2 of the biggest trends for the future of NFTs are Free NFTs and Open Edition NFTs. Let's explore both in 9 topics.
I was there when NFTs were seen as a playground for rich people (and they still are, in fact). Minting prices and gas fees were absurd, which potentially left out billions of people.
With the rise of Scaling Solutions such as Polygon, the price for creating and distributing NFTs has dropped dramatically.
As a result, Free NFTs have become more popular. As my friend Felipe would say, over the next few years, most people will earn NFTs instead of buying them. We will earn them as a gift, as a reward, as a prize for our skills, and so on.
Last year we saw several Free collections gaining a lot of notoriety. However, we are still in an experimental phase. Launching a free collection hoping it will become the new CryptoPunks is not a strategy. However, having free NFTs tied to other products and experiences makes things very interesting.
In addition to Free NFTs, in early 2023 we have seen the growth of Open Edition NFTs.
Open editions are NFT collections without a defined supply, where users can mint tokens within a specific timeline (6hrs, 1 day, 1 week, and so on).
The Checks collection, by Jack Butcher, is one of the best examples of a successful Open Edition collection. Now, several others have emerged.
Like with Free Collections, they are still in the experimental phase and creators are learning how to release them sustainably and attach them to a sustainable business model.
Open Edition collections can be great for testing the market and the audience's appetite for your new project, without necessarily creating an overly supplied collection.