Categories
Music NFT

How the Budweiser Royalty NFT Project Uplifts Emerging Musicians

If you love music and you enjoy collecting NFTs, then you don’t want to miss the Budweiser Royalty NFT project. Be a part of music history and support 22 emerging artists as they take on the entertainment world with you as their early supporters. 

What is the Budweiser Royalty NFT project?
<div class =”code”><p class = “twitter-tweet”>https://twitter.com/budweiserusa/status/1483828060277420032?ref_src=twsrc%5Etfw</p></div>

The Budweiser Royalty NFT project celebrates 22 promising up-and-coming musicians who will be the music industry’s future leaders. This collection contains 11,000 tokens total, with 500 NFTs per artist distributed across three tiers in the form of collectible cards: 

  1. Core (400 tokens each artist) 
  2. Rare (99 tokens per artist)
  3. Ultra Rare (1 token per artist)

These NFTs represent your loyalty to your favorite artist and prove that you were their number one supporter before anyone else. The collection is set to launch Friday, January 21, 2022.

NOTE: In order to participate in the Budweiser Royalty NFT project, you must be 21+ (or legal drinking age).

What utility do these NFTs offer?

When it comes to Budweiser Royalty NFT’s utilities, the three tiers offer something different depending on which tier you decide to collect.

Core Rookie Cards (Red): Owning a Core Rookie Card means that you hold a collectible NFT that represents the artist of your choice.

Rare Rookie Cards (Silver): If you collect a Rare Rookie Card, not only do you hold a rare collectible NFT, but you also get access to a virtual listening party on Discord with the specific artist that you decide to collect.

Ultra Rare Rookie Cards (Gold): The Ultra Rare Rookie card will get you access to the virtual listening party plus a one-on-one video call with the artist themselves.

All NFTs from the Budweiser Royalty collection will be revealed within 48 hours after public mint and each artist will receive 5 NFTs free for their own wallets to keep or give away to fans.

Each NFT may also include opportunities to earn future experiences and rewards.

How much will each NFT cost?
<div class =”code”><p class = “twitter-tweet”>https://twitter.com/Budweiser/status/1481989490239488001?ref_src=twsrc%5Etfw</p></div>

Each mint contains a different NFT collectible representing one of the 22 artists. Budweiser Royalty NFT will cost $499 per NFT, which includes $75 in gas (or the equivalent in local currency).

Each NFT may only be purchased using a credit card, ETH, or BTC through Coinbase Commerce.

Gold Budverse Heritage Can owners will receive one free airdropped Budweiser Royalty NFT for each can they own, as well as first access to the mint.

Holders of Core and Gold Budverse Heritage Cans will be able to redeem one free NFT per can kept and will have first access to the mint. Budweiser is retaining 2% of the proceeds for their own promotions/giveaways and artist pockets.

Who are the artists?
<div class =”code”><p class = “twitter-tweet”>https://twitter.com/Budweiser/status/1483469485382291460?ref_src=twsrc%5Etfw</p></div>

Budweiser will host an epic listening party solely for Rare and Ultra Rare Budweiser Royalty holders on Friday, January 28, 2022. There’s a total of 22 up-and-coming musicians that will be included in the lineup, such as:

  1. Satomaa
  2. Leo Conoza
  3. Sprtyk
  4. Millie Go Lightly
  5. Lil Polo Tee
  6. Farina
  7. T:me
  8. Kablito
  9. Lulú
  10. Lil Benjas
  11. DTheFlyest
  12. Fase Yoda
  13. Lil Keed
  14. Samantha Sánchez
  15. ilham
  16. Lian Faz
  17. Beanz
  18. Paopao
  19. Fresco Trey
  20. Nardean
  21. Blue DeTiger
  22. Immasoul

As you can see, the lineup is quite extensive and features some of the best emerging artists in the entertainment industry today.

Gary Vaynerchuk, Chairman of VaynerX, CEO of VaynerNFT

I have a crazy affinity for emerging music artists, and I strongly believe this collaboration will bring immense value to both Budweiser and the artists and will unlock unique experiences for their fans.

If you want to learn more about the Budweiser Royalty NFT project, make sure to drop into their Discord and follow them on Twitter to receive updates every step of the way.

Categories
Art NFT

How Founder of Boss Beauties Lisa Mayer is Empowering Women

You might have recently heard of Boss Beauties, an NFT collection of 10,000 unique, independent and diverse women. Not only is it the first NFT to be featured on the New York Stock Exchange and to have a partnership with Marvel Entertainment, it just announced a new groundbreaking announcement with Coinbase. 

Coinbase announced that Boss Beauties will be part of its initial launch, along with other notable NFT projects such as Bored Ape Yacht Club, World of Women, and VeeFriends.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/Coinbase_NFT/status/1483535861803196417?ref_src=twsrc%5Etfw</p></div>

These big announcements have helped the project gain traction over the past few months (the project now sits at a 1.3 eth floor at the time of publication), but founder Lisa Mayer has been building communities for girls through Boss Beauties’ sister company My Social Canvas for years. 

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/BossBeautiesNFT/status/1449086603272589313?ref_src=twsrc%5Etfw</p></div>

My Social Canvas is a social enterprise that has been around for over 10 years, helping provide educational and professional opportunities to high school and college-aged girls all over the world (15 different countries). 

While the company has made major strides—hosting hack-a-thons with Apple, mentorship panels, and events with notable women including Olympic athletes and CEOS, and funding thousands of scholarships to its members— Mayer wanted to do something more with the company, something that would continue to further its mission. 

She and her team decided to start dreaming up and developing an NFT project. 

“During the pandemic, I was looking for other ways to fund our mission,” Mayer said. “I founded Boss Beauties NFT as an extension of the deep passion I have for the next generation of women.”

She and her team wanted the collection to represent all types of women, different ethnicities, career paths, and industries. The traits with different eye colors, hair colors, eyebrows, clothes, and backgrounds represent that.

Boss Beauties
Boss Beauty at NYSE – with women we mentor + Hello Sunshine

“We wanted someone to look at the collection and have everyone be able to find someone that they identified with,” Mayer said. “Not just physically, but career-wise as well.” 

Some occupations featured in the collection are construction workers, police officers, gamers, entrepreneurs, and even one that says “future CEO.”

My Social Canvas mainly caters to a Gen-Z community, which is why one of the NFT properties is called “Future CEO,” meaning to encourage and inspire women to become whoever they want to be. 

