Getting Started and Staying Safe With NFT Airdrops
Main Takeaways
NFT airdrops are a common method for promoting and marketing new NFT series or projects. Some airdrops will also reward current holders of a coin, token, or NFT with a new NFT.
Remember to stay safe by carefully researching any airdrop youâre involved in, especially before connecting your crypto wallet to a DApp or website.
NFT airdrops are hugely popular with collectors, traders, and investors alike. Learn more about the different kinds of airdrops available and top tips on keeping yourself safe on the NFT hunt.
For any NFT collector, an airdrop is a great way to get your hands on new collections without the typical cost. Airdrops have always been common in the crypto world, and with the rise in NFTsâ popularity, weâve seen an increasing amount to participate in. If adding new, free NFTs to your portfolio sounds up your street, read on for your crash course guide to NFT airdrops and how you can help avoid risks on your journey.
What Is an NFT Airdrop?
An NFT airdrop is the distribution of an NFT to the public or whitelisted individuals, often for free. You may need to hold a specific token, participate in an event, or fulfill other conditions to be eligible. An airdrop is different from simply purchasing an NFT in a sale, as they typically are used for promotional purposes. A project may also airdrop current holders of their NFTs with more that can upgrade or add to their collection. Letâs explore further the different kinds of airdrops you might encounter.
Why Do Creators and Projects Run Airdrops?
By far, the most common reason is for marketing and promotional purposes. Distributing an NFT via airdrop is relatively cheap for a creator or project, as a portion of the total NFTs minted could be set aside for such promotions. A project may also airdrop extra NFTs to current holders that provide them more utility or simply as a gift or reward. This can bring more âhypeâ within a community for an already existing NFT series.
What Are the Different Types of NFT Airdrops?
Not every NFT you come across will have the same mechanics. Letâs cover together the most common ones youâll find:
Standard airdrop
A standard NFT airdrop allows anyone who signs up their wallet to receive the distributed NFT. However, a limited period and quantity of NFTs will likely still apply.
Bounty airdrop
A bounty airdrop acts as a reward for completing a particular task. For example, you may need to share a social media post associated with an NFT project to qualify for the airdrop. Youâll often need to complete various tasks that add you to a whitelist or even an airdrop raffle.Â
Exclusive airdrop
An exclusive airdrop distributes NFTs based on people attending an event, participating in a task, or participating in other one-off opportunities. It differs from a bounty airdrop due to its exclusivity, whereas a bounty airdrop is typically open to anyone over an extended period. One example of an exclusive NFT would be one distributed to listeners of a specific podcast episode. The host may give out a code to then claim your NFT.
Raffle airdrop
If an airdrop is for a particularly rare or limited NFT, itâs not uncommon to see raffle airdrops. A group of wallets or NFT owners will be whitelisted before randomly selecting winners from the group. You could be whitelisted by participating in a competition and tasks or simply by signing up.
Holder airdrop
A holder airdrop sends NFTs to wallets that hold a specific NFT or cryptocurrency. The number of tokens you have may also determine the number of NFTs you receive. A metaverse project with its own utility token may decide to airdrop all its token holders with a brand new NFT as a reward to the community. For example, Bored Ape Yacht Club NFT holders received airdrops of 1 serum NFT for each ape they had.
How to Claim an NFT Airdrop
The exact steps for claiming an NFT in an airdrop will depend on the airdrop youâre participating in. However, some requirements are universal. First, youâll need a crypto wallet that supports the blockchain and the type of NFT youâre supporting. As a general rule of thumb, an EVM-compatible wallet should meet most of your needs nowadays (but always double-check!).
Airdrops will, at some point, need your public wallet address to send the NFT too. You can find this easily in the UI or app you use to manage your wallet. You may even need to connect your wallet to a DApp to claim your NFT, removing the manual process of submitting your address. If this is the case, double-check the validity of the site to which youâre connecting your wallet. Itâs also a good idea to use a new, empty wallet for the highest security.
If youâre receiving an NFT airdrop based upon already holding a coin, token, or NFT, you likely won't need to do anything. The creator will send it to you directly, or youâll need to claim it via a DApp with the same steps mentioned above.
How Do I Find NFT Airdrops?
Aside from following specific projects youâre already interested in, there are plenty of places to learn about new airdrops. Social media and messaging platforms like Twitter, Discord, and Reddit can be great places to find collated airdrop information. CoinMarketCap and other price-tracking or aggregator websites also host regular lists of ongoing NFT drops.Â
Do remember that any information you find should be carefully checked and verified. Projects commonly shill with misleading information, or you may come across scammers.
How to Stay Safe Taking Part in Airdrops
When interacting with any third parties or service in the blockchain world, it pays to be cautious. Not every airdrop will be legitimate, but there are simple measures to take that can help keep you safe.
Only ever hand over your public address to a project/creator in an airdrop. You will never need to provide your walletâs private key(s), seed phrase, or password.
If you need to connect to a website or DApp to claim your NFT, double check the projectâs legitimacy and that youâre using the correct website. Know that connecting your wallet to any DApp always involves risk. You should also consider creating a brand new wallet and use it only for airdrops.
If you need to perform tasks to be eligible for the airdrop, exercise caution in the information you hand over. You may need to post on social media, which then may link your public identity with your crypto wallet. Not everyone wants this connection to be made. If youâre ever asked to transfer money or crypto to take part, itâs almost certainly a scam.
Good research is your friend. Always confirm any information youâre reading and scope out any project youâre interested in.
Avoid airdrops sent to you in private or direct messages. These will either be low-quality airdrops or outright scams.
Watch out for fraudulent copies of projects or NFT series. Scammers often duplicate or copy the marketing, website, and even NFT of another project.
Conclusion
Seeing a new, free, shiny NFT in your wallet is always a great feeling. Thereâs almost always an airdrop to take part in, and it can be a thrill to hunt them down. Whether the NFT will be worth anything is uncertain and part of the fun, but staying safe while searching for and interacting with any NFT airdrop is key.
For more information on NFTs, NFT airdrops, and how to purchase NFTs, refer to the following links:
(Academy) What Is an NFT?
(Academy) What Is a Crypto Airdrop?