Free-to-mint NFTs are Flawed: How To Launch One in 2023 the Right Way
- The current process of launching, promoting, and distributing a free-to-mint NFT is undoubtedly flawed, relying on multiple platforms, steps, time, and requirements.
- Potentially, over 95% of the addressable market who might want to mint your free NFT and join your community is excluded.
- Suku Distribute streamlines the entire process, from promotion to distribution, allowing all 250 million Twitter users to mint your free NFT mint with one tweet, whether they have a web3 wallet or not.
Introduction
Free-to-mint NFTs, or free mints, have become increasingly popular lately. They’re a great way for brands and creators to grab attention, grow an audience fast, and a viable way to make a sustainable income. That’s why free mints have been buzzing, flooding Twitter, and contending for attention.
But here’s the thing — it’s a challenging endeavor. It’s not just the crowded market that makes it difficult to stand out and execute a successful free mint. The entire process of launching and minting is somewhat chaotic. It’s complicated, involves multiple platforms, is confusing, and as a result, it turns away (most?) people who might be interested.
At Suku, we’re confident we’ve discovered a way to drastically improve the free-to-mint experience and potential.
Free-to-Mint NFTs: An Overview
Free NFT mints are events where artists, creators, or brands offer limited-edition NFTs free of charge, typically as a promotional launch strategy. When carried out effectively or by well-known creators, these mints can drive significant engagement, cultivate a community, and generate long-term value through royalties from secondary sales.
In fact, Some of the most successful NFT collections started out as free to mint. Goblin Town, for instance, is an excellent example of a free mint that quickly became a prosperous community. It boasted millions of dollars in daily trading volume at its peak and reached over $10K a pop.
CryptoPunks, does it ring a bell? Yes, it also started as a free mint.
However, free-to-mint NFTs have several drawbacks, including scams, copies, rug pulls, and an oversaturated market. But the most pressing issue that’s messing most the entire world of free mints — even the most successful ones — is the intricate process of minting, which, as we’ll see, excludes around 95% of potential minters.
Pretty ironic for a movement that, at its core, was born to perpetuate the idea of exclusivity and embrace inclusiveness, isn’t it? Let’s expand.
The Current, Messy Process of Free Mints
The current process of most free-to-mint NFTs usually involves three steps:
- Promotion: Announcing the launch and promoting the free mint, typically on Twitter. The goal is to raise awareness and persuade people to join your mint and visit the chosen minting platform (e.g., Zora, Manifold, OpenSea).
- Minting: Users who land at the minting platform need to connect their web3 wallet (if they have one), sign a transaction (if they know how), pay for the gas fees (if they have the funds), and complete the minting process.
- Collecting and sharing: After minting, to view and share their newly minted NFT, users must open their crypto wallets (e.g., Metamask) and manage to share it in a tweet.
What chaos.
A messy, multi-platform, time-consuming process that requires web3 savviness and a ready-to-go crypto wallet with funds. There’s simply too much friction.
Drop-off Rates During a Traditional Free-minting Process
Let’s break down the drop-off rate (ballpark) for each step and requirement of the traditional — and broken — process of a free mint launching on Twitter:
To mint, users need a basic understanding of web3. You’ve instantly lost 80% of potential minters. Those who are crypto-savvy and want to mint require a wallet. You’re down another 50%. Those who are crypto-savvy, want to mint and have a wallet need funds to pay for gas. You’ve just lost 30% of the remaining group. Those who are crypto-savvy, want to mint, have a wallet, and have funds to pay for gas must also be highly motivated to navigate the entire multi-platform, multi-step process. A tedious (and risky) process that can result in at least another 30% of users dropping off.
You can play with the numbers, but ultimately, you’re left with around 5% of your total addressable market. Ouch!
What if there was a way to fix the broken process and reach the excluded 95% of potential minters?
You guessed it. Enter Suku Distribute.
Introducing Suku Distribute — A Better Way To Launch Free NFT Mints
Suku Distribute streamlines the entire free mint process by leveraging Suku’s social media protocol, which links every Twitter user with Web3 without complicated onboarding or setup. It’s simple — users with a social media account now have a wallet and can send and receive digital assets using just their @handle.
In collaboration with our Twitter bot, @Sukuthis, Twitter users can trigger web3 functionalities, such as easily converting tweets into NFTs or, in this case, minting free-to-mint NFTs with just a tweet and a hashtag.
The multiple benefits of Suku Distribute:
- 20X your market: By removing most requisites (aka blockers), including the need to have a web3 wallet, you’re instantly tapping into the 95% excluded, tapping into the 250 million users that live on Twitter.
- Turns every minter into a promoter: To mint your NFT, users can quote-tweet your announcement with your @handle and hashtag, adding a viral component to your mint.
- Reduced time and steps-to-mint (and share): Minters receive an almost instant reply to their tweet with the image of the freshly minted NFT (making it easy to share) and a link to view it on OpenSea and manage it in the Suku Wallet.
In short, Suku Distribute significantly saves time and simplifies the process by allowing the promotion, minting, distribution, and sharing of free-to-mint NFTs all in one place — Twitter, the town square of the crypto world.
How to Launch a Free NFT Mint with Suku Distribute
Suku Distribute makes launching a free mint a breeze.
Here’s a basic breakdown of the process:
- Create your NFTs: Design the art factor of your free-to-mint NFT *.
- Suku handles the setup: We prepare the collection, manage technical aspects, set up your minting hashtag, and ensure a smooth launch.
- Announce the mint with a tweet: Kickstart your campaign by announcing the free mint on Twitter.
- Users mint your NFTs straight from Twitter: Any Twitter user, even those without a wallet, can mint (for free) by simply sharing your announcement and including a hashtag (previously set up) of your choice.
- Suku replies with the NFT: Our minting bot, @Sukuthis, will instantly respond to participants’ tweets with a pic of the minted NFT and a link to view it on OpenSea.
- Collect the NFT through Suku Wallet: Minters log in to their Suku Wallet to collect and manage their NFT.
* Suku Distribute allows brands and creators to drop any type of token, fungible or non-fungible.
Conclusion
The current free mint process is undeniably flawed, relying on multiple platforms, steps, time, and requirements, presenting significant barriers to entry. It’s no mystery why most free mints yield less-than-expected outcomes. Around 95% of the potential market is — simply excluded.
Suku Distribute is here to change the game by streamlining the entire process, from promotion to distribution, all within the familiar environment of Twitter. Brands and creators can finally launch a free NFT mint campaign, reaching the broadest audience and potentially driving greater engagement than ever before.
Thinking of launching a free mint? Consider Suku Distribute. Leave the broken process behind and embrace the future of free-to-mint NFTs.
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About Suku
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