There are also special ones such as “The Caregiver,” which is symbolized by the baby carrier and was created to celebrate all the amazing women caring for a child, or someone who is sick, elderly, or disabled. 

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/BossBeautiesNFT/status/1482157275615834112?ref_src=twsrc%5Etfw</p></div>

The ‘Caregiver’ is deeply personal to Mayer because she founded Boss Beauties after a difficult pregnancy, only 3 months after giving birth to her son Hudson. 

They wanted to feature women who might not otherwise have representation in mainstream projects and collections, such as a woman with a hijab. 

For those who want to support female-centered NFT projects in the male-dominated space, people often ask “which female project should I support?” That question isn’t inherently wrong.

Mayer gets asked very frequently how her project is different or worth buying, compared to similar projects like World of Women, Women With Weapons, CryptoChicks, and Women Rise (who also contain thousands of randomly generated women with different features and give back to female communities.)

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/karaholiday17/status/1466788512913526785?ref_src=twsrc%5Etfw</p></div>

Mayer says she feels that in the NFT space, projects created by women are often compared more. But, she thinks it shouldn’t be that way because all the collections have something really beautiful and unique about them.

“Some are more focused on advocacy, or on art,” Mayer said. “I don’t look at it as competition because none of us are meant to be competing. We’re just differentiating our different passions.”

Mayer puts her money where her mouth is. Early on, Boss Beauties pledged 5% of its profits to another emerging female-led NFT project, Fame Lady Squad

“We wanted to help them out because we support each other,” Mayer said. “You don’t have to just choose one, you can buy all of them.” 

With women only making up 16% of the NFT art market, it’s more essential than ever to be working together rather than against each other.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/fame_ladies/status/1456319312080211973?ref_src=twsrc%5Etfw</p></div>

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/NFTpaz/status/1482068968441405442?ref_src=twsrc%5Etfw</p></div>
WOW holders continue to support each others’ projects.

When asked about the constant discrepancies and prejudices that women face in the space, her stance is realistic but optimistic.  

“I do think there’s a lot of work to get done, but I think that’s something that we can all work together to make happen,” Mayer said. “We need to do that now, or else in 10 years when the space is larger it’ll be too late.”

The Future for Boss Beauties and holders

In terms of future utility and benefits, Boss Beauties recently released its Boss Beauties Book Club, where free books are being shipped out to holders. 

The Boss Beauties Winter Capsule, with Licensing Fees, airdropped to specific folders, is also now available.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/BossBeautiesNFT/status/1464601806076579853?ref_src=twsrc%5Etfw</p></div>

Mayer says she can’t reveal much about the upcoming Marvel partnership, but that big things are coming early 2022. 

“We’re in talks with other potential exciting partners,” Mayer said. “We are planning for 50 years into the future.”

Categories
Finance NFT

How to Properly Do Your Own Research for NFTs and Crypto

Between the mass amounts of NFTs flooding the market, and the numerous cryptocurrencies available to invest in lies a group of people who are eager to get started in the space, and perhaps benefit from their investments.

However, considering both markets are so new and still very little is known about the longevity of both NFTs and crypto, it can quickly become an overwhelming feat that many don’t feel comfortable attempting. 

For those who do try, a majority may end up losing money resulting in a tight spot that can be difficult to climb out of. That’s why it’s so important to always do your own research (DYOR). But, what is the best way to conduct proper research?

How to properly do your own research

When it comes to doing your own research, there is a lot to take into consideration to ensure you are investing your hard-earned money and time into things that will yield you the best results with the least amount of risk.

Let’s break the research down into two separate categories starting with NFTs.

How to DYOR when buying NFTs

When you DYOR on which NFT to buy, there are a few things you need to look into. However, before looking into these very important aspects, the first rule should be to find an NFT that you genuinely like. That way regardless of what happens to the value of your NFT, you aren’t upset if it drops below what you purchased it for.

Here’s what to research when attempting to buy a good NFT with long-term value. I like to refer to these as the three C’s. The creator, community, and the contract. Let me explain.

1. Creator

The first task during your NFT research should be to find out who the creator behind the brand is. Generally, a reputable NFT project will have a doxxed creator(s) and be completely transparent with their intentions of the project.

Remember, you’re investing in the person behind the NFT and their ability to execute, not necessarily the NFT itself. So it’s important to understand that the success of any NFT project ultimately depends on the creator’s ability to see it through.

I’m well aware that the common misconception is to look at a project’s roadmap to determine if the NFT will be sustainable or not, but in all reality, a roadmap is nothing more than an idea. Anyone can say what they’re planning to do, but actually executing that plan is what will make or break any NFT project.

An example of a good NFT project is VeeFreinds, a project built around meaningful intellectual property by a successful entrepreneur, businessman, and investor Gary Vaynerchuk. Knowing Gary’s history of building proper brands and businesses, combined with his ability to spot trends far in advance, you can assume Gary may be a good person to invest your money in.

If you find that you can’t figure out who the human is behind a project, then it’s best to approach the rest of your NFT research with extreme caution and thoughtfulness. Generally speaking, if a creator behind a project isn’t willing to disclose who they are, then it’s likely that the person is not confident in their ability to execute or they have bad intentions.

2. Community

After determining who the creator is behind an NFT project and if you feel good about them, next you can move on to exploring the community. When researching an NFT project’s community, make sure to cover all your bases.

Currently, platforms such as Twitter, Discord, Instagram, and YouTube can all be places you may find an NFT community hanging around. A good NFT project will usually have an overall positive outlook on the project, the team, and the future of the brand, all projected by members of the community.

You should always feel free to ask any questions you may have directly aimed at the community, this will not only help you understand the project better but will also give you a better understanding of what kind of people are involved in the community.

A solid community will be happy to answer any questions you might have or at least give you some direction on where to find the answers.

Other signs to watch for when researching any NFT project are how often they post on social media, their interactions with others, and how willing they are to help others.

If a project’s feed is only full of free giveaways demanding retweets and shares in return, then you may want to think twice about why they are doing this, and what benefits it provides for their brand in the long run. You may find that the only benefit is short-term gains and exposure

3. Contract

If you like what you see in both the creator and community, then you can begin to dig even deeper into the actual utility of the project and what value it provides you through the smart contract.

It’s fair to say that not every NFT you look into buying will have a smart contract. If you are buying a nice piece of art or a collectible item, you may simply be buying that NFT as a collectible, and that’s completely fine if that’s what you want.

