NFT drop is a buzzword that you must have come across if you are quite familiar with the NFT space. The term is used to describe the process of debuting a new NFT collection on the blockchain. In this article, we explain what an NFT drop is and what makes it quite important in the NFT space.
- NFT drop is used to describe the launch of an NFT collection on the blockchain
- There is a difference between an NFT drop and an NFT airdrop
- Getting early access to an NFT drop could be a good way to make a profit from an NFT project.
What Does an NFT Drop Mean?
NFT drop is a term often used to describe the launch of a new NFT collection on the blockchain. During an NFT drop, the project team informs the general public of its upcoming NFT project. Details of an NFT drop include the name of the collection, the exact time it will be launched, and the quantity of the NFT art.
Announcing an NFT drop could be good for projects as it helps to create anticipation and awareness around the collection before it is launched. Collectors can then prepare for the launch by setting reminders and signing up for early access.
NFT Drop and NFT Airdrop
“NFT Drop” and “NFT Airdrop” do not mean the same thing. The two terms often pop up when an NFT collection is to be launched. Regardless, they are not the same.
NFT drop is used to describe the moment an NFT is launched on the blockchain. It also encompasses the details that an NFT project team reveals before the launch of such a collection. An NFT drop builds momentum for a new NFT collection.
On the other hand, an NFT airdrop is a marketing tactic that NFT projects use to drive awareness and adoption for their upcoming project. NFT airdrop involves gifting users free NFTs. In an airdrop, NFTs are dropped into users’ wallets after they have performed a number of tasks. These tasks are usually defined by the project team. We have covered NFT airdrop in our previous post.
An Opportunity for Early Gains
An NFT drop could create a unique window for collectors. An NFT drop could indicate a potential opportunity to make gains for seasoned collectors.
Most times, NFTs are dropped at a lower price. Thus, it creates a chance for collectors to accumulate a number of NFTs and sell them off when prices soar. Most collectors will often enlist for early access through whitelisting.
Buying an NFT at drop can be quite profitable. This is why projects usually set a restriction on the number of mints that a single wallet can do.
NFT drop is important for project teams and the collector community within Web3. It creates buzz around a project and indicates the potential to earn profits for collectors.