Free NFTs are officially dominating the space right now. The problem is that most of these drops get announced only hours, if not minutes, before they launch. In this video I talk about how some top collectors still find these NFTs before the hype
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0:00 start here
1:41 why some people hate these NFTs
3:28 don’t be a snob
4:14 when free NFTs get announced
5:34 how information spreads
6:57 step one
8:17 step two (the contract)
10:00 mints vs secondary (important)
Hey guys so the entity space has changed Pretty dramatically over the last couple Of weeks and it seems that most popular Drops nowadays are free just in the last Seven days two of the top five Collections by volume have been free Mints first you have goblin town which Is currently sitting at six eth and then You have we are all going to die which Is sitting above one east now this trend Has gotten popular partly because the Traditional premium road map nft Collections like your board apes and Your zookees and your cool cats they Seem to be losing their grip on the Attention in this market and people are Just trying new things and experimenting With different playbooks now no one Really knows how long this is going to Last right could be a week could be a Year but if you are gonna dive in you Should probably learn the ropes so that You don’t lose your shirt and you might Be asking wait a minute how can i even Lose if it’s all free Well when we mean free we don’t really Mean free yes you don’t have to pay the Creators any money but if this is on Ethereum you’re still gonna have to pay Gas which you can think of the Transaction fees on the network and Depending on what else is happening on The chain this could be quite a bit of Money and if the mint is in high demand
You could easily find yourself in a gas War which could drive those transaction Fees even higher beyond that there’s Also the risk of minting from a contract That has malicious code in it but we are Going to get into that in a few minutes And so given all those risks you should Probably try to level up your game and The best way to do so in my opinion is To just simply learn from the pros so Over the past few days i’ve spoken to Some traders that have done pretty well Over the last month with this free mint Meta and so in this video i’m gonna give You all those tips and workflows that I’ve collected from those conversations With those collectors but before that we Need to talk about why these free nfts Are getting so many critics lately even From some hardcore nft collectors you See the criticism is that these nfts are Low effort that they’re being released By people who just want to make a quick Buck and don’t care about making Anything with lasting value and that They’re attracting flippers who are Simply mercenaries jumping from project To project and i gotta say it’s hard to Argue against that when you look at top Trades on a given day and see you know Great cultural masterpieces like beast Troll town and piece of sh yes the Current trend in the nft market is Literally poop don’t tell the critics
The fact is that many of these projects Don’t have road maps which depending on Your perspective might be a good thing But they often don’t even have a discord Or even a website that means that the Barrier to entry is really low and as a Result you can have you know these One-man operations pumping out a ton of Junk projects aside from that given that The upside potential on these mints can Be huge it’s attracting a lot of fomo And as a result you’re seeing a bunch of Mints being released by bad actors Basically if you were scamming people With premium nfts last year chances are That you’re still around and you’re now Doing it with free nfts because a you Know it’s a lot easier to pull off like We said you don’t need a discord you Don’t need a website and b you actually Reduce your legal risk because you’re Not promising anything and you’re not Even selling anything but to that you Might ask so if they’re not selling Anything how are they making money and In most cases it’s coming from secondary Royalties for example if we look at Goblin town they’ve already generated Almost 5 million dollars from these Royalties alone beyond that they tend to Keep a significant percentage of the Supply for the team and so if the Collection does take off they can Sometimes dump these later on at higher
Valuations so yes this side of the space Can be kind of gross and it can turn People off but they just say that you Know all free nfts are low effort or rug Pulls is just lazy because we actually Have seen some solid projects start off This way for example we saw luke come Out as a free mint last year as well as Small brains and treasure and there’s Another little collection you may have Heard of called crypto punks which also Launched for free back in 2017. free Content can still be great for example This channel is completely free thanks To the five percent of viewers who take Two seconds to turn that like button Blue but to be honest i am a big fan of Free nfts i think we are gonna see some Solid projects come out of this strategy And so if you’re a serious nft collector And you hate for nfts you should Probably just get over it okay so with All that said let’s talk about how to Find these free nfts that are actually High quality and how to get in on them Early now this isn’t the first video I’ve done on finding nfts early but There’s a big difference when it comes To free nfts you see when you have a Premium nft let’s say a mint at point One eath you usually have to do a Lengthy marketing campaign right so you Have to set up a twitter account you do Teasers you do collabs you set up a
Discord the whole dog and pony show this Gives people time to vet the project and There’s a method for finding and Filtering them early on however Freeman’s don’t need any of that right It’s a lot easier to convince somebody To mint something that doesn’t cost any Money and as we said you can mint out Without even needing a website let alone A lengthy marketing campaign and even in Cases where they have an active twitter It’s often used for world building or And it often stays in character which You know is great from a storytelling Perspective but it’s hard to vet it Because you don’t get as much concrete Information about what they’re actually Building in other words buying a premium Mint is more like vetting a traditional Pitch deck whereas buying a freeman is More like buying a ticket to a movie After you just saw a mysterious trailer And more often than not a free mint is Announced just hours if not minutes Before its launch and so doing the usual Twitter search is pretty pointless Here’s a way to visualize how Information tends to spread when it Comes to these free mints so usually What you’ll find is that there’s a Creator and then there’s a creator inner Circle oftentimes they’ll be the first To mint and if they’re smart the next Thing they’ll do is strategically