However, there are many NFTs that may offer actual utility to collectors, and sometimes that utility will also come with very specific terms and conditions. If you can’t find the terms and conditions attached to the NFT itself, then you should be able to view everything included with the purchase of said NFT on the brand’s official website.

If you value everything that the NFT has to offer you as a collector and you’ve covered the three C’s extensively, then you should be all set to purchase your NFT.

How to DYOR when buying cryptocurrency

Buying and investing in Crypto is a similar process to buying good NFTs, but you’re looking for different things. Here’s how to do your own research on when buying crypto.

1. Purpose

Almost all cryptocurrencies should aim to serve a purpose. ETH, for example, exists as a reward for verifying blocks and transactions on the Ethereum blockchain. ETH is a great example of a cryptocurrency with a purpose considering that Ethereum is the most used blockchain for trading NFTs.

Another example of a cryptocurrency that serves a purpose is MANA—a token on the Ethereum blockchain that powers the virtual world of Decentrland. MANA is the native token of Decentrland, allowing users to buy and sell land and other digital assets within the Decentraland economy.

If the crypto you’re looking to invest in doesn’t aim to solve a problem or serve a purpose, then you may want to move on.

2. Whitepaper

Once you’ve determined that the crypto you’re looking at exists to serve a purpose, next you should figure out how the currency functions and how it will execute its purpose. That’s exactly what the whitepaper is for.

The whitepaper is a publicly available document that lays out the goal of the cryptocurrency and how it plans to achieve that goal. When reviewing the whitepaper, it should be made clear exactly how the crypto aims to serve its purpose.

If the whitepaper appears to be poorly written or you simply can’t understand its context, then either move on or find someone who can interpret what the whitepaper states. It’s best not to invest in anything you don’t completely understand.

3. Creator(s)

Let’s be honest, any legitimate cryptocurrency project will have members of their team listed publicly as well as any partner organizations who support the development of the project. You may not recognize every single name if any, but you should always do the research to find out who each individual is and what their background is.

A person or company’s history can tell you a lot about their reputation and what you might expect to see from such people. If you can’t find anything about the founders or if they have a poor reputation, this should be a huge red flag.

4. Sustainability

Now that you’ve taken into consideration everything a cryptocurrency has to offer and aims to achieve, you can make an educated decision on the overall sustainability of the crypto.

Ultimately, cryptocurrency worth investing in should provide some sort of value or aim to solve a problem that the creator of the currency has deemed an issue.

If you come to the conclusion that what the creators have determined to be a problem actually is an issue, and their plan of action using the cryptocurrency to solve that problem seems reasonable, then you may decide to invest some of your own money into it in hopes of a return on your investment.

One of the lowest risk investment strategies for investing in cryptocurrency is the dollar-cost averaging method. Dollar-cost averaging is a strategy that many investors have used, and continue to use, due to its low risk and a high potential for substantial gains.

DYOR best practices

Overall, when doing your own research there are some best practices that you may want to follow to minimize your risk when investing. Here are some simple points to consider:

1. Never spend more money than you can afford to lose. Investing smaller amounts over a longer period of time will decrease risk, but not necessarily your gains.

2. Patience is key when it comes to doing your own research. Even if you see the floor of an NFT project steadily rising, or a cryptocurrency blasting off, it’s always best to make sure you do thorough research before committing to anything. 

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/garyvee/status/1430322818001121280?ref_src=twsrc%5Etfw</p></div>

Gary Vee recommends at least 50 hours of research before pulling the trigger on any NFT, but this holds true for any investment you may be considering.

3. Don’t take anyone else’s word. It’s one thing if someone tells you to look into something, but to blindly invest your money into something you don’t completely understand is a huge risk. Just because someone who’s very knowledgeable in the space, or an influencer is buying into something doesn’t mean it’s a good investment.

Take everything with a grain of salt and always DYOR to come to your own conclusion. 

4. Join a community. If you can find a good community that is talking about the project, you’re more likely to come up with additional questions, seek more answers, and gain more knowledge. Any insight that you can get on a project is good, so seek out others who are talking about it as well.

5. Avoid falling victim to fear of missing out, better known as FOMO in the crypto community. FOMO can be brought on by a number of things such as hype induced by influencers and groups of people, limited quantities, and pumping floor prices.

If you see this, just be aware that these are tactics used to induce fear into the market so people buy without giving much thought to what they’re actually buying.

Final thoughts

The moral of this article is to always do your own research in order to come to your own conclusions, regardless of the circumstances. If you make sure to do your own research every time you’re considering investing in crypto and NFTs, then you’re more likely to invest in the right things, and reduce your overall risk of investing in a bad project.

So what will it be? Will you take the time to do the research? Or are you going to risk it all and blindly invest your hard-earned money? The choice is yours.

Categories
Finance NFT

What is Dollar Cost Averaging in Crypto?

Let’s say you want to invest in a cryptocurrency like ETH, but you’re unsure of when the best time to invest is. The mathematically smartest way to do this is by implementing the dollar-cost averaging investment strategy.

What is dollar-cost averaging in crypto?

Dollar-cost averaging (DCA) is an investment method in which you invest a set amount of money in smaller increments at regular intervals. This allows you to profit from crypto market downturns without putting too much cash at risk at any particular moment, allowing you to maintain more liquidity and still profit from market increases.

DCA is not a new strategy, in fact, this investment method has been used for quite some time in the stock market with great success. When using the dollar cost averaging method, you are buying in at both the highs and the lows in the market.

Ultimately, DCA averages out your investments so that over time you are putting money into your choice of crypto, without being drastically affected by extremely high or low points, as much as if you were to invest a large sum all at once.

How do you use dollar-cost averaging in crypto?

To implement the dollar-cost averaging method, simply choose a set amount of money you want to invest into your choice of crypto, over a set period of time. Then, regardless of where the market sits, you keep investing your money until you reach your set time.

It may be a good idea to create a spreadsheet to keep track of your investments as well. Once you start investing, the most important thing to do is stay committed to your goal. This can be the hardest part of the dollar-cost averaging process, but it will be worth it in the long run.

The temptation to withdraw money from your investments once you began profiting can be hard to resist, but it’s critical that you stick to your plan in order to earn the most, and minimize your risk.

Is dollar-cost averaging a good idea?

