NFT is the buzzcronym moving the crypto industry. NFTs exploded back in 2021, and since then the technology has been reinventing itself to find valuable use cases. Despite the fact that this year the trading volume of NFTs and average value significantly dropped, NFT collections are attracting thriving communities and NFTs holders are still making a profit from their investments.
NFTs can cost from as low as $0.01 and can reach up to millions. While investing in NFTs depends on individual financial capabilities, there are ways to earn free NFTs. Let’s take a closer look at what NFT technology is and discover four simple ways to get free NFTs.
What is NFT?
NFT stands for non-fungible tokens. Unlike other digital items, each NFT is unique and cannot be reproduced endlessly. The constantly growing NFT market includes such digital assets as digital art, virtual plots of land, or in-game items in popular titles.
NFTs are becoming a building block technology for metaverse creation, and their importance is likewise growing in the gaming industry. The main reason is that the technology itself has the potential to provide ownership of digital assets online.
NFTs are created through the minting process, when a unique digital asset is recorded on the blockchain. The most used blockchains to create NFTs are Ethereum (ETH), Solana (SOL), and Binance Smart Chain (BSC).
Usually, there are gas fees when creating NFTs. However, it is also possible to mint free NFTs, using so-called lazy minting. It means that the assets are only minted once they are sold. In this way the creators of NFTs do not need to pay the fees, as they are added to the purchase price.
1. Crypto Referral Programs
One way to get free NFTs is through crypto referral and affiliate programs. Different projects often offer them as a reward for sharing an affiliate link and encouraging new users to sign up to the platform.
For example, crypto services gateway Chains.com offers its users access to rewards for inviting others to join the platform. People are rewarded based on the number of referred users and the number of native $CHA tokens purchased. The higher the balance of the referring account, the higher the reward the referring users will get. Rewards include Bitcoin (BTC), Ethereum (ETH), and Bored Ape Yacht Club (BAYC) NFTs.
The Bored Apes collection consists of 10,000 algorithmically generated digital collectibles built on the Ethereum blockchain. They have gained momentum in the crypto world, becoming the most valuable NFT collection to hold. Their prices skyrocketed from 0.08 ETH at launch in 2021 to up to 1080.69 ETH. Apart from simply being a collectible, it has gathered a worldwide community, as NFT holders are granted exclusive access to members-only perks.
2. NFT Giveaways
One of the ways to receive free NFTs is giveaways. Creators often use giveaways to promote their NFT projects. The best places to look for upcoming giveaways are social media platforms, such as Twitter, Discord, Telegram and Reddit.
Twitter is, in particular, the number one choice to search information for crypto giveaways. To get free NFTs, Twitter users might need to follow and retweet tweets, tag friends or share information on their profiles. To find the information about the giveaways, users should search hashtags that include the phrase “NFT.”
Another way to find NFT giveaways is to search for them on search engines or joining mailing lists of popular NFT projects. NFT giveaway is a lottery, so winning free NFTs might be challenging, but participating in many giveaways increases your chances of getting a free NFT.
3. NFT Airdrops
Free NFTs can be obtained through NFT airdrops as well. NFT airdrops, like any other crypto airdrops, reward NFT holders with additional tokens. The method strengthens the community surrounding specific NFTs and generates publicity.
Airdrops are intended to encourage people to keep their tokens and purchase more. That’s why their target audience is mainly those already owning NFT tokens or engaging in social media campaigns. To receive an airdrop, one should follow the social media accounts and announcements of various crypto and NFT projects of interest.
However, there could be some hazards involved. Occasionally, hackers use free NFTs airdrops to connect malicious smart contracts to the user’s wallet in order to steal their cryptocurrencies. For safety, it is better to use a separate wallet to receive airdrops.
4. Play-to-Earn NFT Games
Earning free NFTs is fun with play-to-earn games. While playing these types of blockchain games, players can earn free NFTs by winning battles or accumulating points. The exact ways of earnings depend on the in-game mechanics that differ from one game to another.
Let’s take Axie Infinity as an example. The game resembles the famous Pokemon franchise. Axie Infinity’s main characters are NFTs called “Axies.” Players can earn crypto by winning battles against bots or other players, as well as completing daily quests. NFT breeding also makes it possible to get NFT characters for free by simply using in-game currencies.
In the NFT game Sorare players can win NFTs by winning football tournaments. In the game, players take on the role of football managers, selecting players to form football teams that compete against the selections of other players. Based on their scores, they receive crypto rewards.
Play-to-earn games are useful because they enable players to actually earn free NFTs while playing games. However, there is a catch. In most of the games, players have to either invest a lot of their time, or there is an upfront cost included. For example, players may need to purchase game characters or the necessary tools to advance in the game.
Read more about play-to-earn games:
Top 10 Play to Earn Projects to Watch Out For In 2022
Read more about the process of creating NFTs:
How to Create and Sell NFTs: A Step-by-Step Guide for Beginners