Mention the project across some of the Other top private groups in the space at The same time you’ll have other people Who are using mint trackers who notice This activity and start piling in until The entire collection sells out finally People start talking about it on twitter And showing off the nfts at which point It’s most likely too late to mint now There’s nothing inherently wrong with This information flow you know most Tradable assets aside from maybe public Equities have a similar funnel and they Start with an inner circle and there’s Also nothing i can tell you that’s going To help you get closer to that epicenter Right you just need to meet more people Expand your network and join the right Groups but what we can do here is focus On the mint trackers because these have Gotten better over time and the one that I like to use is called what’s Minting.live i like this one because It’s still free to use so you know There’s a pattern here right free tools Free nfts it’s free real estate now they Recently added a tab specifically for Free nfts and you can get down to even The most recent minute so that’s very Useful but the problem is that there’s Going to be a ton of projects right and 99 of them are junk or even worse they Can be a malicious contract so the first Step in filtering out the trash is going
To be looking at the art the twitter and The website if they have one and what i Would recommend is quickly placing each Nft into a specific bucket and that’s Going to tell you what type of nft it is And what type of audience it’s trying to Attract some of the buckets that i think About are copycats so basically anything That is a direct reference to another Project nfts with mean potential and so This would be something like goblin town That really thrives on that beam energy Then you have art focus projects so These are ones that don’t really have Any expectations of road maps and people Are buying it really because they just Like the art and lastly you have long Term builds and so this is anything that Has a stated road map or where there’s An unspoken expectation that the Creators will continue to build stuff in The case of we are all going to die Based on the lore and storytelling it’s Clear that this is an evolving story Where the creator is going to keep Adding value to the collection and the Art itself is good in my opinion but you Know i’m also a sucker for pixel art the Last thing to do on the visual check is To see if it’s an instant reveal project So if the mint has already started you Can head over to openc and look to see If the already minted nfts are instant Reveal or not generally you are looking
For an instant reveal because the Chances of it being a rug pool go up a Little bit if it does have a delayed Reveal now let’s say you’ve placed it in The bucket you’ve gone through the Checklist and this is something that you Actually want to mint okay the next Thing you got to do is head over to the Contract so you can click on a link and Then we’re going to click the address to Go through to the ether scan page so When you get to etherscan the first Thing you want to make sure is that They’re using a verified contract and When they’re not it’s going to look Something like this and props to cigar Dev for the example if they are using a Verified contract and you can read it Like in the case of we’re all going to Die then there are a few things worth Looking for the first is you want to see What the max supply is if it’s too big Say more than 000 then you might have Trouble gaining any momentum unless it’s Made by a well-known creator and if it’s A lot smaller say less than 500 you Might not have that community size that You’re gonna need to ramp up the Marketing on social media the next thing To look for is the max mint and so what This is telling us is the max number of Nfts that a single wallet can mint and Basically the lower this number is the Better because it helps reduce the
Number of whales that can own a Disproportionate number of nfts if there Isn’t a maximum at all or if it’s very High then that tells me that they don’t Really care about the distribution of The supply which means they’re not Really thinking deeply about this as a Long-term project and then lastly i like To look at the team supply so in this Case you can see that it’s less than Five percent of the total supply which Is very fair anything above 20 is Egregious and something you probably Want to avoid now if it all checks out Then you’re ready to mint and the General recommendation here is to max Mint when you do decide on going heavy On a project and so if that max mint Count is low Typically what people do is just mint Across several wallets just remember to Use burner wall that’s right you’re not Going to want to do this with your vault All right so those are the basics of Finding and then deciding which free Nfts you want to mint but before i send You home from today’s dgen academy Lesson there is still one tip that i Think is going to be helpful so tip Number one what is the easiest thing you Can do to succeed during free nft season And the simple answer is stop minting Them okay i’m being facetious right There are obviously people who are
Making good money minting free nfts but There are also good reasons why you Might want to avoid it altogether and Just focus on secondary traits the first Reason is that the number of free nfts That are going to be coming out are Going to explode exponentially the Longer that this trend continues and as A result the number of easy wins are Going to dry up this is just what Happens with any new meta right it Becomes a crowded trade and suddenly It’s no longer easy to just pray and Spray the second reason is that you Might still be better off just buying Off of the secondary market regardless Okay because right after the mint you Can still buy in at a good price because You’ll have many people who are just Going to flip it for whatever because They just want to collect their free Money and even more solid memes like Goblin town stayed below 0.5 eth for a While okay it didn’t just shoot up Immediately after mid and i know that Psychologically it hurts to buy Something for 0.1 eth when it was free Just a few hours earlier in my opinion When you buy off of secondary you’re Paying a small premium to reduce your Risk by a lot which i think is a good Trade for example you’re avoiding rug Pulls that don’t end up revealing you’re Avoiding anything that might have a
Malicious contract and you’re avoiding Projects that don’t end up minting out So you paid your gas for no reason or if They do mint out they’re not gonna get Any volume afterwards which i think is Going to happen more often as the supply Increases so anyways just for my own Sanity i am avoiding most free nfts and All i do is watch the secondary market To see what gets to 0.1 eth or something Around there and then i ask why is it Gaining momentum right is it just a Short-term meme that is getting pumped By all these alpha groups or is there Something actually interesting there That hopefully is going to work for me But i don’t deny that in the present Moment there are a bunch of people who Are making money minting these free nfts All right guys that’s it for today Thanks for watching and i’ll catch you The next video
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