Understanding Free Mint NFT: Decrypting Its Allure and Investment Opportunities

Precisely in mid-2022, a time when we witnessed the Bear market trend 'heading south'. Leading coins such as Bitcoin and Ether plummeted by 20%, while some Altcoins saw even steeper declines of over 90% in value. Investors lost confidence in the market, and blockchain activities nearly dwindled.

Exploring Free Mint NFT

Contrary to this, the NFT market continues to operate normally without any impact. In fact, some new NFT projects, such as Free Mint NFT, are creating a frenzy and attracting many NFT investors.

1. What is Free Mint NFT?

True to its name, Free Mint NFT is a type of NFT Drop where projects release NFTs for free, except for the necessary gas fees required to mint the NFTs. Most such projects focus on secondary copyright resale. In other words, with each NFT in the collection sold on the secondary market, developers earn a certain percentage of copyright fees.

Free Mint NFT is breaking down significant barriers to entry into the NFT space, especially for new investors. Typically, new NFT projects charge fees ranging from 0.05 to 0.25 ETH/NFT, a fee that not every investor has the 'muscle' to afford.

Moreover, in the current Bear market context, coupled with reduced NFT sales volume in recent times, Free Mint NFT becomes an appealing choice because some of these projects become instantly valuable, benefiting both parties. The success of the Goblintown project is a prime example.

2. Deciphering the 'attraction' of Free Mint NFT in the NFT market

It can be said that Free Mint NFT is a factor helping to maintain the 'temperature' of the current market, despite NFT sales prices still plummeting to a record low of 94% over the past 6 months.

2.1. Lower Risk

Compared to other NFT transactions, the risk of Free Mint NFT is lower. Assuming that when a Free Mint NFT project fails, investors only lose gas fees. In contrast, other projects may incur much higher minting costs.

2.2. Higher Profit Potential

It can be affirmed that the NFT market is a speculative market, buying low and selling high, with profits earned from the high or low price differential. Therefore, the general mentality of investors when selling any NFT is to wait for the project to appreciate and then sell. Free Mint NFT projects, in particular, offer higher profits because the initial investment cost in these projects is very low.

2.3. Profit Maximization

The advantage of Free Mint projects is the extremely low initial cost, allowing investors to access more projects than other NFT projects even though they invest the same amount of capital. As a result, the proportion of projects in the investment portfolio is very high.

3. Some Notable Free Mint NFT Projects

3.1. Goblintown.wtf

Launched in late May, the Goblintown NFT collection quickly became the talk of the town after hosting a quirky Twitter Spaces event. The collection features a total of 10,000 quirky creatures on the Ethereum blockchain.

Despite being a quirky art piece with no clear roadmap, Goblintown NFT swiftly climbed revenue charts, even surpassing some of the leading blue-chip NFT projects, ranking top on OpenSea's transaction volume leaderboard over the past 30 days. The project is now listed on 5 ETH exchanges and has garnered over 35,400 ETH.

3.2. We Are All Going to Die (WAGDIE)

WAGDIE is another Free Mint NFT project causing a frenzy in the NFT market. Following in the footsteps of Goblintown, WAGDIE also gained notoriety after a chilling audio clip was posted on Twitter.

WAGDIE consists of a total of 6,666 NFTs, featuring dark, pixelated human figures in medieval attire. Additionally, the project does not provide any roadmap or website despite the collection being launched on June 3rd, with revenue reaching nearly $11,000.

3.3. For The Culture

For The Culture is not just a Free Mint NFT project; in this one, the minter is also paid 0.01 ETH. According to the project's official Twitter, For The Culture has 'no roadmap, no website.' The collection of 5,000 NFTs has generated 2,100 ETH in revenue so far.

Explore more: Top NFT games

What is Free Mint NFT all about? Mytour has just answered that here. Besides NFT, readers can also refer to some articles already available on Mytour to learn more about What are NFT images? How to make money from NFT images?