Dollar-cost averaging is a good idea because it allows you to invest smaller amounts of money over a longer period of time, eliminating the fear of losing all your money. Also, it’s easier to commit to investing a small set amount of money as opposed to large sums of money all at once.

Although investing large amounts of money all at once has the maximum gains if done at the right time, DCA has been proven to avoid major losses. DCA is also important because it eliminates the physiological barrier to investing.

As well, instead of wasting your time watching the market for dips every day, you can spend your time more wisely learning a new hobby or increasing your knowledge in other ways.

How often should you invest in dollar-cost averaging?

You should utilize the dollar-cost averaging method as often as needed to achieve your financial goals or as your wallet allows. This may equate to days, weeks, months, or even years of investment strategy.

Keep in mind that trading platforms such as Coinbase and Gemini charge a fee each time you submit a transaction. So if you are transacting often, you are going to incur more fees when using the dollar-cost averaging method. It may be wise to extend your transactions into monthly or even bi-monthly increments to avoid these fees.

If you are investing in crypto on a weekly basis and you are paying a fee every time, this will cut into your overall profit, so transacting less frequently may be the best way to optimize your DCA investment strategy.

Also, considering that DCA is generally a long-term investment strategy, your profit gained overtime should more than cover the cost of any transaction fees you may incur.

Example of dollar-cost averaging in crypto

If you are looking to utilize the dollar-cost averaging method in crypto, you can use a cryptocurrency exchange such as Coinbase or Gemini to set up recurring purchases of your choice of crypto. This allows you to effortlessly invest in crypto without having to do anything except reap the profits.

For example, a person whose dollar-cost averaged into Bitcoin by purchasing $5 weekly in 2020 would have earned $692 from a total investment of $275, yielding a 160 percent return.

Is dollar-cost averaging crypto safe?

Dollar-cost averaging cryptocurrency should be approached with extreme caution and thoughtfulness. Not all crypto will result in a good return on investment. Always do your own research (DYOR) before decding to use the DCA investment strategy for investing in crypto.

However, if you DYOR and invest in a sustainable cryptocurrency, the DCA strategy is one of the safest investment strategies known in the game.

Final thoughts

Overall, if you are interested in investing in crypto but you don’t want to risk losing all your hard-earned money, then dollar-cost averaging might be the best option for you.

Simply choose your crypto, decide how much money you want to invest, and then figure out the best increments in which you want to buy crypto and for how long. Play your cards right and you may just end up with a good hand.

Categories
NFT Tech

What is FUD?

Within the world of crypto, there are many acronyms, technical terms, and slang words. One that is exceptionally important for crypto enthusiasts to understand is FUD, which stands for Fear, Uncertainty, and Doubt.

Within the crypto and NFT space, we see FUD spread throughout various article titles, clickbait thumbnails on YouTube, Twitter, and in Discord servers filled with frustrated investors.

The Bitcoin Ban of 2021

In late December of 2021, we saw FUD at an all-time high for Bitcoin particularly. This was a result of cryptocurrency mining being banned in several countries, including but not limited to China, Egypt, Morocco, and Tunisia.

There are other situations where FUD might apply. FUD is often mentioned within the NFT space. It’s usually when the community is discussing a project or developer (dev).

These developers present a project that seems reliable, but then only after getting money from people, they seem to step back from the project with the profits and we see the project’s activity slow down.

Sometimes we see these developers take the money and shut it down completely, which is also referred to as a ‘rug’. Unfortunately, this happens more often than one would like to see, a few notable ‘rug pulls’ we saw in 2021 were Iron Finance, Snowdog, and Fiat.

FUD is similar to another acronym many are familiar with, FOMO, which means fear of missing out. Much like FOMO, FUD only affects you if you allow your emotions to dictate your decisions and behaviors.

FUD will only affect you if you let it

FUD can inevitably happen at any moment, so the responsibility lies on the investor to do their own research (DYOR) on projects to ensure that what they are getting into is trustworthy and committed to the long-term success of a project.

Remembering that the web3 space is extremely volatile can save you from devastation. Never invest anything you aren’t comfortable losing and always keep facts separated from feelings.

If you want to learn more about web3 lingo, check out this article.

Categories
NFT Tech

What is Ethereum Gas?

NFTs have become increasingly popular with each passing day. Understanding how they’re built and function is more important than ever.

OpenSea is one of the most popular NFT marketplaces, which had an increase in users and volume throughout 2021 and is continuing to do so during 2022.

The NFT space is still growing, as most people are not aware of what NFTs are, but the community is disproportionally active. Most NFTs today are created on the Ethereum blockchain, which is known for one very common and frustrating flaw, gas fees.

What are Ethereum Gas Fees?

Ethereum gas fees are the transfer fees needed to complete a transaction on the Ethereum blockchain. Every transaction has a block with data in it. Blocks can only process a limited amount of data within them, so miners have to pick which transactions they process first.

Since Ethereum is a decentralized blockchain, it relies on many servers or computers around the world to provide the necessary level of computing power to complete transactions. The cost isn’t always the same, because it depends on the supply and demand.

Miners are the people who provide the necessary computing power to the Ethereum blockchain. Also, they set the price for gas fees based on how much it costs to provide the service. The more data a contract or transaction has, the higher the gas fee it is going to be because it requires more computing power to execute.

Gas fees exist to increase the security of each transaction. While low gas fees would mean cheaper prices for the user, it would also mean less security, because it would be easier for external actors to manipulate the blockchain.

Gas fees are paid in Ethereum’s native currency, ether (ETH). Gas prices are denoted in gwei. Each gwei is equal to 0.000000001 ETH.

Why do Ethereum gas prices get so high?

Ethereum gas prices depend on the demand. The more people are using apps built on top of Ethereum, the more computation power is needed from miners to execute the contracts.

That is because the more people use it, the more data there is to be handled.  This can be a good sign for Ethereum because it means that there is a lot of interest from people, but it can also become expensive for regular users who want to complete transactions. 

The standard limit for the Ethereum transaction gas fee is 21000 gwei. For more complicated transactions such as smart contracts, the fee is going to be higher.

If you want your transaction to be completed by the miners faster, you can increase the gas. The amount of gas that is not used will be returned to you by the Ethereum network.

If you set it too low, however, there is a risk of your transaction being declined and losing your ETH. Users can also set a maximum limit on the amount of gas fee they are willing to pay for, and can also tip the miners.

How do ETH gas fees compare to BTC gas fees?

