Is NFT Minting on Mint Day Worth it?
Should you mint that NFT on Mint day or buy it afterward? The WOWG story.
The short answer is it depends on the project. It depends on the amount of hype the project has and if the NFT artwork is something people want. It also depends on if the current project is giving away free NFTs to the holders of the original NFTs that were created.
The build-up to mint day should be well anticipated on Twitter, Instagram, and in the project’s Discord channel. If the project has a good roadmap on its website and it is discussed on social media by the team, the anticipation will be super hyped. Everyone will be looking forward to the mint day.
This was the case with the recently minted World of Women Galaxy (WoWG) collection from the World of Women (WoW). Since the first WoW project of 10,000 unique generative NFTs was such a runaway success last year, most people in the NFT space were looking forward to the NFT drop of 22,222 unique WoWG NFT pieces from the next phase of their roadmap. As of this writing the WoW NFTs trade at a floor price of 9.45ETH.
The NFT drop of WoWG on March 27th, 2022 was a success and the mint was sold out in less than 12 hours. The reveal was also done in less than 24 hours. A remarkable feat by any NFT selling standard.
So to mint, or not to mint?
There were a few things that would make an experienced NFT collector sit back and think before minting or buying. The WoW team gave everyone who had bought the initial WoW NFT last year — the ability to collect a free WoWG NFT. As well, there was a Whitelist that meant a few hundred people could mint at a guaranteed 2.2ETH on the mint day. If you weren't an initial WoW holder and you were not on the Whitelist, you could potentially be spending more than 2.2ETH to mint a WoWG.
Or perhaps, the initial WoW NFT holders would sell their free WoWG NFT for less than the mint price on OpenSea. After all, it was given to them free and that would be a quick 1 or 2ETH if they sold, in other words, a quick $3400USD — $6800USD in pure profit for them.
That was exactly the case. Some WoW NFT holders sold their free WoWG NFTs for as low as 1.49ETH on the day of minting on OpenSea. Those minting on the WoW Galaxy mint site probably had no idea that the secondary market on OpenSea was where all the action was at as they were minting. As fast as a WoWG NFT listing would appear from the freebie holders on OpenSea, it would be scooped up and bought. The reveal was not even happening at the time, so no one knew what they were really getting in terms of the artwork. Whatever the artwork, World of Women had shown that their artwork was beautiful and had value over time.
Some WoW NFT holders sold their free NFTs for as low as 1.49ETH on the day of minting
We had this all figured out, however, because of the time we had spent buying and selling in NFT marketplaces. We had made some quick gains on buying and selling NFTs, made some gains that took time, and have also had some losses and are still holding NFTs whose creators are not inciting their communities to remain vested in their overall vision. So with all that in mind, we were able to buy a WoWG on Opensea when it hit one of the lowest sale prices of the day. It has some “rarity” traits to it as well.
Having bought this lovely WoWG at a much lower price than the minting price, we will hold until we decide to sell. The floor price for WoWG may even come down further in value before it goes up, and we’ll get another one. It took the first WoW collection several months before it could establish and stick with the current floor price of 9.45ETH, because there was a lot of flipping for profit in the first few weeks. Then slowly over some months with World of Women continuing to create excitement around owning a WoW, people were able to see the value in not selling. Next up? A partnership with the Sandbox game creating WoW (and soon WoWG) voxelized avatars.
If WoW NFT history remains true, in a few months owning a World of Women Galaxy NFT will be worth a lot more than we paid for it, because we will be taken on a journey into the metaverse with the evolving ownership of our NFT.
So in conclusion, should you mint that prized NFT on the mint day or wait it out for a potential drop in price, and buy on the secondary NFT marketplace? The answer it seems, is to wait it out. But don’t wait too long, or the opportunity will be gone.