Getting To Know Free-to-Mint NFT: What's New In The NFT World?

Goblintown.wtf, one of the most successful free to mint NFTs (OpenSea)

JAKARTA – In the world of NFT, there are many uniqueness and characteristics of the creators. The platform and marketplace are always busy with new things. For NFT fans, of course, they already understand how it works or trades.

Each NFT will have its own price, what distinguishes it from the sale of traditional artworks is the existence of an auction system, the highest bid within a certain time will win or can get the NFT at the price it offers. But what if an NFT project is released at no cost?

NFT that releases at no cost is referred to as free-to-mint NFT. Actually this type of NFT is not something very new. OG's NFT collection creators like CryptoPunks have released their free-to-mint already. Nonetheless, free-to-mint NFT has recently been in the limelight due to the success of one of its creators, Goblintown.wtf.

As the name suggests, free-to-mint NFT is the type in which a project releases NFT at no cost. But actually it's not really free because you still pay a gas fee when you claim it. Then where can the creators get the benefits from this NFT? They rely on secondary or secondary royalties rather than primary royalties. This means that every time the free-to-mint NFT is sold on the secondary market, the team will get a royalty of a few percent according to the provisions.

Quoted from NFT Evening, usually NFT collections are charged at 0.05 to 0.25 ETH per NFT. Of course, this cannot reach everyone, plus the gas fee which is sometimes still expensive. However, this free-to-mint NFT opens a gap of convenience for beginners who want to have an NFT collection with low capital costs. Especially in this bear market condition, free-to-mint NFT is a very attractive option.

One of the most popular projects is Goblintown.wtf. With a large sales volume makes this project beat some other blue-chip NFT. His position was at the top level. Uniquely, Goblintown does not have a roadmap and utility. Yet it can still be a hugely successful NFT.

The NFT was released at the end of May and made significant headlines after holding Space on Twitter. This collection features 10,000 Goblins with terrible images. Built on top of the Ethereum network. Even though it looks ridiculous, has no roadmap or utility, this NFT shows a graph of rapidly rising sales. In fact the project is overtaking some of the top blue-chip NFTs.

In the last 30 days, Goblintown has taken the top spot on OpenSea in terms of trading volume. In addition, the project has a floor price of 2.93 ETH with a top 5 position, making a profit of more than 40,000 ETH in total sales volume. Fantastic numbers for a project without a roadmap and utilities.