Both Ethereum and Bitcoin are built on the blockchain. Since blocks in the blockchain can only hold a specific amount of data, miners choose which block they are going to process based on their incentives and priority. 

Bitcoin fees can also increase due to the congestion on its network. If there is a shortage of miners or increased activity, the fees will go up. This has happened in the past for both Ethereum and Bitcoin. There have been different solutions proposed. 

Bitcoin’s Lightning Network is one example. Lighting Network is a Layer 2 protocol that aims to increase the number of transactions that Bitcoin can handle so that its’ fees will be lower. 

Ethereum gas fees also depend on the volume the network is handling, but since the Ethereum blockchain is built as a platform for multiple use cases, the data that needs to be processed is diverse and large.

Etherum plans on overcoming this problem through ETH 2.0, a major upgrade in the way Ethereum works.

Where can I check Ethereum gas fees?

Since the world of crypto is very dynamic, it is natural that you need to stay updated all the time and look at different data. There are several ways you can check gas fees and compare different data that help you make the best decision on when to complete a transaction.

Some of the ways you can do this are by utilizing various websites and apps extensions such as:

  1. Etherscan – A block explorer that lets you monitor transactions on the blockchain.
  2. Blocknative – Google Chrome extension that estimates gas fees for ETH.
  3. ETH Gas Station – Website that monitors key gas fee data.
How will ETH 2.0 affect gas fees?

The Ethereum community, headed by the Ethereum Foundation, is actively looking for ways to improve the technology, including the gas fees aspect. The way through which this is expected to happen is by upgrading Ethereum to Ethereum 2.0. 

ETH 2.0 means that among other changes, Ethereum will switch from a Proof Of Work model to Proof Of Stake. This means that the responsibility of validating a transaction will go from miners with a lot of computing power to people who have staked at least 32 ETH.

The network will randomly select people who have this amount staked to validate transactions. This will make Ethereum more energy-efficient, as it is predicted that it will use 99% less energy than it does today, but also cause a drop in gas fees, due to a higher number of participants in the validation process.

Ethereum 2.0 is a process that is split into multiple phases and is being implemented gradually, with previous accomplishments such as the “London Upgrade” already in place.

Vitalik Buterin, the creator of Ethereum and head of the Ethereum Foundation, has stated that 2022 is the year when Ethereum switches to a Proof Of Stake model.

Although Ethereum gas prices can be frustrating, and cause a high barrier of entry for many getting started in the NFT space, the future looks hopeful.

Categories
NFT Tech

What is Fees.WTF?

Are you tired of Ethereum gas fees? Well, now you are going to be rewarded for all your spending.

Fees.WTF is a tool used for showing the lifetime spend on Ethereum blockchain transactions, and now they’re airdropping $WTF tokens to anyone who has spent a minimum of 0.05 ETH on gas fees.

Here is an important update from the Fees.WTF team: “Before we launched, we always mentioned that we’d be adding liquidity shortly after launch being that zero tokens were circulating.
We also didn’t say the amount because we didn’t want bots to front-run our liquidity and take it all.

So what happened? To my understanding, it was a battle of bots vs bots. Immediately on launch, there was only a tiny bit of liquidity and there were ape bots that were chucking in 100’s of eth into a pool with an eth or two in liquidity.

They also had high slippage and ended up being sandwiched by the other bots which essentially drained all their eth. It was a case of high slippage, low liquidity, and the chance to get in big on a big launch.

This is why before launch I was saying to be careful and tread lightly. The core contracts are all fine, this was a war on Uniswap. I hope none of you were affected by it. Everything is still on schedule. We are adding liquidity and getting it beefed up. You can stake and the rewards open up in about 22.5 hours.”

How to claim your $WTF tokens

In order to claim your $WTF tokens, you must first meet the requirements. All Ethereum addresses that spent a minimum of 0.05 ETH in gas fees by block 13916450 are eligible to receive the airdrop.

You can claim your tokens today (January 13th) at 7 PM ET on Fees.WTF.

It’s important to note that users must pay a service charge of 0.01 ETH, to claim the airdrop to compensate referrers and the development team for their efforts on the project. This service charge is paid directly to the team and referrer and is not used to provide any benefit to airdrop claimants.

Also, if you contributed to the Fees.WTF donation, then you will be rewarded with an additional allocation of tokens. This is true for all donations up until block 13943000, including those that donated before the airdrop was conceived in May 2019.

Why is there an airdrop?

The reason for the airdrop is to encourage people to use the Fees.WTF platform, and more specifically, the Pro Dashboard they are rolling out very soon.

Moreover, the airdrop is a way to provide value to those of us who are victims of the outrageously high Ethereum gas fees that we’ve been experiencing.

What is included in the airdrop?

If you are eligible to receive the Fees.WTF airdrop, this is what you will gain access to upon claiming:

  • $WTF tokens
  • Official Fees.WTF 1 of 1 NFT
  • Upcoming pro version of Fees.WTF as long as you hold a WTF NFT
  • WTF rewards
  • LP and WTF staking
  • Upgradable referral link that pays you in ETH
What is the Fees.WTF NFT?

Each Fee.WTF NFT contains SVG data that can be updated to reflect the current USD value of the gas you spent up until the snapshot, at no cost to you. Most importantly, holding your NFT will allow you access to the upcoming Pro Dashboard at Fees.WTF. 

The Pro Dashboard will contain stats, charts, and valuable insights regarding how and where you were ripped off by fees. Furthermore, you will gain access to date-based reports, smart contract breakdowns, a choice of fiat/meme currencies, ranking and leaderboards, and other features which are on the way.

What can you do with $WTF?

Once you claim your $WTF tokens, there are several things you can do with your tokens including:

  1. The staking rewards pool will unlock after launch. This includes a single asset staking pool for your $WTF tokens and an LP token staking pool.
  2. Holders will receive rewards in the proportion to the fee incurred on all $WTF transfers.
  3. You have to option to burn your $WTF to mint a Pro Pass.
  4. You are able to burn your  $WTH to upgrade your referral link.
What are staking rewards pools?

There are two staking reward pools that provide benefits to users who stake their $WTF tokens or, LP (liquidity pool) tokens gained by staking $WTF and ETH in the Uniswap V2 liquidity pool.

When the staking pools are active, the staking page at Fees.wtf will display the rate at which tokens are awarded, which fluctuates over time and is proportional to the total amount of $WTF staked.

