update 4 September 2021

Airdrops in the Crypto Space: Everything You Need To Know

In the corporate world, there is nothing like “free money.” Whenever you pull such a stand, there is always something attached to it. Even if you might not be able to see it at the moment, it will eventually materialize and take you hostage. 

However, in the cryptocurrency world, “free money,” usually referred to as “Airdrops,” is quite common, and they come with no strings attached. For you to be eligible for an airdrop, however, there are certain requirements that you must meet before the token or coins distribution to your wallet. 

Therefore, the airdrop is basically an award that you get by the mere fact that you are using cryptocurrency. Some of these requirements include:

Hold Certain Token or Coins

Among other airdropping mechanisms, some projects will airdrop tokens or coins to users if they are sure that they already have certain coins. They will, therefore, conduct their investigation and verify that the user is eligible for airdropping. For instance, OmiseGo airdropped OMG tokens recently to users who had at least 0.1 ETH in their wallets.

This is an indication that the free-coins will only come to the people who promote the brand. Therefore, if you don’t use certain tokens, you should not be there waiting to receive or profit from their airdropping process.

Signing Up To Their Platform

Treating new customers with courtesy is a basic need for every business. The way you treat first-time customers will tell whether they will come back to your store or not. When it comes to the crypto space, the same expectations are quite in that order. 

Different crypto projects use airdropping as a way of welcoming new subscribers on board. When you sign up, the project gives you a few tokens as a way of getting you started. The tokens also serve as a way of expressing their gratitude due to your signup.

Subscribing To Newsletter

Subscription to newsletter and the crypto platform might look similar, but they are slightly different. However, you can be eligible for free token/coins when you choose to subscribe to their newsletter

Share on Social Media

Today almost everyone uses social media platforms in one way or the other. Using these platforms could bring you the break you need to sow higher in the crypto space. Sharing or posting on social media something about your crypto indicates that you are marketing for it. 

Therefore, when such posts meet the team’s eyes, you might be the lucky airdrop winner of the day. You can also get some by joining the telegram channel and other platforms too.

However, the above requirements are not the only limitations that give you access to airdrops. Other forms are likely to bring you good news. It is, therefore, essential for you to stay vigilant and maintain your use of cryptocurrency. There might be a possibility that you are almost becoming lucky to get the reward in your wallet. 

Planned Airdrops

Whenever you hear of a planned airdrop, it means the airdrop will occur at a particular date and time, and it is announced beforehand. With such airdrops, there are certain things expected of you as the user to qualify. 

For instance, it could be announced that a user whose certain amount of tokens within a particular period will win a certain amount of tokens, etc. therefore, users will start to engage more to participate in the challenge.

Surprise Airdrops

This type of airdrop is not announced in advance, and a snapshot of the blockchain is taken. The project launches the airdrop with a “hold certain coin/token” intending to use the collected Snapchat. The surprise airdrop mostly focuses on profiting users who the project finds eligible. However, for formalities and ensuring all users’ inclusivity, they keep it formal by announcing the dates.

Significance of Airdrop in the Crypto space

Although many peeps in the fintech industry haven’t grasped the significance of airdrops, the crypto projects in question usually end up benefiting in the end. Why wouldn’t they? Come to think of it, why would a platform give tokens away instead of selling them for a profit? There must be hidden perquisites that come with an airdrops campaign. 

For instance: 

Helps Aid Decentralization

Creating a higher security level for both a network and its users is a top priority in the crypto space. By introducing hundreds of account holders to the PoS validators, possibility makes the network more robust. By distributing a sizable chunk of tokens through airdrop to Ethereum users, currencies create an opportunity to expand their market.

Increase Marketing Efforts

During Initial Coin Offering (ICOs), companies work as hard to ensure that they get a better share of investors. An easy way to do this, especially for new brands, is to give out tokens to random investors. This will encourage more users to invest hence increase the investment rate significantly. 

Additionally, airdrops have higher chances of breaking through the market compared to traditional advertisements. Therefore, using this marketing strategy gives the company assurance of more profit returns within a short period.

Increases Customer Trust

For users to trust a particular company to manage their investment, it takes more than a bigger brand. Investors want to be sure that your company is worth their investment and will grow them to another level within a particular season. With airdrops, users get to know how various currency tokens operate from time to time. 

When you get the tokens for free, and you can trace their progress, it encourages you to consider buying more to build your profit margins. In return, your trust in that particular currency will improve, and you will not have trouble investing much more.

Verdict

Airdrops are found everywhere within the crypto space. However, it would be best to make appropriate decisions regarding crypto airdrops to avoid partnering with the wrong team. Additionally, whenever you are unsure of a particular airdrop procedure, seek inquiry from the blockchains website to avoid getting in the mix up of a failing brand.

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