As an NFT creator and/or collector, you’ll encounter a lot of NFT drops along the way. It’s important to know what an NFT drop is in order to take advantage of a fresh chance to acquire some of the best NFTs on the market and maybe make some serious cheddar (money).
In this article, we’ll walk you through the actions and strategies you need to take in order to buy the hottest NFTs when they drop, which could be the difference between getting the dopest NFT or losing out to other collectors and flippers and having to buy on the secondary market at higher costs.
In fact, these might be some of the most important tips out there. To begin with, let’s take a look at what an NFT drop entails. But first, I need to disclose I’m not a financial adviser, and the following is not financial or investment advice. This article is strictly for entertainment purposes.
What are NFT Drops?
NFT artists release new collections for investors, fans, and collectors to buy, much like when your favorite musician releases a new album or Lucas Films releases a new Star Wars movie.
This collection is one of a kind, as is the case with NFTs. Because NFTs cannot be duplicated, copied, or manipulated in any manner, their uniqueness makes them valuable.
Since NFT drops are somewhat rare, they offer fans the chance to own a unique work of digital art for a possibly cheap cost of entry (depending on the creator and artist, of course).
Many popular and well-marketed NFT drops are heavily contested, so, understandably, hundreds or even thousands of participants are scrambling to get their hands on the most sought-after items. I recently picked up a collectible drop created by an artist I admire named Tristan Eaton.`
Fortunately or unfortunately, this is where flipping comes into play. Sometimes “flippers” will get in on a popular drop and resell the NFT immediately after the drop to someone who couldn’t get in on the drop.
In other words, if you want to be a part of a well-known artist, brand, or designer’s NFT drop, you need to be as prepared as possible. Let’s now look at the steps you need to follow to effectively acquire NFTs when they drop.
Generally speaking, most drops are either timed open editions or limited-edition drops.
- Timed Drop Open Edition: this is where an NFT is released to purchase for a certain time frame. As many people can buy within the time frame but if 2,315 people buy the NFT that means the edition will be 2,315. Essentially there are 2,315 verified copies of that particular piece art tht are ready to be kept, traded or resold.
- Limited Edition Drop: these drops are where an artist or creator sets the edition amount and it turns into a first come fisrt serve basis. For example let’s say an artist wants to release an edition of only 25 copies of an NFT making it more rare than say an edition of 1,000. One of my favorite artists Lushsux partakes in both types of drops.
- Silent Auction Drop: This is that risky drop where you get to input the highest you are willing to pay for a certain NFT.
3 steps you need to take to buy NFTs when they drop
These easy-to-follow steps will get you set up for success!
1. Find the NFT Drops
The most challenging aspect of securing an NFT drop is initially hearing about it. It is common for artists and platforms to publicize their upcoming releases way in advance of their actual release date. Sometimes just forgetting about drops happens.
You should always sign up for newsletters and follow the social media of any NFT initiative that you believe may be of interest.
Here are a few strategies to help you stay one step ahead of the competition.
Social media
NFT research can be aided by perusing the resources accessible on social media platforms such as Twitter, Discord, and YouTube. The bulk of NFT devotees spends their time on these platforms. As a result, it’s a good idea to follow a few well-known accounts.
However, social media is riddled with fake information and frauds, so verify your sources before acting.
NFT news articles
If you’re looking for information on upcoming NFT drops, NFT news outlets like ours can assist you because we can provide more reliable information. Or check one of my other favorite NFT sources, NFT Evening and Coin Rivet News.
NFT communities
Connect with NFT lovers and collectors by joining an NFT-related subreddits, Discord server, or other similar sites. Learning and sharing information about the industry and impending releases may be conducted in these forums. Just be aware that these communities are not free of scammers…always be aware.
Marketplaces
Most NFT markets that hold drops publicize them on their own websites. Popular NFT marketplaces include:
2. Get the right tools for the job
Once you’ve discovered a few NFT drops, the next step is to thoroughly analyze and track each one using the appropriate tools. Let’s take a look at some of the best tools for tracking the most popular and trending NFTs.
BitDegree
There are a number of NFT collections that BitDegree may be used to analyze. You may search for NFT collections and examine their data to get a better sense of what’s out there.
On top of that, you may use a variety of measures to do a more thorough investigation of any given NFT.
BitDegree is a great tool for keeping tabs on all of your favorite NFTs in one place. More than 357 NFT collections from three protocols are now tracked by BitDegree, but this number will increase with time.
There are a total of 58 separate NFT markets where these collections may be found.
BitDegree also provides NFT collection analysis. So, you’ll know exactly which NFTs are soaring in popularity right now.
Crypto.com
One of the big dogs of crypto is in the NFT game. One more way to keep tabs on the most important NFT collections on the blockchain is to use Crypto.com, which is a fantastic tracking service. You may get data on every NFT’s price and volume as well.
