Another day, another non-fungible guide for you, fam! This time around, weâ€™re addressing the virtual elephant in the room: the NFT airdrop & free NFT debacle!
So, airdrops have created somewhat of controversy with so many questions whirling around. Like, what is an NFT airdrop? Are they really free non-fungibles? Can you resell them for money on the secondary NFT marketplaces? SO many questions that need to be answered ASAP. But, as overwhelming as it gets, weâ€™re here to make things straight and easy!
This is our guide on the infamous airdropping: everything you need to know about the virtual packages dropping from the sky! AND, if you feel like you need more context on NFTs in general, just join our FREE hub! It has everything you would ever need to know about NFTs and then some! Just click on the button below to join!
(1) WHAT IS AN NFT AIRDROP?
First, letâ€™s answer the question: what is an NFT airdrop? Well, an NFT airdrop describes the act of sending out cryptocurrencies (such as NFTs) to a Web3 wallet addressâ€¦ for free. Yes, free NFTs.
(2) WHY ARE THEY USED?
In short, an NFT airdrop is basically a marketing or promotional strategy used as a promotion, benefit, or maybe even a utility!
Some NFT projects give them out to NFT holders as a perk for being part of their community! This ultimately draws more attention to the project and the brand itself! BONUS: a brand that uses an NFT airdrop is a project with blue chip potential!
(3) IS IT A SCAM?
Unless the entire project turns out to be an NFT rug pull! Otherwise, the NFT airdrop should be legit! But, to be on the safe side, this is a list of airdrop red flags to watch out for:
- Being asked to pay money to receive an airdrop (defeats the purpose of free non-fungible)
- Requesting private wallet information like secret phrase or password
- Asking for screen sharing (like, why?)
- Phishing links
(4) DIFFERENT TYPES OF AIRDROPS
So, the type of NFT airdrop has a couple of different looks to it. Basically, there are four different types of cryptocurrency airdrops depending on how they work:
1. Standard Airdrop
First, weâ€™ve got the STANDARD AIRDROP – this is the general look of airdrops. It asks you to complete a required task or specific information. And, you also provide your crypto wallet address so you can get your NFT airdrop. These tasks could be something like: sharing a social media post, joining a whitelist, subscribing to a newsletter, and such.
2. Exclusive Airdrop
Honestly, the name says it all! An EXCLUSIVE AIRDROP is a kind that projects reserve for their loyal holders! It is basically a reward for continuing to support the project and comes with no strings attached!
3. Bounty Airdrop
Also, just like the standard airdrop, the BOUNTY NFT AIRDROP goes to the people holding certain NFTs. It also goes to people who promote the brand on social media, participate in giveaways, and stuff like that. Depending on your engagement!
4. Holder Airdrop
Finally, a HOLDER AIRDROP is an airdrop for participants that already have an NFT token or cryptocurrency in their wallets. In other words, it is a condition to be eligible for the airdrop!
(5) CAN YOU SELL AN AIRDROP?
Yes. Basically, anything you got in your wallet or on the blockchain can be sold! So, there is definitely nothing stopping you from selling your NFT airdrop. But, unless youâ€™re tight on crypto-cash, keep it for flex! The virtual flexing game is VERY strong!