What is Airdrop in the Cryptocurrency World?
Many novice investors hope to ride the wave of the cryptocurrency market to earn some income for themselves. However, the high entry barrier and the abundance of proprietary terms in the Web3 world, coupled with the volatility of cryptocurrencies, have made many people hesitant to get involved.
The so-called “Airdrop” in the cryptocurrency world is actually a low-cost and easy way to get started in the market and make some money.
Airdrop is a marketing strategy used by new cryptocurrency startups and projects to promote their projects or new tokens. Users can receive free tokens on the platform by completing simple tasks such as following social media accounts and sharing posts.
In simple terms, if users have contributed to a project in its early stages, they have a chance to receive native tokens when the project goes live. The more active they are in participating, the more tokens they can potentially receive.
For users, if these free airdropped tokens increase in value, it can be considered as an “investment without cost.” Even if the airdropped tokens do not increase in value, users do not suffer any losses (assuming the project is not a scam), so it is a popular method among investors.
But how exactly do you go about it?
1. Set up a Cryptocurrency Wallet
The first step to participating in airdrops is to have a Web3 wallet that is compatible with the blockchain where the project is based. Two popular airdrop wallets are MetaMask and Trust Wallet.
2. Research and Meet Airdrop Requirements
Cryptocurrency projects will announce airdrop-related tasks and requirements on their official websites or community platforms such as Discord groups. These tasks could include following certain accounts, staking a specific amount of Ether on the blockchain, or reaching a certain number of messages in a Discord group. Essentially, users need to become active participants in the airdrop project to increase their chances of receiving tokens.
3. Claim Airdropped Tokens
Projects usually schedule a specific time period for airdrops. Some projects directly airdrop tokens to users’ wallets, while others may require users to sign transactions with their personal wallets or provide their wallet addresses.
During this process, it is important to be cautious and follow the correct procedures, as well as carefully check for any potential scams.
4. Manage and Use Airdropped Tokens
Once users receive airdropped tokens, it is important to manage and use them wisely. Users can choose to hold, use, or sell the tokens based on the project’s roadmap and future potential. It is advisable to carefully evaluate the project’s credibility, future prospects, and market value before making any decisions.
In addition, many projects require “active accounts” for airdrops, which means that it is beneficial to have a track record of activity on the blockchain, including transactions and staking, to increase the chances of successfully receiving airdrops.
How to Find Airdrop Projects?
However, with numerous airdrop projects available, including many scams, how can one find the most valuable and promising projects for research within a limited time frame?
First and foremost, the golden rule when entering the cryptocurrency market, and the most important principle, is to not blindly follow information from social media platforms, but rather “DYOR (Do Your Own Research)” and conduct thorough research on one’s own. Therefore, it is crucial to find reliable tools and platforms.
Tool 1: Airdrop Aggregator Websites
AirDropAlert, launched in 2017, is a platform that compiles ongoing airdrops and allows users to filter interesting projects such as DeFi and NFT airdrops.
Airdrops.io is a free cryptocurrency airdrop aggregator that provides the latest list of airdrop activities. The platform also provides detailed guides on how to claim airdrops for each listed project (e.g., some airdrops are exclusively reserved for holders of certain tokens).
Tool 2: Community Platforms
Twitter is one of the most popular social media platforms in the cryptocurrency community, where many key opinion leaders (KOLs) and startups regularly post information about airdrops.
Discord is an essential application in the cryptocurrency community. It hosts numerous community channels where users can follow the latest project information. If users have any questions about airdrops, other users in the community are quick to provide friendly answers.
Tool 3: News Platforms
Many overseas blockchain news platforms compile information about airdrops. For example, foresightnews has a dedicated tag for airdrops in their articles. Additionally, under the “Timeline” category on their homepage, there is a compilation of potential airdrops and new projects, which can be checked periodically for updates.
Rootdata, a blockchain tracking platform, can also be used to find new projects on the blockchain. The platform’s “Trend” list shows projects with high financing activities, most of which usually have airdrops. By searching these keywords on Twitter, users can find related discussions and tweets, making it a good method for discovering airdrop projects.
Although airdrops can be considered the lowest-cost and most painless way to obtain cryptocurrencies, there are still many scammers and malicious projects mixed in.
For example, when searching, fake project Twitter accounts, official websites, and phishing websites may appear. Clicking on these links could potentially lead to the loss of assets in users’ wallets. There are also many airdrop projects that are initially scams, requiring users to invest tokens or pay high transaction fees (Gas Fees) before they can claim the airdrop.
Therefore, even for these types of investment activities that do not involve buying and selling tokens, it is important to approach them with caution and be vigilant before clicking on any links to avoid scams and truly enjoy the benefits of airdrops in the cryptocurrency market.
How to Participate in Airdrops?
Let’s take the recent popular game “Catizen” on the TON blockchain as an example.
First, visit the official website and find the project’s future roadmap. It clearly states that a token airdrop is planned for the second quarter of 2024, and NFTs and staking systems will be introduced in the third quarter. This confirms that it is a project with potential for airdrops in the future.
The official sources, such as the website and Twitter, do not provide detailed information about the airdrop rules. However, based on the official Twitter messages, tasks such as “daily check-ins” and “wallet linking” are likely to be requirements for claiming airdrops in the future.
The official announcement on April 29, 2024, mentioned that the game will increase the maximum level of cats to 450 after an update, indicating that many early players have reached the “maximum level.”
Therefore, if players want to participate in the airdrop for this project, they can take the following steps at this stage:
1. Create a personal TON blockchain wallet (or a wallet that supports the specific blockchain of the project).
2. Link the wallet to the game.
3. Follow the project’s community platforms (including Twitter and Telegram).
4. Complete daily in-game tasks as much as possible.
5. Aim to reach a higher game level.
6. Consider purchasing in-game currency (it is not necessary to make paid actions without knowing the specific tasks).
In simple terms, the key is to interact as much as possible with the game and the community to increase the chances of receiving future airdrops. If possible, managing multiple accounts simultaneously can also increase the number of airdropped tokens that can be obtained.
This article does not constitute investment advice, and investors should seek independent advice before making any investment decisions.
