Eva-dry EH-500F, will dry air and prevent formation of mold and fungi. This will help you in getting rid of musty smell from basement. For better result it is advisable to clean basement before installation of Eva-dry EH-500F. You can get Eva-dry EH-500F, with fragrance.
Buy a dehumidifier. Rent an ozone generator. Info on my site.
Wash it.
That musty smell could be coming from mold in the carpet and or it's padding, as basements tend to be damp. You could have the carpet cleaned professionally or clean it yourself with a good carpet cleaner. If this is unsuccessful it may be necessary to replace the carpet padding or both the carpet and it's padding.
yes it is a good solution for a damp basement because it helps prevent moisture, sweating pipes, metal objects getting rusty, and musty odors in your basement.
you wash it????
Vinegar
The musty smell of moisture and possible water marks would indicate that there is a problem with water.
smell it! old original cards have an unmistakable musty basement smell that cannot be reproduced.
use soap clean it
Use Fabreez.
spray it with perfume
My grandfather keeps a dehumidifier running in his musty basement, all through the rainy season to reduce chances of mold.