To offer stakers benefits, the two staking reward pools ($WTF and LP tokens) are seeded with $WTF at launch. At the start, the $WTF rewards pool will get 20 million $WTF, while the LP staking rewards pool will receive 40 million $WTF.

A percentage of the transfer costs spent on $WTF transfers are used to boost the rewards. In particular, 10% of the transfer fee is added to the $WTF rewards bucket, and 30% is added to the LP rewards bucket.

Rewards are accrued by stakers over time, with the staking rewards contract disbursing 50% of the remaining $WTF balance of each rewards pool each month. 

Staking and unstaking $WTF incurs a 5% deposit and 5% withdrawal fee. These $WTF are immediately disbursed to existing $WTF stakers. There is no deposit/withdrawal fee for the LP token staking rewards pool.

How to get your referral link

To claim your referral link, simply go to the site, connect your wallet, and copy your personalized link. Your referral link has no expiration date and may be updated by burning $WTF.

Your referral link receives 10% of the service fees. You can burn your $WTF to upgrade the reward proportion. This in turn incentivizes token burning, ultimately decreasing the total supply of $WTF.

Here is a breakdown of the burn proportion upgrades:

  1. Burn 10 $WTF to upgrade from 10% to 20%
  2. Burn 100 $WTF to upgrade from 20% to 30% 
  3. Burn 1,000 $WTF to upgrade from 30% to 40% 
  4. Burn 10,000 $WTF to upgrade from 40% to 50%
<div class =”code”><p class = “twitter-tweet”>https://twitter.com/feeswtf/status/1479432988458819586?ref_src=twsrc%5Etfw</p></div>

Note that the NFTs are only available to those who are eligible to claim. Otherwise, you will need to burn 50 $WTF to mint a Pro Pass or purchase an NFT on a secondary market in order to gain access to the Pro Dashboard.

Fees.WTF Treasury and Governance

The treasury will be seeded with 40 million $WTF to start and will be refilled over time by a percentage of the internal $WTF transfer costs incurred on token transfers.

The treasury will be frozen upon launch while a DAO is formed. Once unlocked and owned by the DAO, the DAO can consider what the treasury money will be used for.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/feeswtf/status/1481146592854175744?ref_src=twsrc%5Etfw</p></div>

What if your ineligible to claim your $WTF?

If you are not eligible to claim the $WTF token airdrop and NFT, that doesn’t mean that you can’t participate in the project. You can still utilize your personal referral link to earn ETH.

Final thoughts

If you’re someone who has spent at least 0.05 ETH on gas fees and you want to be rewarded for all your spending, then the Fees.WTF airdrop is a great opportunity to repay yourself.

Out of all the airdrops that have occurred recently, I believe that this airdrop provides the most value, to the largest number of people. Not only do you receive $WTF tokens, but you also receive your own 1 of 1 NFT which gives you access to the Fees.WTF Pro Dashboard.

Categories
NFT Sports

The Past Week in Crypto (Jan. 12th): Klay Thompson’s BTC Salary and More

Welcome to the latest edition of “The Past Week in Crypto“, a weekly recap of companies, institutions, organizations, and individuals who are beginning to adopt crypto as a payment/work platform. With the crypto industry becoming more and more dynamic, this weekly report is meant to help you stay in the loop. The last few days saw crypto becoming more mainstream, implemented by some of the world’s most prominent organizations across different industries.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/decentraland/status/1479262881518600196?ref_src=twsrc%5Etfw</p></div>
1. Samsung enters the metaverse through collaboration with Decentraland

South Korean electronics company Samsung has officially entered the metaverse. This was announced by Decentraland, the metaverse platform where the store will be created. Officially called “873X Store”, the store will be open for a limited time and feature performances and experiences from different artists available for the visitors. With Samsung planning to create more similar stores in the future and its plans to support NFTs through its TV products, it seems that one of the largest electronics companies in the world is betting on metaverse being a beneficial technology for them. 

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/KlayThompson/status/1480620041309589505?ref_src=twsrc%5Etfw</p></div>
2. Klay Thompson and Andre Iguodala will take a part of their salary in Bitcoin

Klay Thompson and Andre Iguodala join the growing list of athletes who will take a part of their salary in Bitcoin. Klay Thompson announced on Twitter that he and Andre Iguodala will be receiving a part of their salary in Bitcoin. They will also be giving out $1 million in Bitcoin through their collaboration with Cash App. The growing list of athletes across all sports who are accepting Bitcoin as payment is a sign of belief in the idea of crypto, and it is likely that we will see more athletes doing the same.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/SteveMoser/status/1479574342329638913?ref_src=twsrc%5Etfw</p></div>
3. PayPal exploring the creation of its own stablecoin

PayPal, one of the largest internet-based financial companies in the world, is exploring the creation of its own stablecoin. This was discussed by individuals on Twitter and then later confirmed by PayPal officials. While details are still unknown, it is now clear that the company is actively looking for ways to implement its own coin, expanding its interests in the cryptocurrency space after they announced features such as the ability to buy and sell crypto.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/MeekMill/status/1480282096191123458?ref_src=twsrc%5Etfw</p></div>
4. Meek Mill asks fans to create Ethereum addresses in order to listen to his new album

Meek Mill is officially hyping up crypto. The Philly rapper asked his fans to open Ethereum addresses in order to be able to listen to his music, suggesting that he may mint the album on the blockchain. He appeared to be particularly happy about this choice, as he stated “Now I can really rap.” Music is an area that many crypto enthusiasts believe will be disrupted by crypto innovation. It remains to be seen what Meek Mill will do exactly. 

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/kerooke/status/1480749001402163205?ref_src=twsrc%5Etfw</p></div>
5. Cash App integrates Lightning Network

Cash App, one of the most popular money-transfer apps in the US has integrated Lightning Network. The integration of the Layer 2 solution was not announced by the company itself, but users of the app published screenshots of the message they received in the app itself, which let users know that Cash App now supports the Lightning Network. This will improve the speed with which BTC transfers are sent 

Categories
NFT Tech

What is LooksRare and How to Claim Your $LOOKS Tokens

Opensea has been the top-dog NFT marketplace for buying, selling, and creating digital assets since NFTs really took off in early 2021. Although there are other NFT marketplaces, most haven’t even come close to the trading volume experienced on Opensea in 2021.

