Following a relatively disappointing end to 2022, the NFT (non-fungible token) market appears to be on some sort of recovery since the turn of this year. According to CoinGecko’s crypto industry report, NFT trading volume leaped by an impressive 68% from $2.1 billion to $4.5 billion in the first quarter.
Interestingly, the NFT space also saw some shifts in its hierarchy, as Blur dethroned long-time market leader OpenSea.
This reinforces the narrative that there is growing competition amongst marketplaces, which is healthy for the NFT industry.
With so much positivity spreading across the industry, there might be no better time to make a foray into the NFT space than this moment. One of the best – and cheapest – ways to do this is by minting a non-fungible token for free or, at most, a gas fee.
What are these free-to-mint NFTs, how do they work, and where can you find them? Keep reading to find out!
Also Read: Memecoins or Meme NFTs: Which are Better?
What Are Free-to-Mint NFTs?
In simple terms, free-to-mint NFTs refer to a unique type of NFT drop, in which projects release their non-fungible tokens at no additional cost, except, at times, the gas fees required to mint the NFTs. Indeed, projects involved in free-to-mints do not make any profit upon launching their NFTs, as there are no primary sales.
However, they eventually make some earnings via royalties when the NFTs are sold on the secondary market.
Ordinarily, new NFT projects charge between 0.05 to 0.25 ETH for each NFT when they launch. This may be considered a little too pricey for some individuals. As a result, there is a cost barrier, which discourages many people from making a foray into the NFT market.
However, with free-to-mint NFTs, the cost of entry into the NFT space is significantly lowered, both for newbies and enthusiasts. Moreover, some of these projects exponentially grow in value within a short period, generating profits for owners.
Interestingly, free-to-mint non-fungible tokens are not modern additions in the NFT space; their origin can be traced all the way back to the beginning of NFTs.
The CryptoPunks NFT collection, for instance, were initially given away for free to people who wanted them – and had an Ethereum wallet to receive one – in 2017. Since then, CryptoPunks have gone on to become one of the most famous NFT collections ever.
Top Free-To-Mint NFTs
It is worth noting that things are a lot different now than when CryptoPunks first employed the free-to-claim concept. Moreover, we’ve seen the rise of new, exciting free-to-mint projects in the past few years. Below are three of the most popular free NFT mints in recent years.
2. For The Culture
The For The Culture collection is a game-changing project in the NFT industry. Besides allowing collectors to mint its non-fungible tokens for free, it also paid a fee of 0.01 ETH to hunters.
The For The Culture project was built on the idea of NFT influencer, Artchick. They tweeted a suggestion on an NFT project paying hunters 0.01 ETH. It didn’t take long before NFT creator Sibel took the initiative and produced the “For The Culture” collection based on this idea.
At the time of writing, the For The Culture NFT collection has a market capitalization of 164.93 ETH.
3. The Octagon
In May 2022, Deca, a generative art platform, launched a collection of 10,000 free-to-mint NFTs named “The Octagon”. Unlike the aforementioned collection, The Octagon has numerous utilities, chiefly as membership tokens into Deca’s metaverse (Decaverse).
There are various levels in The Octagon NFT project. Of course, it begins at level 1, and holders of the NFT can climb up the levels. With each unlocked level, holders will receive additional utilities.
Where Can You Find Free-To-Mint NFTs?
There are several ways to earn free non-fungible tokens, including social media giveaways, POAPs, Airdrops, etc. That said, there are also certain platforms and tools that can assist you in finding free-to-mint NFTs. From NFT databases to analytics tools, the following are the best platforms to find free NFT mints.
1. NFT Mint Radar
First up on our list is the NFT Mint Radar. It is an independent NFT database that provides information and updates on future NFT drops. This platform aims to assist creators and projects bring their NFTs and drop events to the public.
On the NFT Mint Radar, you can find and follow up on future and ongoing drops via its free NFT minting event calendar. You can trust the information on this platform, as it is always a product of thorough research of various NFT projects.
What’s more, NFT Mint Radar features non-fungible assets from a wide variety of blockchains, including Ethereum, Solana, Polygon, Aptos, etc.
NFTiming is another top platform where you can find free NFT mints. It strictly offers high-quality NFT collections, saving you the time of having to embark on a rigorous background-checking process every time.
On NFTiming’s calendar, you can easily find ongoing and future free-to-mint NFTs. Keep in mind that only NFT projects with the best intentions appear on the platform’s daily-updated calendar. With the NFTiming’s filter options, you will be able to easily search through the numerous NFTs in no time.
NFTiming boasts a pretty deep database, containing a wide range of non-fungible assets. These non-fungible tokens are of different blockchains, which include Ethereum, Polygon, Solana, Cardano, Avalanche, BSC, etc.
As its name suggests, FreeNFT is one of the best platforms that offers free NFT mints to users. It is an NFT marketplace with a commitment to both creators and collectors. On FreeNFT, all you will be offered are free-to-mint NFTs.
FreeNFT ensures that all mints that are offered on its platform come with a guarantee of being mintable. In addition, the free NFTs are completely safe to mint and not fraudulent in any means.
In the past, FreeNFT has launched some of the most successful NFTs in the space. DigiDaigaku, Dimensionals, Castaways, and Anipang – to name a few – are the most notable non-fungible tokens to have launched through this platform.
CatchMint is an excellent, interactive tool that can assist you in “catching” the best free NFT mints. Formerly known as DegenMint, this platform refined its brand in November, 2022, while also enhancing the delivery of its services.
CatchMint has an intuitive layout, with NFT minting information that updates in real time. Moreover, there is an indicator that helps flag potential duplicate projects, and you will be able report such fraudulent contracts.
You will find virtually every ERC-20-related mints in CatchMint. Meanwhile, in the live mints section, you can use the “Free” filter to easily identify free NFT mints at any given time.
Rounding up our list is WhatsMinting, which is an excellent platform for tracking the most popular NFTs on the Ethereum blockchain. If you are looking for the best free-to-mint projects in real time, this website is a perfect option, as it features high-volume projects minting on top marketplaces.
Indeed, WhatsMinting is one of the best places to find free NFT mints. But that’s not all – as it also provides on- and off-chain insights to users. For example, you can monitor trends inside whale communities without really being one.
Are Free-To-Mint NFTs Worth The Hype?
Ordinarily, free mint events are always highly anticipated, drawing attention from newcomers and enthusiasts in the NFT space. After all, anyone would want a run at free non-fungible assets from a reputable or rapidly-growing project. And it is sometimes easy to see why.
Indeed, free-to-mint non-fungible assets continue to generate millions of dollars in sales volume. But the truth is that free NFT mints are a gamble for both collectors and creators, as the value of an NFT generally depends on a variety of factors. Nobody knows for sure if they are going to profit from owning a non-fungible asset.
The value of an NFT is subjective and not set in stone, depending on factors, such as scarcity, rarity, demand, and perceived value of the content. Free-to-mint NFT projects, however, may not intrinsically hold as much perceived value as those with high minting costs. In fact, several free-to-mint collections tend not to have substantial value due to circumstances, such as oversaturation, lack of demand, or even low quality.
In any case, it is essential to do your due diligence and conduct thorough research before investing in free-to-mint NFT projects. Ensure to assess the credibility of the developing team, evaluate the quality of the NFTs, and bear in mind that value of NFTs, especially given its nascent market, are unpredictable.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: ChainDebrief
This article was written by Opeyemi Sule and Edited by Yusoff Kim