What are Free-to-Mint NFTs?
NFTs that are free to mint are all the rage these days. In contrast to regular NFT drops, where a collector must pay a set (or fluctuating) price plus a gas fee to create and purchase an NFT, free-to-mint collections allow devotees to mint an NFT for very little to no cost.
Recently, both solo producers and product development teams have chosen free-to-mint NFT debuts to generate awareness, build a community, and avoid common NFT launch issues. However, unlike airdrops, which incentivize and reward holders of a current collection’s NFTs, free mints have emerged as a popular method for launching brand-new initiatives.
Most NFT fans are already experienced with the concept of free-to-mint NFTs. Free mints are becoming a common and valued aspect of the NFT ecology, from Loot to Goblintown to WAGDIE. Is this form of mint mechanism, however, sustainable? And, more importantly, does it even work? Let’s go exploring.
Do free-to-mint NFTs work?
In a nutshell, sure. Free-to-mint NFT launches appear to be performing perfectly. And why should they not? After all, free-claim NFTs have existed for a long time, with some even providing the groundwork for other prominent projects established in recent years.
Free-to-mint NFTs may be traced all the way back to the early days of NFTs. Even the introduction of CrypoPunks, one of the most popular NFT projects ever, was centered on free-to-claim mechanics. Punks was released in June 2017 and was initially given away for free to anyone who wanted them. However, because you needed an Ethereum wallet to obtain one, supply was restricted to people already interested/involved in the crypto field.
Is it sustainable in the long term?
While there is a case to be made against free-to-mint NFTs, the vast majority of collectors/investors in the industry believe they are a viable alternative for producers. As PFP initiatives continue to dominate the market, amassing millions of dollars in money from initial sales, the lack of accountability to individuals behind these projects has become a source of discontent within the NFT community.
The fact that free-to-mint NFTs do not work for everyone may be why they are betting on longevity. Free-to-mint NFTs may push designers to make a show of what they can give collectors in a type of pay-to-play way, rather than creating elaborate roadmaps that can only be completed if a collection sells out.
Advantages of Free-to-Mint NFTs
We’ve covered some of the benefits of using a free-to-mint NFT paradigm. It not only allows more people to enter the market, but it also brings a variety of additional advantages:
Huge (possible) Upside
The reality is that there have been several successful free-to-mint projects. In fact, really well. Early funders of collections such as the CryptoPunks have profited handsomely. Someone bought CryptoPunk #2238 in 2018 for $443 and sold it in 2021 for an eye-watering $4.4 million. That’s an almost one million percent return in less than three years.
Brand loyalty
Buying non-fungible tokens as soon as they are issued is a great way to maximize prospective gains. And being on the lookout for the best yet-to-be-minted rising initiatives is something you’ll most likely spend a lot of time doing as well. For the most part, the NFT releases with the best odds of success have a lot of hype — and a lot of followers. In that respect, they’re rather exclusive, and prospective buyers are typically checked by whitelists. The more exclusive NFTs are believed to be, the more valuable they become.
Access is democratized.
Free mints allow everyone to participate in the NFT game at a reasonable cost. To keep gas expenses low, many NTM projects utilize more blockchains, such as Polygon and Solana. This is a significant benefit for independent artists, many of whom have struggled to cover the costs of generating tokens without knowing if they will ever be sold. Free-to-mint lowers the barrier to entry in the non-fungible domain, allowing more projects to come to market and fostering inventiveness.
Scamming
In theory, giving away an entire enterprise for free is unprofitable. Or, at the the least, individuals hoping to make a quick profit by taking others in the NFT sector for a ride will not experience any significant gains until the project gains traction, if at all. As a result, early collections are unlikely to yield large gains immediately following any free-to-mint NFT release. In any case, before making any financial commitment, you should always conduct your own research into any NFT project and the type of smart contract approach they’re employing.
Babylons Free-to-Mint Collection
We decided to release a series of free-to-mint NFTs on several blockchains supplied by the Babylons NFT marketplace before releasing our official PFP NFT collection. Starting with Arbitrum Nova, the Free-to-Mint collection will be available on selected networks on the Babylons platform.
On each network, our users will be able to mint 155 unique and handcrafted NFTs with varying rarities. We’re working on a visually stunning UI to provide you the best minting experience possible. This is not your average free mint; it has a tale to tell, and we hope you are as pleased as we are. So don’t pass up this opportunity.
About Babylons
Babylons is the ultimate GameFi destination, pioneer launchpad, blockchain tooling provider, and NFT platform with its 100+ gaming partners and a young and active following of GameFi enthusiasts. For its gaming partners, Babylons offers INO hosting, IDO hosting, and secondary sales services tailored to their exact needs. Babylons has a vibrant gaming community that is eager to participate in new gaming projects, private, and public token offerings & IDOs; while the platform aims to democratize this process with its innovative mechanisms.
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