That’s not to say that there aren’t other NFT marketplaces that aren’t trying to take a cut of Opensea’s profits though. In fact, LooksRare is one of these marketplaces.

What is LooksRare?

LooksRare is a community-first NFT marketplace that actively rewards all users of the platform. Whether you’re a creator, collector, or trader, you are eligible to earn LOOKS tokens. Ultimately, the aim of the LooksRare platform is to give back to users and creators of the platform.

As well, LooksRare’s smart contracts are built within a modular framework that allows new features to be implemented over time. This is all done without compromising security thanks to standardized signatures that transparently define the plan of execution.

What this means is that LooksRare can offer users new features at any point in time. Here are some of the features that they plan to implement soon:

  1. Collection offer allows users to make an offer that covers all NFTs in a selected collection.
  2. Trait offer lets you buy any NFT with a specific trait in a collection.
  3. Multi-cancellation enables users to cancel multiple open orders in a single transaction (saving you gas fees).

The team at LooksRare has designed the technical framework (contracts, database, API, front end, and search function) from the ground up to optimize scalability, speed, and security. Furthermore, LooksRare has also made sure to preserve compatibility for deploying on ETH scaling solutions in the future.

LooksRare platform fees

LooksRare collects a sales fee of 2% (in WETH) on all NFT sales except for private sales. All WETH collected from the sales fees are then combined at the end of each 6,500 Ethereum block period (approximately 24 hours) and then dispensed to LOOKS stakers per block over the next 6,500 block span.

You can claim your WETH rewards as often as you want, however, be aware that you will need to pay gas fees every time you claim your rewards.

If you forget to claim your WETH or you would rather wait until gas fees are lower before claiming, that’s fine. As long as your LOOKS tokens remain staked your WETH will continue to accumulate even if you don’t claim every day.

Active and Passive staking

The primary distinction between active and passive staking is that LOOKS in passive staking do not earn extra LOOKS when staked.

The rewards for each day are calculated at the end of each previous period and then split between active and passive stakers before being dispursed. Passive stakers do not earn additional LOOKS while staked. However, Active stakers LOOKS tokens are fully unlocked.

The majority of stakers are active stakers, whose staked LOOKS tokens are completely unlocked.

Passive stakers are holders of LOOKS tokens that are locked for trade but unlocked for staking, such as Team, Treasury, and Strategic sale tokens.

For each 6,500 block period, the amount of WETH rewards to be distributed in each block to active stakers is calculated by the total WETH collected as fees in the prior 6500 block period, divided by 6,500.

The overall number of WETH rewards obtained is calculated by comparing each user’s staked LOOKS at each block to the total amount of LOOKS staked at each block over the course of the 6,500 block period.

For an example, check out the LooksRare docs.

What are trading rewards?

LooksRare allows you to trade qualifying NFTs and earn LOOKS simply by trading NFTs. Trading incentives are an important aspect of LooksRare’s token economy as they aim to become the world’s most liquid marketplace for NFTs.

Users who trade NFTs from qualified collections get trading incentives in the form of LOOKS tokens, the platform’s currency. For their trade volume, both the buyer and seller of an item gain incentives (except for private sales).

Trading rewards are computed daily and distributed to users two hours after the day’s finish. The whole schedule of trade reward emissions will be over 4,686,250 Ethereum blocks (or about 721 days at a rate of 6,500 blocks per day), after which all LOOKS token releases will cease as the ecosystem becomes completely self-sufficient. 

Please visit the LooksRare website to learn more about how many LOOKS tokens are allocated for trading rewards.

Trading rewards are determined every day based on each user’s trading volume in eligible collections as a proportion of overall platform transaction volume in qualifying collections. 

Every day at 2:00 a.m. (UTC), trading rewards are available to claim. Each day, between 0:00 AM and 2:00 AM (UTC), claiming is paused for two hours while trade rewards are processed. Every day at 2:00 a.m. (UTC), you may collect your prizes on the Rewards page.

The only collections that are eligible for trading rewards are any collection that reaches at least 1,000 ETH trading volume and will be automatically added to the list of collections eligible for the trading rewards. Once a collection reaches 1,000 ETH in trading volume, rewards will begin to be processed from sales completed after 0:00 AM (UTC) the next day.

LOOKS staking rewards

Staking LOOKS means you earn extra LOOKS on top of the WETH trading fee incentives. Staked LOOKS tokens are automatically compounded for users who simply want to leave their LOOKS tokens staked.

Users are asked to manually stake pending rewards in order to maximize their portion of staked tokens. This, however, wastes both gas and opportunity costs. As a result, LooksRare has enabled auto-compounding for all LOOKS users. 

This implies that LOOKS rewards received from the staked LOOKS balance are immediately re-staked (or compounded) into the pool to raise the number of LOOKS staked. Once users unstake their LOOKS tokens, both the compounded rewards and the initial staked amount are withdrawn to the user’s wallet.

What is the LOOKS airdrop?

The LOOKS token airdrop is an attempt to take some of the attention away from the most popular NFT marketplace, Opensea. If you’ve traded 3 ETH or more on Opensea between June 16, 2021, to December 16, 2021, then you’re eligible to claim the LOOKS token airdrop.

The LOOKS token is LookRare’s native currency. You can choose to either stake your LOOKS token or swap them for a different cryptocurrency of your choice.

Keep in mind that all of the trading fees are earned by LOOKS token stakers, so the more people who transact on LooksRare, the more WETH that can be earned.

How to Claim your LOOKS tokens

Claiming you LOOKS tokens is super simple. Follow these steps to claim your LOOKS token airdrop:

  1. Go to LooksRare.org
  2. Connect your web3 wallet 
  3. Select the Check Now button in the banner at the top of the homepage to see if you’re eligible to claim your LOOKS tokens (you will have to sign for this)
  4. If you’re eligible, list an NFT for sale on LooksRare marketplace
  5. Choose the Claim Tokens button in the banner and confirm the transaction 
  6. Go stake your LOOKS on the Rewards page to start earning trading fees or swap your LOOKS tokens for another form of cryptocurrency

It’s literally that easy. Although claiming your LOOKS tokens is considered safe, always be sure to disconnect your wallet from the site once you are done. To do this, click on your wallet avatar in the upper right corner, scroll down, and choose Disconnect.

Final thoughts

Opensea has been the leading NFT marketplace since NFTs bein to grow popular in early 2020. However, some users of the NFT marketplace are not satisfied with their services or what they offer users.

