- An NFT airdrop is a way for new projects to distribute non-fungible tokens (NFTs) to interested web3 natives, usually for free or in exchange for some simple tasks. This is also one way to earn free crypto through NFTs.
- To be clear, participating in a project’s airdrop does not guarantee you will receive its NFTs. Most projects randomly select the winners of the airdrop.
- There are also times when NFT projects conduct exclusive airdrops for their community members.
We have already finished the first five topics in our series, How to Earn Free Crypto in 2023: The Ultimate Guide for Filipinos. And for our sixth topic, join us as we discuss earning free crypto through free NFTs.
Read more about our series:
- Maximizing Your Earnings: Free Crypto Airdrops in 2023 Guide
- Crypto Staking 101: How to Earn Passive Income in Crypto and Web3
In this article, let us dive deep into the collectibles market through NFTs. Discover how to earn free crypto by joining left and right NFT airdrops in this industry.
Note: The article is not financial advice. Readers are encouraged to do their own research.
NFT Airdrop: An Entry to Digital Collectibles
An NFT airdrop is a way for new projects to distribute non-fungible tokens (NFTs) to interested web3 natives, usually for free or in exchange for some simple tasks.
Technically, NFTs are a distinct, unique, and easily verifiable type of digital items that can represent physical or IRL items like artwork, real estate, in-game characters or weapons, musical pieces, trading cards, or even keychains.
Thus, some NFT projects require participants to do some tasks, including sharing their social media accounts, joining their TG groups, making a review of the game, or signing up for a newsletter, so that the project will gain users and be introduced to the public.
Earn Free Crypto Through NFTs: Participating in NFT Airdrops
To be clear, participating in a project’s airdrop does not guarantee you will receive its NFTs. Most projects randomly select the winners of the airdrop, while some airdrops will let you receive the NFT, but you will be the one to shoulder the gas fees.
For some, joining NFT projects with the least popularity is a good strategy, as a smaller number of participants means a higher chance of winning. While for some, joining in a reputable and popular project with an active community and transparent dev team is a green flag to not waste their efforts. There are a number of websites that provide a list of airdrops for you to choose from, including CoinMarketCap, CoinGecko, AirdropBob, Airdrop King, Airdrops.io, and Airdrop Alert.
Take note also that most projects require you to provide your email address, wallet address, or other personal information to be able to qualify, aside from doing the tasks.
Meanwhile, if you know that you have completed the tasks and finished the airdrop process, make sure to also join the community of the NFT project, mostly on Telegram and Discord. By joining, you will be updated about the announcement and will also have the chance to connect with the developers team. There are also times when NFT projects conduct exclusive airdrops for their community members.
Earn Free Crypto Through NFTs: Airdrop Rewards
Let us say that luck is on your side and you win the NFT prize. It is now your time to decide what you will do to your newly-owned NFT.
Most Genesis NFTs, or the first batch of the collection, that come from a newly-launched project, have a floor price of as low as $0.01. Thus, some winners hold their NFT until the project becomes popular and the value goes up.
Bear in mind that you should never underestimate the power of holding NFT until its value skyrockets. In 2017, CryptoPunks decided to airdrop 5,000 proto-NFTs. Now, CryptoPunks is the third-highest sales volume in the NFT industry.
And after you think that the value of the NFT that you hold has already risen, it is time for you to sell it on the secondary market. NFTs are sold in the secondary market in crypto, and that crypto can be converted to fiat value.
Earning Free Crypto Through NFTs
Truly, earning free crypto through free NFTs secured from airdrops is an exciting aspect of exploring the world of digital collectibles.
However, it should also be noted to be cautious with the risks and scams associated with joining airdrops, as some may steal your personal information, whether provided or through phishing attempts, to be able to steal the assets in your wallet.
This article is published on BitPinas: How to Earn Free Crypto Through NFTs
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.