Too good to be true? Find out when to suspect airdropped NFTs
Have you ever received a free NFT you’re suspicious about? NFT airdrops are a popular way to promote a collection but are also part of elaborate scams. But when is it really dangerous to accept NFTs? Why are projects offering airdrops to new collections? Scams can be where you least expect them. Let’s dive into some critical insights about all things NFT airdrops.
Table of Contents
- What are NFT airdrops?
- Why do collections offer NFT airdrops?
- How can I get an NFT airdrop?
- How can an NFT airdrop be part of a scam?
- NFT airdrops vs. Crypto airdrops
- Is it worth receiving airdropped NFTs?
- Keep learning about NFTs with DappRadar
What are NFT Airdrops?
Airdropped NFTs, or NFT airdrops, are those sent to your wallet for free – whether you know it or not. They may be a marketing promotion of a new NFT collection, or you may receive it as an extra perk for being part of a certain NFT community.
On OpenSea, for instance, you can find them on your Profile > More > Hidden.
However, Airdropped NFTs are often used as part of elaborate scams to drain your wallet, so you should be extra careful when opening a stranger’s gift.
Why do collections offer NFT airdrops?
If your case is that you have an NFT collection that needs more reach, you may find that airdrops are a good advertising choice.
Like cryptocurrency airdrops, NFT airdrops help projects to:
- Increase their awareness;
- Understand the community better;
- Raise funds;
- Rewards collectors’ loyalty.
In this new industry of digital assets, there are more ways to reach your target audience than paying for ads.
Gifting NFTs to certain personalities with a public Web3 address, such as DappRadar’s list of celebrity investors, can make your collection much more appealing. It is, of course, advisable to notify recipients that they have received a new NFT.
Not to mention that it strengthens your brand’s relationship with NFT holders. For example, engaged and connected members of a community can be rewarded with surprise airdropped NFTs – an excellent surprise, by the way.
How can I get an NFT airdrop?
If you want to own NFTs, the first step is to inform yourself as much as possible about the industry and key concepts. For example, by reading DappRadar’s Ultimate Guide on NFTs.
When you are confident of the risks and the benefits, you can make a Web3 wallet like MetaMask, which gives you an address on the Ethereum network and purchase a collection. Beware, the NFT space is vast and complex, definitely not an area to enter lightly.
By participating in NFT collection contests using your public address on Twitter or Discord, for example, you have the chance to receive a special package. NFT airdrops are popular in the space, and you may be lucky to get one of them every now and then.
But in addition, when you also have NFTs from famous collections, you may start receiving unsolicited airdrops.
How can an NFT airdrop be part of a scam?
Airdropped NFTs are often safe and do not pose a threat to your investments. But randomly receiving what looks like an amazing asset should raise the alarm. Why would anyone receive valuable NFTs for free from a brand they’ve nothing to do with?
Anonymity is part of the blockchain benefits list, so most of us don’t have our names connected to Web3 wallet addresses anyway.
There’s no such thing as a free lunch.
But the danger isn’t in having airdropped NFTs in your wallet. Most people don’t even notice they’re there. The problem is when these assets serve as bait for a larger elaborate scam.
When curious about the shiny new NFT you just found in your wallet, you may naively click on their website link and access more information – this is when it gets nasty. You leave the NFT marketplace and go to a phishing address that can drain your wallet.
You should be extra careful when dealing with airdropped NFTs, as they can turn out to be trojan horses.
- Read all about NFT scams and how to avoid them: Six Ways to Spot an NFT Scam
NFT airdrops vs. Crypto airdrops
Both NFTs and crypto projects have ventured into using airdrops in their Web3 marketing strategies. However, there are some differences between them.
Cryptocurrency or token Airdrops, such as the ones weekly held at DappRadar Airdrops, are older practices than the collectibles’. But the main differences between the types of airdrops lie at the bottom of the meaning of fungible tokens (like cryptocurrencies) and non-fungible ones (NFTs.)
Cryptocurrency airdrops usually offer X amount of tokens to a wallet according to the current value of the token in USD, for example. Whereas NFT airdrops are seen as part of a collection, having their utility at stake more often than the value of the asset itself.
Is it worth receiving airdropped NFTs?
Airdropped NFTs can certainly have high market value and even appreciate in value over time. But it is necessary to analyze if the collection has potential and if it is even legit.
NFT scams are out there, and anyone can fall prey. Whether you are an experienced collector or not, you’ve probably come across airdropped NFTs that look suspicious.
So, everything is worth it, as long as it’s not a complete scam to steal your seed phrases or manipulate you into losing money.
Keep an eye out for opportunities – they are out there – but mainly in the equity you already have in your wallet and which could be at risk if you fall into one of these schemes.
Keep learning about NFTs with DappRadar
For anyone looking to invest in NFTs, the more you know the better. The space is constantly evolving, and you can keep up with the trends and new concepts by learning with DappRadar.
DappRadar’s NFT Tools can help your investigation by diving into popular NFT collections, marketplace rankings, and top real-time sales.
Useful links
We hope you’ve enjoyed learning about NFT airdrops with us. If you want to dive deeper into the collectibles world, here are some interesting articles you have to read.
- Six Ways to Spot an NFT Scam
- Are Your NFTs Worthless? How to Analyze Their Value
- Introducing the New DappRadar NFT Collection Explorer
- 10 Things Everybody Should Know About NFTs
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