What is an NFT drop & how to get NFT drops
What is an NFT drop?
An NFT drop is the time and date when a non-fungibility token (NFT) will be released. This usually happens during an ICO or crowdsale.
Getting in on an NFT Drop the moment it happens means that you are likely to get yours cheaper, as you’re in first before the value - hopefully - soars. NFT Drops usually have purchase limits and limit to how many NTFs will be minted, as more artists and brands get in on NFTs you begin to see and hear about more and more NTF drops. It can cause anxiety to think you’re missing out on something, The Next Bored Ape Yachts Club or Crypto Punk Collection. But this is when you can make a mistake, be taken in by a scam or end up buying an NFT you don’t like.
How do you buy NFTs?
You need to know how to buy a token. This means you need to know about cryptocurrencies and tokens. There are many different types of crypto assets, including Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC) and more. You also need to know which ones are available to trade on your exchange. Once you've got that down, you'll be ready to make purchases.
1. Where to buy NFTs
There are lots of different ways to sell your NFTs. You can sell them privately or through an online marketplace. Some popular online platforms include OpenSea, Nifty Gateway, and NBA Top Shot.
2. How to select an NFT
There are many online shops offering NFTs, but most of them aren't trustworthy. You should avoid buying NFTs from unknown sellers. To know whether or not you're dealing with a reputable seller, check out their reputation on social media platforms, see if they've got a verified account on crypto-collectibles marketplace, and ask them questions about their products.
3. How to pay for NFTs
Some marketplaces accept payment in U.S. dollars but in other cases, there aren't any options for paying directly in fiat currency. You can use cash or credit card via third party platforms like moonpay but there's no way to pay directly for an item. The price is usually set in the cryptocurrency used on the network on which the item was created. If the item was made on the Ethereum blockchain, you'd use ETH to pay for the item. If the blockchain is SOLANA, you'd use SOL to pay for the item
4. How to store NFTs
You need to have a digital wallet to purchase items on the platform. You should use more than one if you plan to buy multiple items. You can use Coinbase as well. Some services, such as Nifty Gateway, will hold your NTF for you, which can simplify the process if you're willing to entrust your purchase to a third party.
With a good breakdown covering the NFT buying process. Let's return to the main question...
How to Get NFT drops and more importantly how to identify good ones
There are some rules we have identified to follow…
1. Know Your Market – What Is Popular?
2. Check Out The Project Website And Social Media Pages For Signs Of Trustworthiness.
3. Do They Have A White Paper/Roadmap? If So Read It!
4. Does Their Team Look Professional?
5. How Long Has The Company Been Around?
6. How Many People Have Bought Tokens From Them?
7. How Much Did They Raise During their Token Sale?
8. How Many Tokens Have Already Sold?
9. How Much Will they Mint for? (Mint Price)
10. When Can I Buy My NFT?
11. How Much Will I Pay?
12. How Many NFTs Will be Mined?
13. Where Can I Find More Information
The last question is where we really help. At niftydrops.io we are a team of excellent web3 people who love what we do. We believe that our insights and products are the best on the market and we want you to enjoy them! Niftydrops.io is an online platform for people who want to learn about different NFT topics, upcoming projects in the pipeline and the latest drops. We are here to help you find answers to questions like these above.
What is an example of an NFT?
Ownership can convey different rights depending upon the specifics of an NTF. In some cases, a user might be able to control the use of a file, and under what circumstances a file can be reproduced. But exclusivity conveyed by NTF ownership can often seem theoretical, as the NTF can be copied. For example, a digital copy of a short music video was sold on the online marketplace, Nifty Gateway, in February 2021. You can still watch this video if you want. However, it's right there, on the same website where it sold.Only one person owns the Death of the Old. This means that you can never own an exact copy of this video. There is only one copy that exists. It is owned by someone else who bought it.
There are many different types of NFTs available today. Some people prefer to invest in collectibles (digital art assets) while others prefer tokens. Both are great ways to earn passive income. However, each type of investment has its pros and cons.
