NFT technology has become widespread in the fields of art, games, and decentralized finance. Many are thinking about investing in NFTs after seeing some tokens increase in their value. However, purchasing such an asset can cost a pretty penny because the more demanded the market, the higher the turnover of funds. Institutional investors, world celebrities, and companies join the sector, affecting price increases.
What Is NFT?
The term NFT is commonly referred to as crypto tokens, each associated with a digital item. Accordingly, each such token is unique and non-fungible. Thus, NFTs are mainly used to represent ownership of digital items. Depending on the item’s value, one NFT can be worth thousands or millions of dollars.
Digital works of art can serve as images, video, or audio, and any artist can mint their NFTs on the blockchain to later place them on the digital marketplace.
NFTs give their authors and owners some advantages, for example:
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- It is easy to prove authorship since information about the owner is stored in a smart contract.
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- It is also easy to prove ownership. A buyer stores information about a token in their cryptocurrency wallet until they give away or sell it.
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- An author can receive lifetime royalties whenever someone resells their creation.
Since NFTs provide full ownership, an owner has complete freedom to choose a marketplace to list them for sale, at what price, and so on.
How to Get Free NFTs?
There are three main options for acquiring NFT tokens without buying them on the markets.
#1 Play-to-Earn Games
Blockchain-based gaming projects often reward users with cryptocurrencies and NFTs for completing tasks and defeating opponents. True, many decentralized games require an initial investment, but there are exceptions.
Thus, initial investments can be quite high. But in the gaming process, you can get NFTs of varying degrees of rarity and sell them on the free market.
Examples of games with NFT tokens:
A separate category of such games is metaverses, where each NFT can also be bought, sold, or received as a reward. Land plots also serve as NFTs and are usually presented in a limited number, and their cost over time is growing. See real estate in the metaverses.
Read next: Top 10 Most Expensive Metaverse Land Plots Ever Sold
#2 Airdrops and Giveaways
Many NFT projects announce free NFT giveaways through social networks, usually, Twitter, Reddit, or Discord, to promote their new collections. Many crypto companies, artists, and all kinds of NFT enthusiasts are sharing their projects and promoting them on Twitter. After all, the very first thing every beginner needs to do is to attract an audience.
This method has its own disadvantages. Thus, there are many scammers in the cryptocurrency space, and there is also a high probability that the project will not succeed. Still, the risk is not that high since airdrops are free. Typically, a user is required to subscribe to projects, leave a comment, tag friends, and the like.
#3 Contests on Crypto Exchanges
Binance, Gate.io, and other cryptocurrency exchanges periodically hold contests where users can receive NFT tokens as a gift.
Types of requirements for users who want to win:
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- Register and get verified.
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- Invite referrals.
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- Trade for a certain amount.
It’s also worth noting fan tokens. For example, on the Binance Fan Token platform, holders of a particular fan token can receive exclusive NFTs and mystery boxes as a reward for their loyalty.
Best Marketplaces for NFT Trading
One can subsequently sell free NFT tokens received from contests, giveaways, or games. According to their technology, they are stored on the blockchain and are associated with a particular user’s wallet, not with a project itself. The most popular NFT marketplaces are the following:
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- Rarible
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- Mintable
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- SuperRare
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- Bybit NFT
To connect to the marketplace, you will first need to install a decentralized wallet. Popular options are Metamask, Binance Chain Wallet, Trust Wallet. Trading is completely peer-to-peer, that is, tokens are not stored on the exchange but are transferred from user to user. Still, the exchange charges a commission as a percentage of the transaction amount.
Key NFT Prospects to Know
Three main areas of NFT, which will develop especially actively according to analysts:
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- Game industry. We have already mentioned the Play-to-Earn model before. Still, this is not the only way to use it. Professional gamers, bloggers, and streamers are also benefiting from this ecosystem. The combination of DeFi and NFT will allow many users to acquire a new profession and earn a living in the gaming environment.
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- Metaverses. So far, these projects are more like regular online games. But the entry of Facebook (Meta) is a big step towards the fact that the tools will bring financial freedom to users and lower entry barriers over time.
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- Music industry. Bands and labels have recognized the potential of NFT in maintaining control over intellectual property and fair royalties. It really looks better than working with record labels taking most of the revenue. In addition, NFT provides new models to reward fans.
2020 and 2021 were decisive years for NFT technology, and 2022 follows the trend. There is a large influx of artists, designers, developers, community leaders into the industry. Many users are convinced that NFT is the next step in the revolution of the global economic model.
Conclusion
There are many ways to get NFT tokens for free, and you should not neglect this opportunity. It is likely that assets will significantly increase in price over time and bring profit. Nevertheless, it isn’t easy to give such guarantees since many failed projects exist.
What is your favorite way to get free NFTs? Feel free to share your thoughts in the comments!
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