Welcome back Risky Rascal!
Today we will be covering a new trend in the NFT space called Free mints. Now, if you are like me, a realist, nothing in life comes free so that immediately throws up a red flag. So, I have done some research and also taken part in a couple of these "free mints" and here are my takeaways on the projects that I minted!
First off I have been in this space for over 8 months now. I pride myself on being knowledgeable in CNFTs and understanding when a scam is presented itself. With that being said, this past week I broke one of my cardinal rules of investing, and I rushed. To explain, since I covered SpaceBudz I have been interacting with the community and I have been looking for an entry point to get into this amazing project. If you are familiar with this project it takes at least 3,000 ADA to get in. There has been a new development where they are going to switch the designs of the Budz to the V2 version and this is where I made my mistake. I am a teacher, so I woke up and got on Twitter. I saw, at the time I believed was the true SpaceBudz Twitter page announcing that they were minting the V2s for 100 ADA. So, being half asleep, I jumped up and FOMO'd in here is where I broke my own rules. I did not do my due diligence and sent my ADA to the "official-looking page" only to find out it was a scam.
Now, why am I telling you this? I created this blog to be transparent and so that investors like myself could learn from the mistakes that I have made along the way. This week I made a mistake, so now I am here informing the public that there are people who try to take advantage of amazing projects' success. Now, I highly encourage you all to do your own research and it feels too good to be true.. most likely it is. Have stipulations and boundaries that you set up for yourself before you make a simple mistake as I did. That is why I wanted to cover these free mints to better understand what these projects are trying to accomplish and what you need to know about them.
So, the first free NFT that I minted was Boss Space created by CryptoGanzo! This was my first time interacting with a free mint! The stipulations were to send 3 ADA to a wallet, in return you would receive an NFT and the remaining ADA that was not used in gas fees. Ganzo did not promise rarity or any type of utility at the time of mint. So, I did some digging and realized that he is attempting to create an NFT project that is built in reverse.
Project Details:
Mint Price: 3 ADA (1 NFT, minus the transaction fees)
Total supply: 500 NFTs
Discord: https://discord.gg/KtuaDQA8mj
Current Floor: 12 ADA (12x return from a free mint)
Secondary Market: https://www.jpg.store/collection/httpswwwjpgstorecollection5d5fd6933e4701245f1626cb22f3a6ac023dcfc458b130e7ee23e32c
WenMint App Profile: https://wenmint.app/?nft=boss-space
What does being built in reverse entail? For my new investors, typically a project will launch marketing on Twitter first to create a following. Once they get a solid basis, they then move to Discord and then create a roadmap and the overall plan of the project. What Ganzo has done is he started off with art. No utility, no price, and no incentive to join his project. Since the mint has sold out, he has started a discord where members who hold these NFTs are entered into weekly giveaways where each holder has a chance to land a solid NFT by holding one of his. Why does this make sense? Artists have always been a dying breed. What I mean by that is you can be the best artist in the world, but without exposure, you will never reach the audience that you intend to reach. By establishing a solid community first, you ensure that you have dedicated members who are willing to follow you and your project because they had no incentive to join in the first place.
When talking to Ganzo, his plan is to bring these blooming artists into his project to sell their artwork for exposure to this tight-knit community that he has created to gain exposure for them. As you hold this free NFT, it continues to gain utility and the rewards for being an early investor starts to come to fruition. This is the reverse method that he is using. I think it is genius in my opinion. He plans to have a project that will provide passive income through the utility that is developed along the way. There are no expectations due to it being a free mint and everything that comes with it is a bonus.
What are the long-term goals of a free mint project? Obviously, a founder cannot go forever from funding a project on their own forever. So, there will be mints down the road that are not free but the goal is to ensure that the blooming artist gets recognition and gets paid and the founder will receive little to minimum return on the mints. The rest will continue to be placed into the project to enhance exposure and create a bigger following!
As of right now, there are only three types that could be minted in this collection. Earth, Moon, and Mars. Having each of these is a raffle entry into the weekly giveaways that happen in the discord. You only have to own one of them to be entered!
The biggest thing about free mints is the art and artists who create them. Personally, I think the beauty of NFTs is that crypto/blockchain technology allows for a new generation of following for these new artists!
The second project that I attempted to mint was S01E Sneakers, unfortunately unfortunately, I was too late to land one of these. This project has the same concept. No utility, no incentive other than the pixel sneaker art. This is to gain exposure for the artist that could potentially bloom into something huge if you are an early investor!
Here are the project details and where to find them!
Mint Price: 5 ADA (2.5 sending fee and 2.5 returning fee)
Supply: 1,111 unique pixel sneakers
Twitter: https://twitter.com/s01eNFT
Secondary Market: https://www.jpg.store/collection/s01esneakers?tab=items
Thank you for tuning into this blog on free mints! I hope this information was insightful to you and it gives you a better understanding of what free mints are all about in my opinion!
The last thing, I highly encourage all of you Risky Rascals to go create a free profile on the WenMint app. https://wenmint.app/?referrer=zmac use this link to create your profile if you are interested in all of the NFTs that are on all blockchains. This is a one-stop shop for information! An iOs app will be dropping in the coming weeks so stay tuned for that! Make sure to go give your favorite projects a follow and vouch for their creditability! Rate them 5 Stars!
I truly believe that this social NFT platform is going to be the next Facebook for NFTs. I have covered this in a previous post located here! https://zmccurr.wixsite.com/website/post/is-there-a-need-for-a-social-nft-app
Stay Risky you Rascals!
Zmac
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