As elements of utility have been added to NFTs (non-fungible tokens), the concept of offering holders a token which oftentimes is free and gives them some added benefit for being your holders has evolved. However, it is important to understand what it is, how to claim one and to be aware of scams.
March 1, 2023
Below we will give you an overview as to all of this so you, as a creator, can have a more in-depth understanding of this evolving utility and decide why it could be important to offer your holders and whether as a holder you can understand which Airdrops are worth it.
Let’s dive in and understand what an NFT Airdrop is. Maybe the best way to understand is by defining a few terms:
NFT- a non-fungible token, means they cannot be exchanged or replaced with another asset of equal value. This is in contrast to fungible assets, such as cryptocurrencies, which can be easily traded for other assets of the same type.It’s a unique digital asset that represents ownership of a specific item.
Tokens- a token is a digital asset that represents ownership of a specific item or concept. NFTs are a type of token.
Airdrop - An airdrop is a distribution of a cryptocurrency or token to a large number of wallet addresses for free. Airdrops are often used as a marketing strategy to promote the adoption of a new token, or to reward existing holders, oftentimes as a free gift .
There are several different ways that airdrops can be conducted, which we will take a look at below.
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There are several different types of airdrops to choose from and the specific one you may choose to apply will depend on the goals of the company airdropping is trying to reach. Some common airdrops are:
Airdrops are usually used as a promotional strategy in order to draw attention to an NFT project or other blockchain-based community. With that in mind, think of how you can engage your community and interact with them if for example you ask them to take part in a Bounty airdrop. People like to receive things for free and they are going to tell their friends about it and this in turn can increase your community. Sometimes it can be a surprise and sometimes it can be part of the first time you buy an NFT.
To receive an airdrop, you typically need to have a wallet that is compatible with the cryptocurrency or token being distributed. You may also need to take other steps, such as signing up to receive the airdrop or providing your wallet address to the airdrop organizer.
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There are several ways for you to participate in airdrops. For example, you could join a blockchain community like Discord and they will have information about impending NFT drops, so if you’re active on there you are bound to hear about them. Another option is to sign-up via certain websites that send out NFT airdrop alerts, letting you stay up to date with what’s out there. Also there may be some NFT marketplaces and platforms that can announce NFT airdrops or have information about upcoming airdrops. By checking these sources regularly you can know when their next airdrop is planned.
Airdrops are important in a business’s ecosystem as they add financial value to the project. It has become a growth marketing tool that helps blockchain/crypto startups build their social media following and get exposure.
Not all NFT airdrops are valuable and some may even be scams, so it is best that you watch out when giving out your crypto wallet address. It is recommended to use a wallet with nothing in it so that you can not be stolen from by potential scammers. Therefore it is very important that you do your own due diligence in order to verify if the airdrop is authentic. If you are uncertain about the legitimacy of an airdrop it’s recommended to ask your community, if it's legit then most likely others will know about it too.
A lot of information pertaining to airdrops was explained to you here and hopefully it will allow you to explore the option further whether you are a company that would like to add this utility of a free gift or reward to one or more of your NFT collections. Overall offering NFT airdrops in the Web3 space will provide added value and give holders greater support in being part of your business.
In short the answer is yes, keep in mind that the value of an NFT can vary widely, and it may not always be possible to sell an NFT for a profit.
In general, it's when a certain number of NFTs (or tokens) are distributed to a number of wallet address holders for free. For those sending it can be expensive to mint and send out but usually the ROI is worth it.
Not all airdrops are legitimate and therefore one should also be wary of scams. If however, it is an airdrop by a company that you know of, then it is a great way to earn free NFTs
The price of an NFT airdrop refers to the value of the NFTs that are being distributed through the airdrop.
The NFT airdrop can range from a couple of days, weeks, even up to two months.
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