What is an NFT Drop?

What is an NFT Drop?

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To put it simply, an NFT drop is the release of a non-fungible token project in which similar NFTs are released for sale together.

Minting is buying an NFT directly from the creator and becoming the first owner.  The process is often part of a larger drop where a collection of NFTs is minted together at one time.  However, some creators do not pre-mint their collection and instead offer on-demand minting. 

Each drop has a certain amount of NFTs available from its collection, and there is typically a limit to how many collectibles you can purchase during this period.

NFTs from within the same drop will often have different attributes or levels, making some cost more than others.

How does the typical NFT drop process work?

A project will announce an upcoming drop on its social media accounts. The most active platforms for NFTs are usually Twitter and Discord. Once you learn about an upcoming drop, it is a good idea to check out its social media pages to assess the project’s authenticity. Scammers looking to “rug-pull” are out there, so it’s a good idea to thoroughly check out the project’s specific details and social media accounts. Secondly, a good rule of thumb is to not participate in drops just because they are cheap. Only buy NFTs that legitimately interest you.

On most NFT marketplaces, once you have committed to minting an NFT, you need to wait until the official drop time. When the time comes, head to the project’s website, connect your wallet — while also ensuring that you have enough crypto to afford the NFT and a potential gas fee — and hit the “mint” button to start the transaction. Assuming you’re early enough or have used the appropriate amount of gas, the transaction will be confirmed and the NFT will appear in your account on its respective marketplace.

After all the NFTs from the collection have been minted, the project will sometimes reveal instantly or announce its reveal date. Each marketplace has a different reveal process, but tutorials can be found online. Typically, you will need to refresh the collectible’s metadata. After your NFT has been revealed, compare its traits to others from the collection.

On DraftKings Marketplace, the process is similar. A drop will be announced at a specific date and time. You won’t need crypto in your wallet to purchase an NFT on DraftKings Marketplace, as NFTs are priced in regular money. Join the queue 30 minutes before the drop, and if you are successful, you’ll snag an NFT.

How is a drop different from buying an NFT?

An NFT drop relates to the minting process, which means joining a waitlist to purchase one or more of the available collectibles and become the first owner. Buying an NFT is different – it occurs after a collection has been minted and it means you are buying an NFT from another owner rather than from the creator. It can be done on the marketplace that the collection is available, either via the “Buy Now” option or by making an offer that the current holder accepts. 

What happens if you miss a drop?

Missing a drop isn’t the end of the world. It’s true, you won’t be able to mint an NFT if you miss the drop. However, if you truly want to add a specific NFT to your collection, it may be listed later on the marketplace.

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