How to Receive Solana NFT Airdrops and Precautions

Airdrops refer to tokens or additional NFTs provided free to NFT holders. If you hold good projects, you can receive various airdrop benefits. This guide provides a detailed look at types of airdrops, how to receive them, and important precautions.

Types of Airdrops

There are several types of airdrops available in the Solana NFT ecosystem.

The first is token airdrops. When an NFT project issues its own token, it distributes tokens free to existing holders. These tokens are used for governance voting rights, staking rewards, payment methods within the ecosystem, etc.

The second is NFT airdrops. New NFTs from a new collection are distributed free to existing NFT holders. This includes Season 2 collections or partnership project NFTs.

The third is whitelist airdrops. Minting whitelist for new projects is provided to existing NFT holders. While not a direct asset, it has value as a minting opportunity.

The fourth is physical benefits. Some projects also provide physical products, event invitations, service vouchers, and other real-world benefits.

Requirements to Receive Airdrops

Several conditions must be met to receive airdrops.

The most basic condition is holding the relevant NFT. Airdrops are usually distributed to holders at a specific point (snapshot). You must hold the NFT at the snapshot time to be eligible for the airdrop.

Check the snapshot schedule. The snapshot schedule is announced through official project channels. Even if you buy before the snapshot and sell after, you maintain airdrop eligibility.

NFTs must be stored in your wallet. Conditions may vary if listed on a marketplace or staked during snapshot. Check project announcements carefully.

Claiming may be required. Some airdrops automatically enter your wallet, but others must be claimed directly from the official site.

Claiming Airdrops

Let’s look at the process of receiving airdrops that require claiming.

Verify the claim link through official project channels. It’s announced in Discord announcements or official Twitter. Never click links from DMs or unofficial channels.

Visit the claim site and connect your wallet. When the site requests wallet connection, verify the URL is the official address again.

Click the claim button. The site verifies owned NFTs and displays claimable airdrops.

Approve the transaction. Check the transaction details in Phantom wallet. Airdrop claims usually only incur small network fees. Immediately reject if large amounts are displayed.

Once claiming completes, tokens or NFTs are deposited to your wallet.

Beware of Airdrop Scams

Unfortunately, there are many scams disguised as airdrops. Watch for these patterns.

Fake airdrop notifications are the most common scam. Unknown NFTs or tokens appear in your wallet with claim site addresses written in the metadata. Visiting this link requests wallet approval, and approving drains your assets. Never interact with unknown NFTs or tokens.

DM scams should also be avoided. DMs sending airdrop claim links on Discord or Twitter are 100% scams. Official teams never send links via DM.

Phishing sites are made to look very similar to official sites. Check URLs carefully. Even one different letter makes it a fake site.

Beware of unlimited approval requests. If claiming requests permissions for all assets in your wallet, it’s likely a scam. Normal claiming only needs permissions for specific tokens or NFTs.

Safely Receiving Airdrops

Here’s a checklist for safely receiving airdrops.

Only trust official channels. Get information only from official project Discord and Twitter.

Always verify URLs. Only access through bookmarked official sites.

Carefully check transaction details. Reject if there are amounts or permission requests different from expectations.

Ask and wait if suspicious. Ask questions in the Discord community and proceed after confirmation.

Using a separate wallet is also a method. Separating your main asset wallet from your airdrop wallet can reduce risk.

Airdrop Farming

Some investors use the strategy of holding specific NFTs for airdrop purposes. This is called airdrop farming.

Identify projects with high airdrop potential. Candidates include projects that announced token issuance, projects expanding ecosystems, and projects receiving venture investment.

Enter when floor price is low. Entering before airdrop expectations are reflected in price is advantageous.

Diversify investments. Rather than concentrating on one project, diversify across multiple potential airdrop projects.

However, airdrops are not guaranteed. NFTs purchased in expectation of airdrops may not provide the expected airdrops.

Handling Received Airdrops

If you receive an airdrop, you must decide how to handle it.

For token airdrops, you have options of holding, selling, or staking. Analyze the project’s tokenomics and prospects before deciding.

For NFT airdrops, you can hold or sell on the marketplace. Check rarity and market conditions.

There’s often a sharp decline initially. Many holders sell immediately upon receiving airdrops. If you believe there’s long-term value, waiting a bit is also a strategy.

In the next guide, we’ll learn about Solana NFT staking.