When buying an NFT, you must make sure you're buying from a creator who has a great reputation, been in the space a while helps and already has an ownership of assets. You want to know if they have a history of creating quality content (are they a content creator in their former line of work). You also want to see how much support the creator has within the community. Lastly, you want to make sure you're getting a good deal on the contract. A good contract means you'll get paid for the work you do. The first task during my NFT research should be finding out who the creator behind this brand is (not the floor price of the project). I'm investing in the person behind this brand, and their ability to execute. Their transparency is very important because if the creator doesn't deliver what he promised, then there's nothing to show for my investment.I am aware that people often use roadmaps as a means to judge whether a project is going to succeed or fail. However, a roadmap is only an idea. Executing that idea will make or break any blockchain-based NFT project. A good NFT project is based on a successful business model. Gary Vaynerchuk is a successful entrepreneur (he has some great content around baseball cards or trading cards), businessman and investor who knows how to spot trends far in advance. He is also known for building proper brands and businesses. You can thus assume he might be a good person to put your money into. You should be careful when approaching communities as some may be filled with scammers and trolls. Make sure to do your research before joining any community. Currently, platforms such as Twitter and Discord can both be places you may find NFT communities hanging around. A good project will usually have an optimistic outlook on the project, team, and the future. Always feel free to ask any question you may have directly aimed towards the community, this will help you understand the project much better, and will also give you a more clear idea of what kind of people who are involved in the community are. Solid communities provide lots of information and resources. Their feeds are filled with valuable content. They interact with other projects and people. They're willing to help others out. Projects that do these things are more likely to succeed than those who don't. Don't fall victim to scams and pump-and-dump schemes especially if they are promising millions of dollars! Not every NFT you buy will have a smart contract attached to it. You should check the terms and conditions before purchasing an NFT. If you can't see them, then you should contact the seller directly.You're ready to buy your NFT if you've covered the three 'C's' thoroughly.
Don't invest more than you can afford to lose. Be patient when doing your own research. Always check the floor of an NTF project but don't let that be your decision. Really consider whether you value these digital assets and enjoy the space. Are you engaging with the digital content the project is providing or is there game content or trading actions on this blockchain platform / blockchain network. Gary Vee recommends at least $50 of research before investing in anything. This holds true for any investment that you're thinking about making. You should never invest more than what you can afford to lose, and you shouldn't invest in something without doing thorough research first. Don't fall into the trap of being afraid of missing out. You can always join other communities or forums that talk about the same thing. Stay away from pump-and-dump schemes, and don't buy coins based on price alone. Always do your research before investing.These tactics are used to manipulate the market by inducing fear into the market. People should be careful when buying stocks because these tactics are being used.
In summary using the overall questions above at the start of your research please end it with the following:
What Is the Best NFT to Buy?
Here's what to research when attempting to buy a good NFT with long-term value.
What are the C's?
The creator, community, and the contract.
Is the NFT transparent?
Generally, a reputable NFT project will have a doxxed creator(s) and be completely transparent with their intentions of the project.
What is a good NFT project?
An example of a good NFT project is VeeFriends , a project built around meaningful intellectual property by a successful entrepreneur, businessman, and investor Gary Vaynerchuk.
What are the risks of not disclosing who you are?
Generally speaking, if a creator behind a project isn't willing to disclose who they are, then it's likely that the person is not confident in their work.
How do I know if a crypto is right for me?
Purpose: Almost all cryptocurrencies should aim to serve a purpose.
What is a cryptocurrency with a purpose?
ETH, for example, exists as a reward for verifying blocks and transactions on the Ethereum blockchain. ETH is a great example of a cryptocurrency with a purpose considering that Ethereum is the most used blockchain for trading NFTs.
What are the Best Practices for Investing?
Never spend more money than you can afford to lose (don't use your credit cards).
What are the benefits of talking about a project?
If you can find a good community that is talking about the project, you're more likely to come up with additional questions, seek more answers, and gain more knowledge.
What is FOMO?
Avoid falling victim to fear of missing out, better known as FOMO in the crypto community. This is usually because of the growth of the floor price.
What are the pros and cons of investing in crypto?
If you make sure to do your own research every time you're considering investing in the blockchain network, crypto and NFTs, then you're more likely to invest in the right things, and reduce your overall risk of investing in a bad project.
And an NFT project needs to be able to weather crypto market swings.
Crypto markets are volatile and the regulatory frameworks are still being worked out. This makes it hard to predict how much NFTs will be worth in the future.
Finally remember to enjoy the space, don't over stretch yourself financially and use niftydrops.io as part of your research.