That’s why LooksRare has created its own community-based NFT marketplace that actually gives back to the users and creators who choose to use its platform.

If you’re looking to explore a new marketplace and want to earn rewards for doing so, then LooksRare may be worth giving a shot. At the very least, you may want to list an NFT for sale solely to claim the LOOKS tokens if you’re eligible.

Categories
NFT Tech

Airdrop Beginner’s Guide: What’s an Airdrop and How Does it Work?

If you are at all active in the NFT or web3 space, then you’ve likely heard of people receiving airdrops. One of the most well-known airdrops is the OpenDAO’s $SOS token drop that was dropped to everyone who has interacted with Opensea, on December 13th, 2021.

Airdrops can take a myriad of different forms, but what exactly is an airdrop?

What is an airdrop?

An airdrop is a distribution of cryptocurrency, tokens, or NFTs that are sent to a web3 wallet address for free as a promotion, or as added value for participating in an experience or purchasing a digital asset. Airdrops are generally used to add additional value or to draw attention to a brand or experience.

Airdrops are most commonly implemented as a promotional strategy that is used to draw attention to an NFT project or other blockchain-based community such as a DAO, or a newly created cryptocurrency.

Keep in mind that there are numerous types of airdrops when it comes to web3. Let’s go over the different types of airdrops that are commonly seen in the web3 space today.

1. Standard airdrop

A standard airdrop is when a certain amount of cryptocurrency is sent to you in return for completing a simple task such as sharing a social media post, joining a whitelist, or providing your email address to sign up for a newsletter or other email services.

Standard airdrops do not require you to spend anything in order to receive the airdrop, it is simply a task that you complete and in return, you’re rewarded with the airdrop. The cryptocurrency is usually a newer and unknown currency and may not be as valuable as some of the well-known cryptocurrencies like Bitcoin and Ethereum.

Think of a standard airdrop similarly to a real-life coupon. For example, say a new restaurant opens up in your town and for the first week they offer free appetizers if you choose to try out the restaurant. The restaurant is providing their customers with added value in the form of a free appetizer, while at the same time they’re drawing in more attention and customers. It’s a win-win!

2. Exclusive airdrop

Exclusive airdrops are distributed to loyal holders or users of a cryptocurrency or blockchain-based community. An exclusive airdrop is essentially a reward for being a loyal user and is generally dispersed with no strings attached other than being loyal.

I compare exclusive airdrops to being a member at a grocery store and receiving gas rewards for shopping at the store. You are rewarded for your continued support, and the grocery store gains a loyal customer and provides additional value through the gas rewards.

3. NFT airdrop

An NFT airdrop can be initiated for several reasons. You may receive an NFT airdrop for holding a certain NFT in your wallet, promoting a brand in some way, participating in a giveaway, or even as a gift which is more a marketing strategy rather than a gift.

Just to be fair, NFT airdrops can be extremely valuable. A good example of a valuable NFT airdrop is the Bored Ape Mutant Serum. Holders of Bored Ape Yacht Club NFTs were airdropped variations of what’s known as the Mutant Serum NFT. 

Although these Mutant Serums were airdropped for free to holders, it didn’t take long for them to begin selling for over 3 ETH (thousands of dollars) on secondary NFT marketplaces. In fact, on January 2, 2022, a Mega Mutant Serum sold for 1,542.069 ETH ($5,907,542.97).

That being said, not all NFT airdrops are valuable. Some may be completely worthless, and some may even be scams. If you ever receive a random NFT in your wallet without your knowledge from an unknown source, you should be extremely cautious in how you handle the asset and try to avoid selling it or trading it in any way.

4. Hardfork airdrop

A hardfork airdrop occurs when there is a permanent split or new version of a blockchain that is released, hence creating the need for a new token to go with it.

Generally, the old version of the previous blockchain will still exist along with your old tokens, but the new tokens will also be airdropped to you in an equal amount to what you currently hold in the old token.

How to get an airdrop

To receive an airdrop, you generally have to hold a minimum quantity of a certain asset such as an NFT or have used a particular service that qualifies you to receive an airdrop such as transacting on a marketplace. Furthermore, you will need a web3 wallet to receive your airdropped asset.

Although, airdrops can also be received for completing a simple task for someone or a brand. Such tasks could be something as simple as sharing a social media post, creating a piece of content, or assisting in spreading awareness.

Why are airdrops important?

Airdrops are an important part of the web3 community because they act as a promotional tool for brands, allow for brands to continue to provide additional value and utility to their holders, and enable blockchains to start new without sacrificing the trust and relationship of their users.

Ultimately, airdrops allow individuals and brands to foster new relationships, strengthen current ones, and highlight their products and services in an easy and inexpensive way compared to traditional marketing methods.

Are airdrops safe?

In general, airdrops are considered to be a safe and effective way to market your brand and build community. However, that’s not to say that airdrops don’t come with some risks. There’s an extreme amount of scams in the web3 space, and any airdrop should be approached with caution and thoughtfulness every step of the way.

Many airdrop scams consist of an offering that may be hard to resist. These scams will ask you to enter your secret phrase or sign for the transaction using your web3 wallet in order to receive your airdrop, which can lead to your wallet being compromised along with everything inside of it.

If you are ever offered an airdrop, it is crucial that you do your own research and verify that the airdrop is authentic and not a scam. Here are some common signs that an airdrop may be a scam:

  • Requesting that you pay a small amount to receive your airdrop
  • Requesting any private information such as secret phrases and passwords
  • Offering to help you via sharing your screen
  • A new or lookalike NFT or crypto airdrop that’s unverified
  • Links that direct you to a phishing site that makes you sign using your wallet
  • If it’s too good to be true, then it’s likely a scam

If you find yourself in a position where you are questioning the legitimacy of an airdrop, then make sure to take your time to do the proper research and use resources such as Twitter to ask the community about the authenticity of the airdrop.

If an airdrop is legit, then it’s highly likely that you’re not the only one who knows about it, so asking the community is one of the best things you can do.

Final thoughts

Airdrops have many benefits when it comes to the web3 space such as marketing, building a community, and providing additional value and support to loyal users and holders of digital assets. However, not all airdrops are great or beneficial, and some may even be harmful if you don’t do your due diligence and research the airdrop.

Overall, airdrops can be an excellent way to earn some additional income, utility, and assets without having to do much in return. But beware, if it’s too good to be true, then it probably is.