by Jake Wengroff
Put simply, an NFT drop is the release of a non-fungible token. However, the term ‘drop’ gives the exact time and date the NFT minting will happen. NFT drops will often offer lists to get in early or special promotions. Getting in on an NFT drop the moment it happens means you are likely to get your NFT at a better price, as you’re able to get in first before the value (hopefully) soars. NFT drops usually have purchase limits and a limit to how many NFTs will be minted.
As more artists and brands get into NFTs, there will be more and more NFT drops. Rather than be blindsided by a drop you were not aware of, or miss out due to an exorbitant price, it’s important to understand the market as best you can so that you will not be left out.
Types of NFTs and Auctions
NFT drops come in many forms. The most common NFT drop enables an artist to mint an NFT collection and offer it on a first come, first serve basis. Once it’s gone, you’ll have to wait until it becomes available on an NFT marketplace — most likely at a much higher price. Additionally, many creators will place limits on how many of their NFTs one wallet owner can buy.
- Open edition drops means an artist will mint as many NFTs of a collection as they can within a set time period. When the time ends the final number is how many NFTs that collection will feature.
- English auctions are often reserved for more select NFT marketplaces like Foundation and SuperRare where the creator offers a limited 1/1 NFT, like a traditional auction.
- Dutch auctions are rare, and kind of anti-NFT. The price starts high and gets lower the longer an NFT is up for auction. In true NFT style, a Dutch auction will sell out almost immediately, ensuring the idea is undermined.
Do Your Research
While people are investing in or flipping NFTs, you might actually simply instead purchase the NFT in order to enjoy the art, and hold it in your wallet or marketplace account. Regardless of your investment or money-making strategy, by purchasing an NFT, you’re supporting the creator and the overall creative community at large.
Do your research: Who made the NFT? Do they align with your beliefs? What other art have they made? Do you like their art? What do other people say about them? Are they part of a community and what’s their reputation?
“Asking such questions and researching the NFT creators will help you avoid a scam and collect NFTs that have authenticity,” explains Ian Dean of Creative Bloq. “If you can’t find good information on a collector, you may want to avoid that NFT. Or you may discover the artist just doesn’t align with your interests.”
How To Find an NFT Drop
It’s not hard to find an NFT drop, but you need to be judicious surrounding social media and word-of-mouth of particular drops. There is no watchdog group determining which messaging is true, so it’s best to use your own judgment.
OpenSea is the most famous platform for the selling, buying, and trading of NFTs. It is useful not only for viewing a digital art collection but also for tracking and analyzing a portfolio of digital art investments. As OpenSea is the largest NFT marketplace, it becomes easy to keep track of the NFTs listed on the platform.
Keep track of upcoming NFT drops by using an NFT calendar. One is NFT Drops Calendar, which will not only keep you updated with all the forthcoming NFT drops, but also alert you about giveaways, events, and sales related to NFTs.
Upcoming NFT is a valuable platform for never missing out on the upcoming NFT drops. If there are any upcoming NFT projects, events, drops, auctions, or giveaways, then you can get an idea about them through this platform. You can view the listed NFT projects based on their popularity, time of adding, and even the upcoming ones.
NFT Evening has a calendar to keep you updated with upcoming drops and NFTs. There is also a lot to explore on the NFT Evening website other than NFT drops.
Another good NFT drop calendar site is NFTcalendar.io that includes a roundup of the latest drop news and projects as well as information on who the artists are behind each drop.
Keeping Your NFTs and Crypto Assets Secure
The world of NFTs continues to grow as the number of NFT projects increases and buyer interest intensifies. Accessing and transferring NFTs between wallets can be risky. While it’s difficult for the blockchain or ledger to be hacked, these new NFT marketplaces can be subject to fraud, misuse or compromise. Once a cybercriminal obtains the NFT’s private key, that criminal becomes the rightful owner.
The industry needs market-driven solutions that can keep up with the ever-complex marketplace of crypto assets. TransitNet is creating the industry’s first third-party title registry that demonstrates proof of ownership of crypto assets, to add a layer of protection for investors in digital currencies, NFTs and other crypto assets.
Join the forefront of the new crypto infrastructure. Request an exclusive registration for TransitNet’s title registry when it launches today.
Jake Wengroff writes about technology and financial services. A former technology reporter for CBS Radio, he covers such topics as security, mobility, e-commerce and the Internet of Things.
Creative Bloq – NFT drops: Everything you need to know