Gift your NFTs | How to do giveaways on OpenSea (Ethereum)
NFT giveaway FAQ
What is an NFT giveaway?
It is the process of distributing NFTs for free. Mostly used by marketers to attract an audience, or artists, to gain recognition.
Why are NFT giveaways effective, and why you should make one?
Firstly, people like the freebie.
Secondly, if you are a new creator, you can gain recognition by gifting your assets. Few people will buy non-fungible tokens from unknown creators. The NFT value depends on many technical factors like frozen metadata, the number of copies, unlockable content, and utility. However, many people forget that the artist's reputation and the message delivered play a critical role here.
Third, so many individuals participate in NFT giveaways because they believe that the token will grow in value.
Still do not believe in NFT giveaways' effectiveness?
You can look at the most upvoted posts on NFT subreddits. The posts are primarily about giveaways or contests of some kind.
How do NFT giveaways work?
In simple words, the underlying principle behind gifting NFTs is a transfer. You probably know about football players' transfers when they go from one team to another. Another example is when you send money to your friend. The money goes from your account to your friend's account. If the bank charges you a transaction fee, blockchains have gas fees. The last ones vary wildly.
What are NFT giveaway gas fees?
It depends on the methods used. There are two methods of giving away or transferring ownership of NFT on Opensea: transfers or zero-fee private auctions. When transferring is used, the gifting party will pay gas fees, which may vary from $1-$20. Alternatively, you can use OpenSea zero-fee private auctions. As a gifter, you will not pay any gas, while the recipient will. I will describe this process below.
What is the NFT giveaway strategy?
There are different types of giveaway strategies. For example, you may ask people to upvote your posts or join Twitter or Discord. In turn, they will receive free NFTs. Then, you can monitor who joined Twitter and Discord to ensure that people follow your terms. Methods are different, but the long-term outcome should be selling your assets.
When should I do an NFT giveaway contest?
Compared to traditional giveaways, it is a much more organized and complex event. If you have valuable assets and/or a name in the NFT community, this variant will work the best.
Imagine that you want 1000 people to follow your Twitter. It will be a hell of work to gift 1000 assets, not saying about creation. Instead, you may play out ten tokens among 1000 participants by using pick random name/winner tools.
How to gift someone an NFT on OpenSea, Ethereum blockchain?
Now our giveaway toolkit is ready, let's talk about how to gift someone an NFT on OpenSea (Eth). This method includes zero-fee private auctions.
What do you need to make an NFT giveaway on OpenSea?
- Metamask Wallet with NFTs you want to give away
- OpenSea account
- The wallet address to send free NFTs
If you do not own any assets, you will have to buy or mint (create) them. Be ready to pay gas fees during purchase besides the NFT price.
Note: Lazy minting will not work here because when you lazy mint, the token is not put on the blockchain. However, to give it away, it must be on-chain.
Steps to send someone free NFTs
- Go to the item you want to send for free, and push the "Sell" button.
- Ensure that the price is 0
- Check the "Privacy" settings. By checking the settings, you ensure that only the specified address will be able to receive this gift.
- Enter the wallet address
- Double-check everything
- Enable the listing
- Confirm with Metamask
- Share the link to the giveaway listing. Remember that everyone can view it, but only the specified address can accept this gift.
Note: You can give away a whole bundle, not just an asset, by choosing the bundle option during the auction.
How does gifting NFTs on Ethereum blockchain differ from Polygon?
To avoid gas fees, we can use zero-fee auctions on OpenSea. But this is a slightly labored process, so many people tend to organize a giveaway on Polygon.
A polygon with its low gas fees makes NFT giveaways much easier compared to Ethereum. The reason is that you transfer an NFT, not sell it for zero price.
- We do not have to use private auctions in the first place.
- We do not need to share links with prospective recipients. You can just send NFTs to everyone if you have their wallet address.
- There is no need to create bundles to share multiple assets during transfers. You just select the needed tokens.
- Plus, there is no problem with copies like on Ethereum. You need to list every single copy individually. Otherwise, the buyer will have to pay for 3, 5, 10, or 1000 copies. OpenSea promises to eliminate this inconvenience, but it still exists.
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