NFTs opened up a whole new market, allowing people to invest in digital collectibles and trade them with each other through online marketplaces. More importantly, NFTs allow digital creators to monetize their work, from memes to custom art images.

Certain NFT drops are highly anticipated, offering people a chance to get in early and invest in new NFTs before they are made available on popular platforms. Participating in NFT drops early is a great way to claim some high-profile NFTs without having to break the bank.

What Is an NFT Drop?

An NFT drop is a limited release of digital art or collectibles in the form of non-fungible tokens (NFTs). It's like a digital version of a limited edition vinyl record or rare baseball card but in the form of a digital asset that cannot be duplicated or replicated.

Much like a product launch in traditional retail, an NFT drop is when these digital assets become available for purchase or bidding. NFT drops can come in a variety of forms and sizes.

They can be a single, one-of-a-kind piece of digital art, a series of limited-edition collectibles, or even thousands of algorithmically generated items, such as CryptoPunks or Bored Ape Yacht Club.

Often, NFT drops are announced in advance and are highly anticipated events in the digital art and crypto communities. They can happen on a variety of platforms, including OpenSea, Rarible, and Nifty Gateway, among others.

Each NFT drop usually has a specified quantity; once sold out, they will not be reproduced. NFT drops are often accompanied by an event or an exclusive community members must join to participate.

Screenshot of the BAYC website

Naturally, this means that there's considerable demand for popular NFT drops, such as Yuga Labs' Bored Ape Yacht Club collection. Thankfully, participating in an NFT drop is a fairly straightforward process.

How to Participate in an NFT Drop

NFT drops are generally offered on several popular digital marketplaces. We'll use the OpenSea NFT marketplace as an example. Here are the steps you should follow to participate in an NFT drop.

1. Create a Digital Wallet

Screenshot of the MetaMask wallet page

The first step is to create a digital wallet, which is necessary to store your cryptocurrency. Platforms like OpenSea require a digital wallet like MetaMask.

MetaMask is a cryptocurrency wallet that acts as a bridge between you, the user, and the blockchain network. In other words, it is a software extension that works as a secure and easy-to-use gateway.

With MetaMask, you can manage your cryptocurrency assets, interact with dApps, and sign blockchain transactions. The best part of MetaMask is its compatibility with Chrome and Firefox browsers. You can download the MetaMask extension and use it within a few minutes.

You can also use MetaMask to buy crypto using fiat currency, making it fairly versatile. MetaMask is necessary for storing and viewing your NFTs, and it plays well with all major NFT marketplaces like OpenSea.

2. Set up an OpenSea Account

Screenshot of OpenSea website

Setting up an account on OpenSea is fairly straightforward. You have to connect your MetaMask wallet and set up your profile, which takes hardly a few minutes. Next, you'll have the option of customizing your bio and adding a profile photo. Once your profile is set up, you can move to the next step.

Here's how to connect your MetaMask wallet to your OpenSea account:

Screenshot showing how to install MetaMask for Chrome
  1. Create a MetaMask account. You'll have to confirm a seed phrase (make sure to store it in a safe place).
  2. Now, go to OpenSea and click on the wallet icon on the top right.
  3. You'll see a list of supported wallets, with MetaMask at the top.
  4. Just type your password and hit Unlock.
  5. Select your MetaMask account from the list, and hit Connect. That's it! Your MetaMask wallet is now connected to OpenSea.

3. Find a Primary Drop to Participate In

Screenshot of OpenSea NFT drops

If you're new to the game and want to participate in your first primary drop, you may want to check out the Active & Upcoming section on OpenSea. It lists all the upcoming NFT drops and the price for each. You can also use third-party like Rarity.tools to find the rarest NFT drops.

However, if you want to go deeper, you may want to get involved in the NFT space. Platforms like Twitter and Discord are particularly active in the NFT space, with creators, collectors, and enthusiasts from around the world sharing news, ideas, and upcoming drops.

Follow artists like Beeple and other creators whose work you admire, and stay informed about their plans for future NFT releases. More importantly, there are other marketplaces, too, like Rarible and Nifty Gateway, where certain NFT collections are minted.

You can probably tell that the NFT universe is fairly large and continues to grow. However, it's important to exercise caution, especially if it's your first time. It's important to carefully look into the reputation of the creator and the scarcity of the NFT drop itself.

4. How to Mint an NFT

When an NFT collection drops, the creator may decide to either mint the NFT themselves or let the buyer do so. Minting an NFT means creating a unique token on the blockchain. Participating in a primary NFT drop means that this is the first time the NFT collection will be sold.

Once the NFT collection drops, you'll be able to mint it. There are two ways to do so: using a debit or credit card or paying via ETH. If you want to mint an NFT using your credit card, you'll need to use the MoonPay crypto payment platform, a third-party service that OpenSea uses (they don't store any data or control the service itself).

Screenshot showing the MoonPay checkout page

The minimum purchase price is $3, so make sure the NFT you buy is worth more than that. Once you click on Buy Now, MoonPay will ask you to enter your details. They may charge a fee for the transaction, and you must independently verify your account.

On the other hand, if you choose to buy via the ETH you have in your digital wallet, the process is even more straightforward. Click Buy, select MetaMask, and ensure your wallet has enough ETH to process the transaction. Then, review the transaction and the processing fee, and you're good to go.

Will the NFT Market Rise Again?

The NFT market has expanded significantly since 2020, even when cryptocurrencies were falling. Now, a number of companies are also using NFTs to optimize their marketing campaigns, and digital collectibles will only appreciate in value as time passes and certain collections become rare.