Why Is Freemint NFT So Hot?

Why Is Freemint NFT So Hot?

What is Freemint NFT? Why is this type of NFT able to maintain stability in such a gloomy and volatile market?

Freemint NFT

What is Freemint NFT?

This phrase describes the launch of a new collection of NFTs, allowing users to mint NFTs at no cost (of course, users still have to pay blockchain gas fees).

Freemint is not exactly a new concept. There have been several NFT projects that allow freemint in 2021 but have not received much attention from the community. However, the freemint trend has suddenly become a hot hit in the last few months – when the crypto market was gloomy and NFT gradually fell into saturation. Goblintown is considered a typical freemint NFT project.

Why is freemint NFT hot?

It can’t be said that freemint creates a new trend in the NFT segment, as the volume on NFT marketplaces has still dropped a record 94% in just the past 6 months, but freemint NFT is one of the driving forces to help maintain a certain temperature of NFT in the market.

Freemint NFTNFT trading volume on some of the top marketplaces. Source: TheBlock

Especially with the situation of the donwtrend market, it is time to help Freemint promote its full advantages.

Less risk of losing money

Freemint has less risk of losing money than other forms of NFT mint. Because if the freemint project has a rug pull or scam, the user will only lose the amount of gas fee. Meanwhile, with other projects, the mint amount is much higher.

Higher profit potential

One thing must be confirmed is that the current NFT market is mainly speculative: mint/buy at low price and wait for fomo to sell at high price.

Therefore, no matter what type of NFT, most users join mint with the mentality of waiting for that NFT project to pump a high price to sell. At that time, the profit potential (or capital xxx ratio) from freemint projects is still higher because the initial cost is extremely small.

The advantage in the midst of cheap gas fees

From the above reason, you can clearly see that the hotness of freemint depends on the gas fee situation of blockchain networks.

With the Solana network, Avalanche or Near is not so clear, but the freemint NFT on Ethereum is very clear. Imagine we have to pay nearly 100 USD in ETH to mint NFT, it’s not “free-mint” at all. Even, the highest level recorded was 8,400 gwei, or more than 2,400 USD on May 1, 2022 because of FOMO of the NFT Otherside sale.

So when gas fees on Ethereum fell to their lowest level since 2020, it was time for freemint to explode.

Freemint NFTThe highest Ethereum network fee slipped as low as 32 gwei or $0.69 on July 2

Maximize

Another advantage of low cost is that we can access more projects, even with the same amount of capital. From there, the possibility of projects in your portfolio pumping is also higher.

Goblintown: A typical freemint NFT project

Freemint NFTGoblintown NFT

Goblintown is the most typical freemint project, and also the project that helped bring the freemint trend to the air in recent months.

The original project had no roadmap, no specific goals. The art part is also just scribbles, like the type of children drawing miscellaneous on paper. Goblintown has a total of 10,000 NFT, allows a mint wallet for free 1 NFT, just need to pay the gas fee.

The project doesn’t need a roadmap, doesn’t need to draw “big knives”, just own a fun, funny community and is ready to hold NFT.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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