What Is Freemint NFT and Why Is It So Popular?

    What is Freemint?

    Freemint, of course, is a combination of two words: “Free” and “Mint”. This phrase describes the launch of a new NFT collection that allows users to mint NFTs at no cost (they still have to pay blockchain gas fees, of course).

    A typical NFT project has several ways to distribute NFTs:

    • Public mint: Open mint on an NFT launch platform and users will have to pay a fee for each opening. This fee may be different depending on each project;
    • Private/whitelist mint: Not all wallets but only predetermined wallets (whitelist) can mint NFTs. Users must meet certain requirements, or do certain tasks, to be whitelisted. This mint may or may not be charged depending on the specified project;
    • Combination of public and private mint: Mint prices in the private round will be lower than the public round.
    • Freemint: Users can mint NFTs at no cost.

    In fact, Freemint is not a new concept. Some NFT projects have allowed Freemint since 2021 but have not received much attention from the community. Freemint, however, has suddenly become a hot trend in recent months when the crypto market was gloomy and volatile.

    Why is Freemint is so popular?

    It can’t be said that Freemint has created a new trend in the NFT space as the volume on NFT marketplaces has still dropped a record 94% in just the past 6 months, but Freemint is one of the driving forces that help maintain the current market temperature. Especially amid the market crash, Freemint has more opportunities to explore.

    Less risk of losing money

    Freemint has less risk of losing money than other forms of minting NFT. Because if the Freemint project has a rug pull or scam, users will only lose the gas fee. Other projects require much higher minting costs.

    Higher potential profitability

    We have to admit that the current NFT market is a speculative market: mint/buy at low price and sell at a higher price. Therefore, no matter what type of NFT, most users are always in the mood to wait for the project to go up and sell. Even so, the potential profitability from Freemint projects is still higher because fees are extremely small. If gas fees of blockchain networks are cheap, users even get more profits.

    Maximize profits

    Because of the low cost, users can access more projects with the same amount of capital. Thereby, the percentage of projects in your portfolio pumped is very high.

    Strategy to maximize profits with Freemint

    The strategy to maximize profits with Freemint is quite simple: you spread your investment into as many projects as possible. Of course, you need to come up with criteria to invest, not every project is worth investing in.

    Goblintown – a typical Freemint NFT project

    Goblintown is the most typical Freemint project, and also the project that made Freemint a hot trend in recent months. The project initially did not have a roadmap, no specific goals. “No roadmap. No Discord. No utility. CC0”, the team outlined their plans on their official website. Goblintown has a total of 10,000 NFT, allowing each wallet to mint 1 NFT for free, just need to pay gas fees. Then why is such a weird project having a floor price of 2.35 ETH on Opensea? Because the NFT community loves crazy things!

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