As you may have noticed, NFT prices are plummeting. Why? Because most of them have no utility. And why would I buy NFTs when I can mint them for free on Base, the Ethereum layer-2 chain of Coinbase?
In fact, even when NFTs are free on Base, I still wonder if it is worth the gas fees... Because there are also gas fees for free NFTs and if you spend $0.30 per day to mint useless NFTs on Base, that makes $9 a month for nothing.
Let's take a concrete example. This morning on Coinbase Wallet I discovered that I could mint this NFT "for free":
When I tried to mint the network fees were $0.26-$0.56.
That's not a lot of money, but why would I do that if there is no utility? Let's check details:
As you can see, one address minted 550 items of this NFT. Therefore, even if there was any value, it would immediately get dumped by this address... A bit like PEPE if you know what I mean, but at a smaller scale...
In summary, I think most NFTs are useless, except if they give you an access to a service like a DeFi protocol or a game, or a product like EthOS phone for instance. If useless NFTs can be minted "for free", please check the details to ensure they are at least worth the gas fees...
This post is intended to be informative and not financial advice.