Ever seen a war movie? A movie where soldiers are short of supplies and they had to call for help. Later the help arrives in the form of an airplane with boxes of supplies. These boxes are then dropped from the sky to strategic locations on the ground. Have you ever seen such a scene before?
Well, that’s a perfect example of what an airdrop is. The only difference in a crypto airdrop is that you’re not a soldier and you’re not fighting in a world war (Although, we are all soldiers fighting to win the war of financial freedom) but you’re given crypto coins or tokens for free (usually in exchange for carrying out some set of activities).
There have been a series of cases where people have won airdrops worth hundreds and even thousands of dollars
Crypto projects usually carry out airdrops for awareness purposes. Sending units of currency to a certain number of people in exchange for carrying out small tasks such as retweeting tweets, filling forms, liking and following their page on social media channels, etc.
Types of Airdrops
This is when users are required to just sign up for a new account before providing their wallet addresses. Tokens are then distributed to the wallets provided.
This can also be regarded as bounty airdrops. They are usually the hardest and most stressful airdrops. Participants are required to fill a series of Google forms, follow Twitter pages, Retweet posts, Join Discord and Telegram channels, watch YouTube videos, subscribe to YouTube channels, etc.
Qualified participants get free tokens as rewards for all the tasks performed.
These are special airdrops. They are usually distributed to certain categories of people. The majority of the people may not qualify for this. The worth for these kinds of airdrops are usually the highest.
This is when airdrops are distributed to the people who have stored a particular cryptocurrency in their wallets for a certain period.
Hard Fork Airdrops
Similar to the holder’s airdrops, this is when the airdrop of a new cryptocurrency is being distributed to holders on an existing coin. They only qualify as a result of holding such an existing coin.
Common Requirements to Participate in Airdrops
If you are ready to dedicate your time and attention to participating in Airdrops. Then you must have the following ready at all points in time.
- Smart device: Some airdrops are time-sensitive and only reward a certain number of people. It requires that one carries out its tasks faster than others participating in such airdrops. Not using a smart device could result in missing out.
- Social Media Accounts: This is one of the most important requirements of an airdrop. For most airdrops (especially the reward airdrops), having social media accounts is key. Popular social media accounts such as Facebook, Twitter, Reddit, Medium, YouTube, etc.
With these accounts, one would be able to follow the pages of the crypto projects and retweet or share their posts.
- Native tokens: Airdrops distributed on specific networks might require that one holds the native coin of that blockchain network. For instance, you can not participate in Algorand’s airdrop if you do not have the native ALGO because you cannot add new assets without ALGO.
- Wallet Addresses: Another thing is to have the wallet addresses of the common cryptos saved to ease the process of filling airdrop forms.
How to Recognize Real and Fake Airdrops
Some airdrops are genuine and they have benefitted past participants, however, there have been cases whereby people have lost all their savings in crypto just because they participated in the scam airdrop.
Legit airdrops are usually posted on the official website and social media channels of the developers and are usually supported or shared by other trusted verified platforms.
Another way to participate in legit airdrops is by visiting CoinMarketCap (CMC). The airdrops on this platform have been vetted by the CMC team before being posted. CMC airdrops are usually very competitive. Coinairdrop is another platform with airdrop listings.
Scam airdrops are usually linked with malicious phishing links that can provide unauthorized access to one’s wallet. Never participate in airdrops that require your privacy and security information such as your passwords, private keys, and other personal details.
Do not participate in airdrops that require that you send a certain amount of coin or token to their wallet address before you can receive your share. Although some legit airdrops might require that you have a certain amount before you qualify but would not ask you to send such tokens. Airdrops are free.
The reality about airdrops exercises is that they can be extremely demanding in time and other resources. It is a highly competitive process that can turn out to be very useful or a complete waste of time.
Considering the factors that it can be a possible scam or the fact that one has supplied personal data to some company in exchange for tokens or the fact that there is a possibility the project might not be very valuable in the present or become worthless in the future when the majority of the winners have swapped it.
To answer the question of whether airdrops are worth the stress is only a question that can be answered by oneself.