On the official website, there is a list of the most valuable NFT collections, with their assets, collection worth, and the price at which they are sold.
In addition to viewing NFT collections and keeping track of them, this platform allows you to keep track of all the cryptocurrencies.
Definitely sign up for their newsletter!
Moby
Although Moby isn’t very well-known (now), it’s an excellent NFT tracking tool. NFT collectors can benefit significantly from Moby, which can help them keep track of their investments.
Here are a few things I like about Moby
- Real-time feeds for mints and sales
- Wallet and popular mint alerts
- Access historical collection data
- Live graphs that update in real time
Rarity.tools
The rarity of an NFT is one of the most critical factors to keep in mind when shopping for one. Aside from just liking art, most collectors generally aspire to own super rare NFTs, which can mean more value. That’s where Rarity can help!
Rarity. tools’ greatest strength is its ability to provide a rarity score to any NFT. The rarity score can help you decide if an NFT is worth your time and money.
It’s an easy-to-use tool that delivers comprehensive information and helps you identify potentially profitable NFTs.
OpenSea
Nowadays, OpenSea is the most popular platform. In addition, it’s an excellent tool for showcasing an amazing digital art collection.
If you’re looking to track and evaluate your digital art investments, OpenSea is a great NFT platform for that.
OpenSea has built a complete ecosystem that includes all of the data and NFT stores in a single space. You can quickly locate the most fantastic new NFTs because everything is in one spot.
All NFTs based on the Polygon, Ethereum, and Klayton blockchains are supported by the platform. It is possible to narrow down the available NFTs by selecting from among nine distinct categories, such as music, art, trading cards, and so on.
Icy.tools
The first thing you’ll notice when you open Icy is the ‘Trending Collections,’ which showcases some of the most popular NFTs from the previous day.
Filtering by the previous 15 or 30 minutes is also possible if you’ve connected your wallet. In addition, the leaderboard includes all NFT-related data, such as the floor price, volume, sales, and average price.
NFT Drops Calendar
It’s not uncommon to lose out on an NFT drop simply because you weren’t aware of it. Later, you notice that its market value is relatively high. You no longer have to worry about losing out on any future NFT drops.
The NFT Drops Calendar helps you keep track of all forthcoming drops. All the upcoming NFT drops will be revealed to you as well as any forthcoming freebies, events, or discounts that are associated with them.
DappRadar
It has long been the go-to source for tracking the sales data of NFT and Gaming token collections.
Additionally, in 2020, they developed a portfolio tracker that allows users to monitor Ethereum wallets in real-time. To learn about the tokens and NFT balance, as well as the wallet’s total net value, simply input the Ethereum wallet address or ENS name into this tracker.
To help you keep track of your portfolio, this is a great tool to have at your disposal. Aside from that, DappRadar displays the most popular NFTs in the market, depending on a variety of time frames.
Any NFT collection’s volume, traders, and sales may be viewed directly.
NFT Evening
In order to keep you informed of upcoming NFT drops, NFT Evening offers a calendar on its website. You’ll be able to see any upcoming NFT projects on this site as soon as they’re announced.
On top of that, you can also check out NFT-related news and analysis, as well as a variety of NFT-related products and services.
Coin Rivet
As a full-featured platform, Coin Rivet offers far more than just NFT. NFTs, DeFi, Regulations, and much more are covered in depth.
The Coin Rivet event calendars are a great place to learn about upcoming crypto and NFT minting activities.
Keeping track of NFTs is difficult since their prices fluctuate so much. To make tracking and analysis more accessible, Coin Rivet may generate a list of all NFTs at a given point in time. NFTs may be viewed on the platforms they are posted on, the prices they are being sold for, and where they can be purchased from.
To get an alert when an NFT drop begins, you must have an account and add the NFT to your calendar. You’ll be able to get your hands on all of the future NFTs and ensure that you don’t miss any lucrative opportunities.
3. Dot your i’s and cross your t’s
Next, ensure the purchasing procedure is seamless when you’ve found a few NFT drops and are ready to go. Step-by-step instructions are provided below to ensure a seamless purchase.
Generally speaking, you need to be over the age of 18 in most of the United States, but some are different than others, as evidenced in this article: How Old Do You Have To Be To Buy NFTs?
For simplicity, I will use the OpenSea platform for the following example, but this is pretty much how all platforms function.
First step: Go to OpenSea
Marketplaces for NFTs like OpenSea are popular and reliable.
Second step: Download the MetaMask Wallet or an alternative wallet
You’ll need a cryptocurrency wallet if you want to use OpenSea to buy and trade NFT items. With a cryptocurrency like Ethereum, you’ll be able to make payments for your purchases. To purchase an NFT with Ethereum already in your possession, you must first connect a wallet to your OpenSea account.
