NFTs are already making an ever-lasting impression on their hardcore enthusiasts. In this space where there are many players, marketing your NFTs effectively becomes imperative. In this article, we delve into NFT airdrops, which are a great tool in advertising and marketing strategies of NFT assets. Let’s get started.
What is an NFT airdrop?
NFT airdrops essentially refer to the free distribution of NFTs or other digital assets to the common public. This is a novel marketing strategy that is aimed at encouraging investors and asset holders to expand their token circulation. In an NFT airdrop, the recipients are awarded in a way that wallets holding an NFT are rewarded with that particular NFT or with a native token of the creator’s platform.
In contrast, an NFT airdrop might also reward NFT holders with another NFT either to enhance the value of the previous one or to stand alone as another collectible. A fantastic example is that of the Bored Ape NFT of BAYC, where a mutant serum was dropped for all Ape holders in 2021. These serums turn the mutant apes into a completely different NFT. The project offered two options – either to sell their serum as a collectible or inject the Ape to turn it into a Mutant Ape.
How to obtain an NFT airdrop?
There are two conditions, either of which or both of which need to be fulfilled to get an NFT airdrop. First, the recipient needs to carry out certain tasks like re-tweeting the project on their page, following them on Twitter, referring them to a couple of friends, and more. Sometimes, the company may ask you to write some positive reviews on the assets. Second, the recipient must maintain a certain minimum quantity of digital assets in their wallet to qualify for the airdrop.
Types of NFT Airdrops
A standard airdrop involves a project sharing a percentage of its native tokens with all the wallets in the community. In some cases, you may need to promote the NFTs to qualify for these airdrops, though not always.
Bounty airdrops are similar to standard airdrops; however, the requisite is that the prospective recipients need to take part in promotional activities like social media posts, subscribing to newsletters, and such.
As the name suggests, these airdrops are specifically meant for the senior executive members or VIPs in the project group. These are people who are generally long-term users and have a history with the project or the NFT initiative.
Holder airdrops are associated with the holding (investing) of a cryptocurrency token in your wallet at any specific time. The NFT project takes a snapshot of the community member’s crypto wallet at a specific time of the day. Depending on the holding amount, the holder airdrops are allotted to the member.
Hard fork Airdrop
In the case of blockchains, a hard fork refers to a complete change in a network’s operations which render all its previous transactions invalid. As a result, the chain splits and developments in the formation of a new chain that has its origin in the original blockchain. In the event of a hard fork of a crypto, a new coin is formed due to which all the investors holding the previous coins are allotted an equal amount of the new crypto in their wallets. An example is that of the Bitcoin hard fork in 2017, which led to the formation of a new coin, Bitcoin Cash – BCH. This resulted in all the holders of Bitcoin receiving an equal amount of BCH in their crypto wallets.
How reliable are NFT airdrops?
As NFT airdrops are primarily used for promotion purposes, a legit airdrop will not ask for your seed phrases or to invest any capital. However, it is possible that certain NFT airdrops are false, so you must conduct thorough research on your own before relying on them.
NFT airdrops are free NFT assets offered by project holders to investors and other members to market their NFTs. Read on the blog to understand what are NFT airdrops, their types and more to get started. We at iMintify, are experts in the NFT space – websites, landing pages, marketplaces, minting, and much more! Reach out to us here for any services or queries.