Mad Dragons is a notch higher in promoting its non-fungible token (NFT) project. The team has announced a free mint for its NFTs alongside a whitelist that users need to get into to qualify for the free NFT mint.
Free mint for Mad Dragons NFT
The Twitter account for the Mad Dragons NFT has been actively informing its users to be part of the free mint for its assets. According to the tweet, users can be included in the whitelist for the free mint by interacting with the team through its Twitter page.
Mad Dragons issued a statement on this free mint, saying it would provide more details about the initiative. By then, those in the whitelist will become early participants of the free mint.
Towards the end of last month, Mad Dragons alerted its users regarding scammers duping users about fake mints. However, the company revealed that its minting would be transparent, and the official date for when the mint will launch will be announced.
Free to mint NFT projects
The web 3.0 & crypto sector has grown in size and popularity over the past year. However, one of the challenges faced by participants in the sector is the high cost of getting started. However, in the NFT space, creators get to eradicate these costs through free minting projects.
NFT creators are now looking for means of creating buzz and selling their work to save on the hefty minting costs. For this reason, there is a rise in the number of projects choosing to release NDFTs through a free-to-mint model that allows the creation of new NFTs without much commitment.
Despite the declining prices of NFT projects amid the bear market, there has been a notable success rate in the free-to-mint projects. When a user creates an NFT, they turn the asset into a digital token. It is done through a process known as minting. Moreover, one has to pay a fee on the network they are using.
The fee paid during the minting process depends upon the blockchain being used and the minting options chosen by the individual. Moreover, there is also a consideration of NFT marketplaces where sellers have to pay a given percentage.
On the other hand, with free-to-mint model NFTs, there are zero associated costs. However, in some cases, an individual has to part with gas fees. With free mint NFTs, the NFT buyer is the one that will cater for the fees.
Several NFT projects are now using the free minting model because they will earn money through secondary sale royalties. They can earn rewards each time an NFT is transacted. Moreover, successful NFT collections were launched as free to mint. One such example is CryptoPunks which was initially up for grabs for free. The early buyers of CryptoPunks have made massive returns as the collection was priced for as high as $11 million at the peak of the NFT craze.
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This article was written for Business 2 Community by Ali Raza.
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