The Free is the Answer

Igor Lenterman, who runs FreeNFT, a website and community that distributes NFTs for free, tweeted that he wants to collaborate with Japanese communities and creators.

table of contents

• The free is the answer: the New NFT Marketing Boom from Japan to the World
• What does free cost?
• The new marketing strategies of ikehaya Pass Genesis and Freemint.jp

The Free is the Answer: The New NFT Marketing Boom From Japan to the World

The most famous free mint NFT is CryptoPunks, which was distributed in 2017, and many free mint NFTs have been issued abroad, especially from the summer of 2021, which was called the bubble period, to 2022, when the cryptocurrency market was in a slump, and a large number of free NFTs were released on the NFT market.

What Does Free Cost?

Although free, you have to pay for the transactions required to trade NFTs on the Ethereum blockchain, known as the gas fee. If 10,000 free NFTs were to be minted, the number of individual transactions would increase and the network would become congested, requiring more gas to be paid for priority transaction processing, resulting in a high gas fee of 1 ETH to get that NFT for free. The world of NFTs can be seen from a culture that has seen the whole thing as a festival?

As a result, the price of free NFTs skyrocketed, and they were traded at high prices on OpenSea, etc. The NFT market heated up even more, attracting a ridiculous amount of money due to the speculative element and the instability caused by the many FOMO that could not be bought. Now, the trend of free NFTs has started heating up here in Japan.

The New Marketing Strategies of Ikehaya Pass Genesis and Freemint.jp

Leading Japanese influencers and creators are now starting to distribute free NFTs in Japan. The new trend is the Ikehaya Pass Genesis, published by Ikehaya under the title ‘No utility, no roadmap’.

This is a system whereby a set number of NFT images are issued, which can be generated by the OpenEditions mechanism of manifold, a service that allows anyone to easily issue NFTs with no code required, and the Burn, using a smart contract to relinquish ownership, which allows the owner of an NFT to define a rule that deactivates the NFT if it is sent.

Onthe  manifold, the burn mechanism is implemented in a smart contract to ensure that when an NFT is burnt, a new NFT is issued at the same time. Burn Redeem, a feature in Manifold that mints NFTs minted by Manifold and mints new NFTs and sends them automatically to the wallet, has been implemented.

Inside the Ikehaya Pass Genesis: A Burn-to-Earn NFT Strategy with Utility but No Roadmap

There was also talk of burning several ikehaya Pass Genesis, which would generate artwork by well-known artists and upwardly compatible models of ikehaya Pass as a benefit. Currently, Ikehaya himself states that there is a “utility” but “No roadmap”.

The first ever utility of the pass led to the opportunity for the successful launch of Kiyoshi’s Seeds Project, which is a unique and original character NFT created by the founder of CNPJ and comprises 25,000 collectibles.