What Are NFT Drops? Inside Scoop for Investors
What are NFTs and NFT drops? Learn about the latest trend in cryptocurrency investing. Investors should watch for NFT drops.
April 1 2021, Updated 12:28 p.m. ET
The latest trend in cryptocurrency investment is the NFT. The concept of NFTs and their potential value is confusing to many people. NFT stands for “non-fungible token” and it refers to buying digital files that are stored on the blockchain. Non-fungible tokens aren’t interchangeable with other NFTs because they’re unique.
Usually, Bitcoin fans tend to be more knowledgeable about NFTs because they’re more versed in the discussion of cryptocurrency in general. A bitcoin would be an example of a “fungible” token since one bitcoin has the same value as another bitcoin at any given moment. NFTs are non-fungible, so one NFT doesn’t have the same value as another NFT.
You might think of NFT drops as similar to the way the music industry talks about an album drop. It’s the common vernacular for the date when a brand-new piece of art hits the public market. Just as the day a musical artist’s newest creation is available for purchase, an NFT drop is the release of a new digital token for sale to investors.
NFT drop meaning
When you hear the term “NFT drop,” it refers to the date that a particular NFT becomes available for an investor to buy. Since part of the appeal of NFTs is their uniqueness, NFT investors might want to watch for upcoming NFT drops in order to be the first on the scene to try to buy.
You might want to create your own NFTs if you have a digital wallet and an account on an NFT marketplace. NFTs are popular with art like music, images, and video clips.
Recent NFT drops include Kings of Leon’s newest album, “When You See Yourself.” The band built up excitement by publicizing the NFT “drop” date in advance.
Where to see upcoming NFT drops
Interested NFT investors can find out about upcoming NFT drops on the website NFTcalendar.io. It’s the first calendar that shares releases about upcoming NFT events and the dates of new NFT drops.
Other NFT drops are being mentioned in the media. So, if you watch sites that cover financial or investment news, you’ll likely hear about what’s coming soon. Following your favorite artists on social media is also a way to see upcoming NFT drops, as in artist The Weeknd’s coming NFT album drop.
NFT drops on Reddit
Reddit, the platform with a wide variety of subreddits related to any topic imaginable, is one place to learn about NFT drops. The NFT subreddit r/NFT is for those who are interested in NFTs in general and might offer news about upcoming NFT drops. Currently, r/NFT has over 55,000 members.
Where to buy NFT drops
To buy NFT drops, you’ll need an NFT marketplace account. Some options are Opensea, SuperRare, NBA Top Shot, and NiftyGateway.
You also need a cryptocurrency account. Most NFTs are based on the Ethereum blockchain, so if you have an account you can fund with Ethereum tokens, you can buy NFTs. Fund your account on a cryptocurrency exchange like Coinbase or eToro. When you find NFTs you want to buy, use your account to purchase and store your NFTs securely.