Atomic Blocks has a Drop Cap block. This offers more options than the drop cap toggle switch available in the standard WordPress paragraph block.
The Drop Cap block is a simple block with few options.
The toolbar
When the block is selected, you can use the toolbar above the block to set text alignment. You can also make words bold, italic or add links.
Block settings
If you select the drop cap block and then look in the post editor sidebar you see these options.

A.) Text alignment: left align makes most sense here.
B.) Drop Cap Size: size of the first letter in the drop cap block
C.) Drop Cap Style: letter, square or border. Border puts a border around the drop cap. Square puts the drop cap letter inside a colored square.
Advanced: there is also an advanced CSS option which is useful if you understand CSS.
These are examples of the drop cap block
This is an example of the drop cap block. There are three styles of drop cap, letter, square and border. This is the Letter style drop cap. The drop cap block is very much a matter of taste, use it if you like it.
This is an example of the drop cap block. There are three styles of drop cap, letter, square and border. This is the Square style drop cap. The drop cap block is very much a matter of taste, use it if you like it.
This is an example of the drop cap block. There are three styles of drop cap, letter, square and border. This is the Border style drop cap. The drop cap block is very much a matter of taste, use it if you like it.
Looking for a StudioPress theme or hosting?
Check out the two links below…
Get Premium WordPress Themes
Buy a StudioPress theme outright and use it on all of your sites. There are three ways to get all of the StudioPress themes AND save.
Get Genesis Framework & StudioPress Themes free.
When you sign up for a WP Engine plan, you receive the Genesis Framework and 36 StudioPress Themes free. That’s over $2,000 in value.
Get Genesis Framework & StudioPress Themes free.Free themes with hosting