The CW Labs* team has created a series of articles to comprehensively understand the NFT ecosystem and various methods for earning income within it.
This article will introduce you to free mints and NFT raffles available on Ethereum. Also, We have a complete and well-organized database on the cryptocurrency market that can be found on our Notion*.
As part of our article series, we will focus solely on the NFT ecosystem of the Ethereum blockchain. While Solana-based projects are trending as of Fall 2022, we will not discuss this blockchain in this article. Instead, let's start with the NFT terminology and basic theory.
NFT Raffles
NFT raffles are similar to traditional lotteries, where participants purchase tickets for a chance to win specific NFT tokens. These raffles are typically held on specialized services, and winners are randomly selected to receive the NFT tokens for minting or resale on NFT marketplaces.
These raffle platforms are comparable to IDO and ICO platforms, such as DAO Maker or Coinlist, but are specifically designed for NFT projects. There are several popular NFT raffle platforms available, including:
- Premint* — the platform for the creation of Web3. Widely used by the world’s leading NFT artists, communities and brands. The first and most popular service.
- Superful* — analogue of Premint, but recently gaining popularity.
- Magic Eden Drops* — analogue of Premint, but more suitable for raffles on Solana. Ethereum support has also appeared recently.
- HeyMint* — analogue of Premint, more suitable for small collections since using the site is free.
Where to Look for NFT Raffles?
If you are looking to participate in NFT raffles, there are a few ways to stay informed about upcoming events. One of the easiest methods is to use Twitter bots, such as the Premint Alert Bot, which aggregates information about upcoming NFT raffles from various sources, including Superful and HeyMint.
For more exclusive opportunities, join closed alpha groups on Discord, where you can find some of the most exciting NFT projects. Some projects even offer NFT Passes, which provide access to closed communities and exclusive content. However, obtaining these passes can be difficult, as they are often limited in supply and require participation in various community events.
For more serious NFT collectors, the Premint Collector Pass may be a worthwhile investment. This pass provides access to all NFT raffles in one place and exclusive privileges in participating projects. The cost of access on the secondary market is currently around 0.4 ETH, but the benefits can be substantial for those who are dedicated to the NFT space.
How do I Participate in NFT Raffles?
Participating in NFT raffles is a straightforward process, but there are a few steps you need to follow. To get started, you will need a Twitter account, Discord account, email address, and a Metamask wallet with some ETH to cover gas fees.
The registration process typically involves the following steps:
- Follow the NFT project's Twitter account and look for the raffle announcement.
- Like and retweet the announcement post to signal your interest in participating.
- Join the project's Discord server if you still need to do so.
- Click on the registration link provided in the announcement post or Discord server to complete the registration process.
- Wait for the raffle results to be announced.
If you are lucky enough to win the raffle, you will receive an email with further instructions on how to claim your NFT token. It's important to note that you may be required to pay additional gas fees to complete the minting process and transfer the NFT to your wallet.
Multi-Account Farms
Even before the free-mint frenzy, there were raffle sites. But it wasn’t until late spring 2022 that they started to gain momentum. In early April, there was the Premint Collector Pass minting — it was free*. And later, the cost per NFT was as high as 3 ETH.
Participants of the NFT market understood that it was possible to earn on this hype and started to make multi-accounts for participation in raffles on Premint. The more accounts — the higher the chance of winning an allowlist. And the madness began…
With the rise of NFT raffles in late spring 2022, some NFT market participants started exploiting the system by creating multiple accounts to increase their chances of winning an allowlist.
The practice of creating multiple accounts, also known as "multi-account farms," allowed individuals to participate in raffles on platforms like Premint with a higher probability of winning. This led to a frenzy of activity and a surge in demand for NFT tokens, with some projects seeing prices skyrocket to as much as 3 ETH per token. About Premint Collector Pass minting — it was free*.
While creating multiple accounts may have provided a short-term advantage to some participants, it also raised concerns about fairness and the integrity of the NFT market. In response, many projects began implementing measures to prevent multi-account farms and ensure that only legitimate participants could win raffles and receive allowlists.
Conclusion
While the NFT market can be unpredictable, there are still opportunities to make money through free mints and NFT raffles, even during a bear market. In fact, some argue that a bear market can offer advantages, as there may be less competition and more opportunities to identify high-quality projects.
Those who can distinguish between good and mediocre projects and sign up for multiple accounts for the former may earn more in the long run than those who spread their efforts across many low-quality collections. By focusing on a smaller number of promising projects and leveraging multiple accounts to increase their chances of success, NFT investors can increase their odds of earning a significant return on their investment.
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CW Labs: https://linktr.ee/cwlabs Notion Database: https://www.notion.so/cryptoware/CW-Labs-Knowledge-Base-cadc1afab6904c979804093d82c8ac19 Premint: https://www.premint.xyz/ Superful: https://www.superful.xyz/ Magic Eden Drops: https://magiceden.io/drops HeyMint: https://heymint.xyz/ Premint Collector Pass Free Mint: https://etherscan.io/tx/0x9fa51901563a25758a78fb1eea4ec6dbdfae9dc174eb0ed030860ec054c5e993 Show Less