Non-fungible tokens (NFTs) have captivated the attention of the world as several well-known personalities have entered the decentralized finance (DeFi) sector. These digital assets have revolutionized internet communities and networking in general.
What are NFTs?
Non fungible tokens are basically tokens that cannot be replicated. They are programmable digital assets, meaning they can be exchanged or traded on the blockchain.
NFTs have gained prominence in recent times as they give users complete control over their digital assets. NFTs also come with unique features, making them popular among many sectors, especially gaming and entertainment industries.
Why do artists do giveaways?
There are several reasons an artist or an organization would distribute tokens to the public, some of these reasons include:
- Raising Awareness: Aside from fundraising through an ICO, free tokens give the project issuer a wider outreach than possible with non-free distribution methods or fees. It is a way to silently create a community around a project without having to pay users directly because they will receive tokens for for no charge, in the hopes that they would join future projects.
- Promotion: Promoting one’s project can be very expensive especially when one has to use expensive advertisements. So giveaways allow you to promote projects affordably.
Types of giveaways
Tokens can be easily distributed among the public through different means, but some might cost a gas fee to mint unless the developers directly send it to your wallet. The most popular ways of distribution include:
The process of distributing free crypto coins or tokens through airdrops has become very popular in recent times as more people prefer receiving freebies instead of spending money on something they could receive for free.
This type of free token giveaway is usually done by projects to create awareness about their platform or project. Here I must mention that there are two different kinds; Simple Airdrop & Exclusive Airdrop.
With simple airdrops, the tokens may be sent to your wallet through private keys (which you know) while exclusive airdps require KYC verification to receive free tokens.
How to participate in Airdrops?
The step-by-step process of participating in free NFT airdrops include:
- Signing up for free on websites that offer free crypto tokens, you may have to join their Discord community to gain access.
- You need to provide some personal information which would help you track your free crypto token(s) once they are distributed after the end date by the issuer. This means you will be provided with an ERC20 Address where you can send your eth wallet address and receive free crypto tokens from different projects or mint it for free from their website.
Please note that this kind of distribution is not exactly free as you may have to pay transaction/gas fees when you send free tokens from airdrop websites to your Ethereum Wallet.
In the digital world, free tokens are given away by companies in exchange for engagement with the community, including liking and and sharing the project on social media sites such as Discord Twitter and Facebook.
This basically means that tokens can be distributed through online networking platforms by posting about giveaways or participating in airdrops.
These tokens usually have a promotional purpose, though they could also serve different purposes including marketing strategies which would turn out to be beneficial especially for small businesses and individuals looking to promote their brand.
What you need to do?
For starters, you need to create an account on some of these popular social networking sites like Discord, Twitter, Facebook, Telegram, and join the projects community on that platform. The creators usually have updated news and ways on how to either purchase or enroll into giveaways.
You can also join token distribution groups on these platforms to earn tokens and also follow giveaway pages pages on social media for constant promotions.
Cryptographic lottery (CLT)
A cryptographic lottery is basically a decentralized system for random draw where anyone can become a player by sending Ether to the smart contract of an Ethereum wallet associated with the lottery.
The individual who sends the most ether during the particular period of time as decided by the issuer will be given free crypto tokens as random prizes.
However, this method does not guarantee that everyone would receive free tokens as there could be just one winner after each round of giveaway depending on much Ethereum is sent during a certain time-frame.
Is NFTs distribution free?
The distribution of free crypto tokens is free in the sense that you do not necessarily need to buy or spend money to receive NFT or crypto tokens, but you can’t escape platform or gas fees.
How do artists create an NFT free of charge?
There are websites that can be used to create an nft. However, the tokens created from said NFT token generators do not have monetary value or economic output. In short, tokens you get when you create an nft using a generator sometimes cannot be sold on an exchange and it is impossible to make a profit from them.
You can sell your promotional tokens by downloading a free wallet that supports multiple cryptocurrencies, including ERC20 tokens. This will allow you to store your tokens until you find a buyer. There are many wallets that support different types of blockchain assets, like Tronix (TRX) or NEO.
Now that you know about free tokens and free NFTs, it is time to learn how free minting works. Minting free crypto tokens does not require mining like ethereum (eth) or bitcoin (btc), but rather free NFTs can be created directly from a wallet address. This means anyone with an account on the corresponding blockchain platform will be able to generate free NFTs. The free token distribution method requires one to prove ownership of eth/btc/tronix assets before creation is allowed.
For example, if you have 20 ether in your personal wallet file then you can create up to 100 erc20 Tokes for free just by signing a transaction with the 20 free ethers that you control. This free free token distribution method is called crypto free minting or free free token generation and it is similar to how stocks are distributed during an ICO distribution.
The bottom line is your wallet address can create free NFTs using free tokens even if you do not have eth, btc or tronix free assets in your wallet at the moment of signing a transaction with your private key. However, there are sites where one cannot generate free tokens (ERC20) for Free without owning some eth/btc/tronix assets first because this site does not use any coin age based verification system before allowing users to create free NFTs . Also, this type of free NFT redistribution system is free because it does not rely on free tokens but rather free NFT creation is based on the free assets users have in their wallets.
How to create an NFT for free
Creating free crypto tokens is easy. All you need to do is follow the steps bellow
1. Go to free NFT generator website
2. Enter your free ether address or free tronix address (can be obtained from free tronix wallet)
3. Click on “create free NFT” button
4. You will see an ethereum transaction hash, click on it and you will see a link for free token tracker/token explorer, follow the link and wait until free token shows up in your wallet which takes around 10 minutes depending on blocktime of each blockchain platform that allows this kind of free NFT creation process (Ethereum, Tronix or Neo).
. Send your newly created free tokens to an exchange where free NFTs are listed for free trading.
5. Send free tokens to your free ERC20 wallet address and wait for free tokens you create with free NFT generator to show up in your wallet, this might take time depending on block time of each blockchain platform it is created from, so please be patient and wait until the free token shows up in your free wallet before sending them to another exchange or selling it.
Note: There is a transaction fee when you send these free free tokens generated via free NFT generators online as there would be whenever one sends eth or btc or tronix assets as well as protecting these platforms against spam/scam which is why gas fee is needed everytime we do free free token distribution using free free tokens (ERC20) . This free free token generation method is safe and secure and your private key does not get exposed during the free free NFT signing process online.
In conclusion, NFT giveaways have two types: those that can be created from token generators and those that require engagement to access. The main reason for giving away crypto tokens is for promotion of a project through awareness campaigns while the other goal is to increase popularity by allowing exchange listings.