Its downward acceleration after release is 9.8 m/s².
Any motion of a body in which gravity is the sole force acting on it is referred to as free fall in Newtonian physics. A body in free fall has no force acting on it according to general relativity, where gravity is reduced to a space-time curvature.
The object is released into free fall and has a big velocity because you dropped it but its acceleration is the same.
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