How do you get MetaMask up and running?
Visit Metamask.io to install MetaMask on your browser. After signing up, log in and click the OpenSea link.
Third step: Deposit Ethereum or another Cryptocurrency into your Metamask Wallet
Funding your Metamask account can be accomplished in one of two ways:
Way 1: Purchase Ethereum using Wyre
Ethereum may be purchased in a matter of minutes with a debit or credit card. The Metamask plugin may be activated by clicking on it and then purchasing.
After clicking on the “continue to Wyre” link, enter the amount of Ethereum you wish to purchase in the field provided. To complete the transaction, all you have to do is input your credit card and personal information.
Although this is a beautiful alternative for newbies, high demand means that the transaction may not always go through. I have had this problem a few times in the past.
Way 2: Buy Ethereum from Coinbase and transfer it to your wallet
You can buy Ethereum from Coinbase or other exchanges if way #1 fails. Simply open a Coinbase account and provide your details. Verify your personal information, such as your name, address, phone number, and the last four digits of your social security number, as well as why you want to use Coinbase.
A payment method, such as a debit or credit card or a bank account login, will also be required.
Go to the Ethereum section and buy the amount you need. You will then have Ethereum in your account, which can be transferred to your MetaMask wallet.
To transfer funds, go to Transfer, add the amount you want to transfer, input your MetaMask Wallet address, and hit transfer. Be sure you input the correct wallet address because if it is incorrect, there is no way to get your crypto back! I like to copy and paste and triple-check just in case.
Fourth step: Look for an NFT or Drop that catches your attention
NFTs of all kinds may be found in OpenSea. In some instances, NFTs can be purchased outright, while in others, they are auctioned off to the highest bidder.
The all-time most epic drop in my book was CryptoPunks because they were free aside from paying the gas fees, and now they are worth hundreds of thousands of dollars, and some have sold on the secondary market for over a few million dollars.
Here are a few recent examples of drops that are worth checking out. They all have unique characteristics and exciting concepts. The point of this list is to check out some collectible style drops…now, will they go up in value? I have no idea, but they have growing communities of fans and momentum.
A dope fashion style NFT collection created byAli Dawood. These are 3D hand-drawn sneakerheads. Don’t ned to say more because these are cool as can be.
NFT art designed by Tristan Eaton and algorithmically dispersed by computer software to create 5,000 unique pieces. This is the collection I participated in.
This is a top Solana NFT drop with 8,888 Moondusa NFT characters. They will start for 0.07 ETH (0.69 SOL), making them accessible to beginner NFT collectors.
Meta Triads is a 10,000 NFT collection that combines fashion with the metaverse. The Meta Triads drop is already valued at almost $5,000,000. These NFTs are sold on the Ethereum blockchain.
This drop will consist of 5,555 NFTs minted on the Ethereum network. The NFTs, dubbed ‘Embers,’ are distinct personalities with distinct attributes. Some Embers have unique qualities that no other Ember has.
Fifth step: Put your money where your mouth is and maybe buy it!
Once you’ve chosen a collectible or interesting drop, you can either purchase it or make a bid on it, depending on what style of sale was selected for that particular drop.
The “Place Bid” button must be clicked to place a bid on an item. To make an offer on an NFT you fancy, simply click the “make offer” button on the item’s details page.
Decide on a pricing range
Prevent yourself from being sucked into the NFT price drop panic by being aware of your own price limit. Like any other kind of investment, you should only invest what you can afford to lose, so avoid drops that are out of your price range.
There are hundreds of fresh drops every week, so resist the urge to buy an NFT that doesn’t meet your criterion out of fear of missing out.
Take your time; another drop will come around.
Final words
It’s possible to get an excellent and rare piece of digital art by participating in an NFT drop. If you’re successful, you’ll be the first to possess this digital asset, and if the brand or the NFT collection becomes popular, there’s a good possibility you’ll see the value of the NFT rise.
Nonetheless, it’s worthwhile to spend some time searching for the best NFT drops and performing your due diligence before giving over your crypto to ensure that you aren’t being conned. There are many scams out there, and numerous people have lost thousand if not millions in crypto by getting conned.
Keeping track of any upcoming NFT releases is also essential. To ensure that you don’t miss out on any of the most popular and trending NFT drops, there are several tracking tools available. Some people make money with these tools by analyzing NFTs and putting their money into the right ones. Then again, more people seem to lose money in the NFT game and oversaturation is becoming a problem, so always be aware.
Educate yourself even further with these must-read NFT articles:
- 9 Things to Do With NFTs After Buying Them
- Why Can’t You Just Screenshot an NFT?
- Why Are Some NFTs Free on OpenSea?