NFT Drops: What is it and Where to Buy One?
Whether it’s a brand or individual creator, everyone wants to participate in the NFT craze. Well-known NFT artists make NFT drops to introduce their new collections to eager investors. In this blog, we will discover everything you need to know about NFT drops and where to buy them.
What is an NFT drop?
In the simplest term, an NFT drop is when creators announce the launch of their NFT projects. Like an album drop, NFT drop refers to the precise time and date that a new NFT collection will hit the market and the minting price of the crypto assets.
Buying an NFT as soon as it drops can help investors save money and add rare collectibles to their portfolios. That’s why investors are always following the release of upcoming NFTs so that they can grab them before prices increase.
Generally, NFT drops have limitations on how many a person can buy and how many NFTs can be minted at a time. NFT drops from famous artists have a huge waiting line where people frantically compete with one another to own unique, one-of-a-kind, non-fungible tokens.
How to keep track of new NFT drops?
After the splash made by CryptoPunk or Bored Ape Yacht Club collections, collectors with a keen eye always keep track of drops from popular NFT artists. Here is how you can know about new NFT drops.
- Social Media:
Many artists use social media to make announcements about when they are launching their new NFTs. It’s an effective marketing strategy to get the news out. You can check social media platforms like Facebook, Instagram, Twitter, YouTube, LinkedIn, Clubhouse, etc., to know if your favorite brands or solo artists plan an NFT drop. It helps to engage and follow NFT communities on these social channels to stay updated on the latest buzz in the NFT market.
The metaverse is the best place to find upcoming NFT drops. Virtual worlds like Decentraland are popular in the NFT community. Metaverse enables interested buyers to discover new NFTs as information about new drops is posted throughout the digital world.
- NFT marketplaces:
The easiest way to discover NFT drops is at NFT marketplaces. Platforms like UPYO, OpenSea, Rarible, and others highlight NFT drops that are coming to the marketplace. Users can access a wide variety of NFTs on these platforms.
Moreover, since most of these platforms offer lazy minting, it makes it easy for customers to buy and mint new NFTs without complications. One thing to remember when finding new NFT drops is to always check the rankings of drops before investing in one.
- Instant messenger:
Instant messaging platforms like Discord, Messenger, Telegram, etc., can provide information on the latest NFT drops. These platforms are gathering places for NFT enthusiasts to discuss new NFT drops and trending news in the crypto world.
- NFT news publications:
Many news publications cover the latest trends in the NFT market. These publications include blogs, digital magazines, online news outlets, etc. They serve as excellent means to find out about new NFT drops from well-known and promising artists, in addition, to top-notch investment advice. Follow our NFT news on UPYO.
Podcasts are another great platform to discover new NFT drops. Popular NFT podcasts regularly update their listeners on new releases. Moreover, they also provide helpful advice on how to purchase NFTs, which NFTs to invest in, and how to turn a profit from NFTs.
Where to buy NFT drops?
Almost all NFT marketplaces regularly update their customers about forthcoming NFT drops on their platform. These marketplaces have in-built NFT drop calendars that highlight new drops. Furthermore, they provide essential information, including descriptions on their websites and mobile apps.
UPYO, the first and biggest NFT marketplace in the Middle East, provides you access to popular NFTs from global artists. Here is how you can invest in an NFT through the platform:
- Connect your crypto wallet to UPYO.
- Select an NFT from the platform.
- If it’s a direct sale NFT, click the “Buy” button.
- If it’s an auction, place a bid.
- Enable the transaction from your wallet.
- If you win the auction, NFT will be transferred to you.
- Check your UPYO collection and wallet to verify that the new NFT has been added.
Things to be considered while buying NFT drops
To make smart investments in NFT, follow the principles mentioned below to make the most out of your crypto money:
Purchase NFTs that you enjoy:
The NFT market works similarly to an art market where investors pay for artwork they enjoy. The most valuable NFTs in the crypto world are always rare and unique. You need to have a good eye to identify quality non-fungible tokens that satisfy your artistic taste while being value for money. That’s why you should always buy digital art that you really enjoy rather than just following trends.
If you’re a sports fan, investing in sports memorabilia like trading cards instead of a virtual fashion item makes more sense. Although considering the future resale value of an NFT is a fundamental factor when buying an NFT, remember that it’s possible to monetize your favorite NFTs to earn passive income without ever having to sell it. So your focus shouldn’t only be on buying something that is trending, but it should be to own a piece of rare digital asset that brings you long-term happiness.
Do thorough research before buying:
NFTs are complex, and the market is still evolving. It’s best to learn about NFT in-depth before buying one. That way, you know how to make a good investment that will give you a high yield in the future. Find a brand or artist you are aware of and trust, and buy their work. You have to evaluate objectively if the NFT is a functional, worthwhile, and valuable addition to your collection.
Buy NFTs that fit your budget:
With all the buzz surrounding NFT, getting caught up in this crypto craze is reasonably easy. However, it’s best to stay away from crypto-assets that are above and beyond your budget. The steady increase in gas fees of the Ethereum blockchain means it’s already becoming more expensive to buy NFT art.
So the ideal rule for buying an NFT is that you should only invest what you can actually afford to lose. Buying an expensive NFT does not always guarantee higher returns. Therefore, you should stick to your budget and pay only what you’re willing to lose.
Beware of scams:
Like everywhere else on the internet, scams are relatively common when it comes to NFT. Being aware can help you avoid these scams and protect your interests. You should always do your investigation before you dive into NFT.
Here are some common scams that you should avoid:
- Fake sites- There is no shortage of fake sites on the internet. These websites and applications look similar to actual marketplaces. They can steal your information and cryptocurrency when your wallet is connected to the platform, so it is vital to buy from verified and trusted sites.
- Fake brands- Many big brands are launching their own NFT collections. However, there are numerous counterfeit brands that look identical to the actual brand. Some of these counterfeits are available on various marketplaces, so always verify the brand name before purchasing. Moreover, it’s essential to take a nuanced approach to validate the authenticity of the NFT.
- Rug pull- A rug pull occurs when someone starts a project with the purpose of generating money but abandons the project, brand, and community. Such stunts may be easily recognized by spending time in the project’s community. Discord, social media, and other communication platforms are ideal for determining a brand’s activity level. Therefore, if the brand isn’t active or genuine in its efforts, you might want to do more digging before committing.
- Direct messages- Scammers often reach out to prospective buyers claiming to offer information on NFT drops. Most of these happen on social media platforms, where you receive anonymous DMs saying that you have won prizes. Avoid these messages as they are disingenuous. They will ask you to click on a link, and if you do so, it enables them to access your information and steal from you.
Almost every day, new NFT drops happen in the crypto world. When big names like Nike are involved, it generally makes a lot of buzz on the internet. If you follow NFT communities and blogs, chances are you will be aware of what’s coming to the market. Moreover, you can always rely on verified NFT marketplaces for updates on upcoming NFT drops. No matter what communication channel you use, ensure that you do your research before you invest in a new NFT.
Whether you wish to learn about NFT, Blockchain, Web3.0, Metaverse, or other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.
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