What is Drop?

A drop refers to the release of a new non-fungible token (NFT) project into the market. Using NFT drops, creators tell collectors the exact date NFTs are available for minting and purchase. 

NFT drops are typically announced via email newsletters, creators’ social media pages, and on various NFT marketplaces. When collectors participate in a well-timed drop, they buy NFTs directly from creators instead of getting them from a secondary market, meaning there is a chance for them to save money.

Individual drops are unique in characteristics and vary from one NFT drop to another. These variations range from marketing techniques to the design of a project. For instance, some drops only ask people to mint NFTs on particular dates, whereas others may require collectors to follow specific guidelines before they can acquire drops. In some cases, creators provide potential collectors with criteria and a waitlist. 

Here are some of the various NFT drops currently available in the market.

Standard Drops

They are the most common of all the NFT drops. With the standard drop, buyers can mint their NFT collection based on a first-come, first-serve premise. In this type of drop, projects allow users to buy collectibles until all the NFTs are sold out. With the aid of smart contracts, there is a limitation regarding the number of NFTs a single wallet can hold, which helps maintain broader participation and distribution among collectors.

Open Editions

In open edition sales, buyers can mint the NFT collection for a certain period before a stipulated time frame elapses. Open editions are mainly used to create hype and urgency to make more users participate in a project.

English Auctions

The English auction sale method is similar to standard auctions, where items are sold using bids. As an NFT drop, it involves the sale of digital assets starting from a low price to higher ones until the highest uncontested bid is made. The highest bidder gets the asset.

Taking part in the NFT drops is an effortless process dependent upon the event’s platform. Although it varies, participation in drops follows typical steps across all platforms, as outlined below.

  • Firstly, buyers must know how to find a forthcoming drop. Some marketplaces such as Crypto.com, OpenSea, and Nifty Gateway are ideal places to look as they have a reputation for regularly hosting NFT drops.
  • Registering for the event is the next step to buying drops. Contrary to public drops that don’t require registration, many NFT marketplaces require buyers to create marketplace accounts or register using their email addresses. In most cases, drops cap the number of participants, so it’s typically first come, first served.
  • Having a crypto wallet is vital as most NFTs are purchased with cryptocurrencies. The wallet is responsible for holding digital assets and completing all the transactions associated with NFT drops.
  • Going to the NFT drop on time is crucial. The dates, times, and prices are mentioned whenever drops are announced. So keep an eye on when the next hot collection drops could potentially help you find valuable NFTs. 
  • Finally, buyers can purchase drops with crypto supported by their platform of choice.