NFTs are slowly making a name in the digital banking and finance world nowadays. This is a highly interesting one to get into – who would have thought that a simple digital artwork could earn you hundreds and thousands worth of dollars via crypto?
That is just one aspect that makes NFTs totally awesome to invest in. If there is another one that would surely make NFTs the new big thing, that would be the fact that you can get low-priced, even free NFTs for certain dates! How can this be possible, and how can you make the most of NFT drops? Read on to know more about NFTs and the best ways to keep up with this growing field.
What is an NFT?
New to NFT? Then better hear out some quick orientation first about this new form of digital token. NFT stands for “non-fungible token”, which refers to the digital token that can never be changed or modified in any way, both in content and in value.
NFTs usually come in the form of digital artworks, as you could see in the galleries of most NFT creators and traders. Same strokes of drawings, but different versions of color and styling, which distinguishes one NFT artwork from the other. Aside from digital artworks, NFTs can also come in music clips, videos, and other digital creations that cannot be modified in any way.
Every NFT created, or “minted” as they call it, has its value assigned by the creator, which can go up later on depending on its visibility and the number of people buying or trading it. The more purchases and trades an NFT gets, the higher its value gets.
Why Look Forward To NFT Drops?
The prices of NFTs may be intimidatingly high on a regular scale, but as a new trader, you don’t have to worry. Just as shopping centers and retail stores have days of sale and product launches, NFTs have their versions, too.
Referred to as an nft drop, this is the process where a creator will release a brand new NFT for traders and buyers to get at a particular date and time.
This is something you have to look forward to, as most NFTs that are dropped are very low in price, and some can even be limited edition ones. Once you get into NFT drops, you’ll surely be one of the lucky few who get the special NFTs dropped, as you can get them cheap right before their prices start to soar.
Before You Get In
When an NFT creator is about the drop some art, make sure the ones usually minted by the artist are the ones that you would really like to have and trade. Most NFTs drops come in a limited time and number of NFTs. So better choose the NFT creator whose NFTs fit your budget.
Other than that, before you even participate in NFT drops, do your research on the creator first – styles, famous tokens, price range. This is to make sure that your know what your NFTs really is worth to trade them smartly and successfully.