A Guide to NFT Airdrops

An NFT drop refers to the release of a non-fungible token project at a specific date, time, and minting price. Learn more about NFT drops here.

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Non-fungible token (NFT) airdrops are essentially giveaways that distribute free NFTs to collectors and investors. NFT projects airdrop collectibles to raise awareness for their projects, grow their communities, and reward loyal fans. 

But is every NFT airdrop safe? How does someone participate in an airdrop? This article answers all these questions and more with an overview of how NFT airdrops work. 

What is an NFT Airdrop?

Airdrops are the free distribution of digital assets like NFTs. In the NFT community specifically, airdrops have become a popular way for projects and artists to gain attention before their public launch. 

Some of the most successful NFT airdrops include: 

  1. CryptoPunks: The popular NFT project CryptoPunks airdropped 5,000 proto-NFTs for free to addresses that hold one. 
  1. Rarible: Rarible airdropped 75,000 RARI tokens, which is the platform’s governance token, every week for around a year and a half to those who traded on the platform. 
  1. PancakeSwap: The team airdropped a limited edition 3D animated NFT to the first 8,888 people who created a PancakeSwap profile. 

How to Participate in NFT Airdrops

Not every NFT airdrop is structured or distributed the same way. Below is a short list explaining some of the ways that various projects can structure their giveaways.

  1. Standard airdrops: These are popularly known as “general admissions” airdrops. Anyone can participate in these airdrops by submitting basic information, including your wallet address.  
  1. Exclusive airdrops: Also known as “VIP” airdrops, these are limited to the loyal supporters of the blockchain project and don’t include regular participants.  
  1. Bounty airdrops: These airdrops are open to everyone. But similarly to the standard airdrops, participants need to complete tasks to earn the airdropped token. Usually, these projects require participants to help with basic brand awareness efforts before receiving the airdrop.
  1. Holder airdrops: This airdrop is for those who already hold some other cryptocurrency to receive the airdrop reward. Wallets that hold a particular token or asset are automatically qualified to receive the airdropped reward.

Tips for NFT Airdrops

Collectors and investors should not blindly participate in any project that offers an airdrop. All NFT enthusiasts should be careful before providing information for airdrops and do detailed research prior to signing up for an upcoming drop. Unfortunately, scams and phishing attacks are common in the NFT space, and a lack of careful research and information protection could lead to compromised wallets and loss of funds.  

Here’s a short list of tips to avoid being scammed by malicious NFT airdrops. 

  1. Do extensive research to understand the project before deciding to participate in its  airdrop. 
  1. Verify any links before clicking them and connecting a wallet. Scammers will often use links that look legitimate at first glance but are modified to direct to somewhere else. But after clicking and sharing wallet information, the attacker can steal information and funds. 
  1. Verified Twitter accounts often are compromised and used as bait for unsuspecting collectors who trust the verification symbol as an indication of a project’s legitimacy. Scammers can buy previously verified Twitter accounts to promote their phishing links, so be careful and always do research instead of automatically trusting a Twitter account that recommends a project.  
  1. Do not connect a wallet that holds funds. Even if a project seems legitimate, connect an empty wallet if possible. Scammers can’t get anything from an empty wallet. 

Are Airdrops Worth It?

NFT airdrops are worth considering and researching for novice or experienced collectors. A cost-free opportunity to participate in an NFT community can be a valuable learning experience and just fun! Prospective airdrop participants should carefully consider and evaluate a project before sharing personal information or connecting a wallet though. Avoid scams and protect funds while looking for opportunities to build a personal digital asset collection.

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