Despite our parents asking us to turn down free stuff for the threat of strangers, I believe the longing never goes away.
Let’s face it – we all love free stuff. Now imagine if you could receive a free NFT?
Sounds too good to be true? Well, it isn’t.
CoinMarketCap, the leading Crypto news & market coverage service, allows you to do just that through their Diamonds Reward Program – receive free NFTs.
Interested in finding out more?
Read on.
What is CoinMarketCap?
CoinMarketCap is a Crypto news and market information aggregator. They also provide free tools for portfolio and asset tracking. The service is available on both their website & mobile application.
The service was founded in 2013 & acquired by Binance Capital Management in 2020.
How Can I Sign Up to CoinMarketCap?
You may register for CoinMarketCap at their official website or download the mobile application for iOS or Android.
The sign-up process is easy with no KYC-related requirements. I am, personally, a fan of the mobile application.
What are CoinMarketCap Diamonds?
To encourage readership, CoinMarketCap has initiated a daily reward system called CoinMarketCap Diamonds. To collect the diamonds, a login is required every day. The reward distribution is as follows:
- 10 Diamonds each on days 1, 2 & 3;
- 20 Diamonds each on days 4, 5 & 6;
- 50 Diamonds on day 7.
If a user were to miss logging in and collecting the diamond reward on a particular day, the process starts over afresh. In other words, there is a penalty for not logging in on a daily basis.
CoinMarketCap diamonds may also be collected through their referral program. Invite your friends to join, and you will both get 20 diamonds, as soon as they accumulate 100 diamonds.
CoinMarketCap Diamonds Can be Redeemed For?
Users can redeem Coin Market Diamonds for free NFTs from partner offerings. Many NFT projects utilize the platform to advertise themselves, given CoinMarketCap’s large user base.
This is an interesting ecosystem where:
- CoinMarketCap gets a loyal & dedicated readership using their service every day;
- Partnering NFT projects get access to this audience;
- The CoinMarketCap audience gets rewarded for their daily engagement with the service.
Which NFT projects are available for Redemption Using CoinMarketCap Diamonds?
Unlike projects that already have a popular following, Coin Market Cap attracts the lesser-known given their need for an audience. These include:
- Avatars;
- Play to earn NFT cards
- Fan token mystery boxes;
- Discount vouchers for other crypto projects designed as NFTs;
- Commemorative NFTs to celebrate developments in the blockchain space.
How Do You Redeem Rewards Using Your CoinMarketCap Diamonds?
On the Rewards page, you will find a list of all offerings – available, upcoming & sold out. Each Reward has detailed guidance on how to redeem the NFT, which is reproduced below:
CoinMarketCap Diamonds – Is it worth it?
Let’s face it, I don’t think some of the NFTs on the platform are going to make you rich. Avatars of Elon, Pepe the Frog, CZ Binance & Shiba the Dog are just part of the whole Crypto cultural movement.
No wonder the platform has had thousands of avatars available for Redemption for each of the above and set Redemption at only a few hundred Diamonds.
Every now and then, a number of low-key projects are offered for redemption. In my opinion, these are a huge plus to being on the platform.
Take the example of NFT racehorses by DERACE which allows you to compete in play to earn horse racing on the DERACE platform & earn passive income by staking.
25 NFT racehorses have been offered on the platform for redemption on two separate occasions. The price? 4,000 CoinMarketCap diamonds for each NFT.
Based on price data available at that time, each NFT is worth USD 200. That is impressive, for it implies the value of each CoinMarketCap diamond to be USD 0.05. By this calculation, the weekly reward is worth USD 7!
The aforesaid projects fit well with the next era of NFT growth being inexplicably tied to their utility within the play to earn games & metaverses.
So while CoinMarketCap has its share of avatars & commemorative NFTs that you can redeem, it is products like these that are a huge plus.
This also fits in well with my thoughts on investing in early NFTs, which I had shared earlier. Given these new NFTs, projects are closer to their Intrinsic value, there is potential for price appreciation.
Concluding Notes
The CoinMarket Cap Diamonds Reward Program is a game-changer for those looking for passive income with an NFT focus. Since the diamonds can be redeemed for NFTs, and therefore they do have value.
All a user has to do is to log in every day & keep collecting the diamonds. At the same time, one has to keep an eye out for upcoming projects that interest the user.
With the mobile application, this process takes less than 3 minutes every day.
The user may flip the free NFT for a certain price for instant cash.
Conversely, gaming NFTs could be a good starting point on a Play to Earn platform at a no-loss proposition. In any case, there is nothing to lose.
Hence, sign up now and get busy collecting. Good luck!
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