crane piercing up from the center. This is “Barcelona”, the newest piece in the Crypto Cities collection, featuring the famed, and famously incomplete, La Sagrada Família cathedral.

The Crypto Cities project describes itself this way:

An art collection made up of voxel-based microcosms displaying iconic cities from real life/fiction. Only 123 unique cities to be minted.

This is a gorgeous collection, with each city featuring a unique ambiance crafted around its most beloved landmarks: Paris‘s Eiffel Tower; Rio‘s Cristo Redentor; and, my favorite, the crumbling Colosseum of Rome.

You can check out the other cities minted so far on OpenSea, including Tokyo, Los Angeles, Sydney, Berlin, Shanghai, and the surprising Pyongyang. Any one of these cities would make an impressive centerpiece in a collector’s portfolio – and I certainly hope to have that honor one day!