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Cryptocurrency airdrops are a promotional incentive method to promote new tokens prior to their launch. Promote token awareness and sell for adoption. Auroracoin AUR was the first cryptocurrency to adopt airdrops in 2014. Unfortunately, its price turned bearish and the project was abandoned. This does not mean airdrops are a bad marketing strategy or a failure.
An airdrop in the blockchain ecosystem is the distribution or allocation of free digital assets to the general public.This kind of free gift is another form of marketing strategy It is mainly used for newly launched projects and other existing projects to induce holders and investors to promote and expand the circulation of the token.
To be eligible for airdrops, one or a combination of the following conditions must be met: first, Recipients need to perform specific tasks, such as following you on Twitter, retweeting your project’s pinned tweet on your page, mentioning 3 or more friends, or liking your pinned tweet there is. Some even request that positive comments be removed.
Second, the recipient is hold a minimum amount of assets Or another asset in your wallet to qualify for the airdrop. An example is the ApeNFT airdrop on Binance in March 2022.
A standard airdrop is a general airdrop where the project shares a percentage of all existing wallets and native tokens within the community. Promotional tasks may be required to qualify for these types of airdrops, but not in all cases.
Bounty airdrops are similar to standard airdrops. Still, to be eligible for the bounty airdrop, potential recipients must participate in promotional activities, such as sharing social media posts, as described above. Or sign up for the newsletter, as in the case of the ONT airdrop.
This kind of airdrop has to do with hodling (formal term: holding) a specific token in a wallet at a specific time. This includes a project to create a snapshot of the community her members’ crypto wallets at a specific date and time. The amount of token airdrops is usually based on what each wallet holds. An example is his recent 9th Her ApeNFT airdrop conducted on Binance. Only TRX, BTTC, BTTOLD, JST and WIN holders were eligible.
This airdrop is for VIP only. These airdrops are exclusive to long-term users or community members with a specific project or community history. An example of these airdrops is his Uniswap-UNI-token airdrop in September 2020. Uniswap distributed a total of 2,500 of her UNI tokens to loyal users.
A hard fork is a complete change in the network protocol that invalidates previously valid transactions and vice versa. This hard fork splits the chain resulting in a separate blockchain rooted in the original blockchain.
Since new coins are formed when a crypto hard forks, all investors holding the original crypto before the hard fork will automatically receive the same amount of new crypto in their wallets. An example is the Bitcoin hard fork that occurred in 2017. All holders of BTC automatically received the same amount of Bitcoin Cash BCH. BCH is a new coin in a new blockchain evolved from the Bitcoin blockchain.
Most of the time when an airdrop is mentioned some people think it is limited to cryptocurrencies only. This is wrong. It may be a little different, but NFTs have airdrops.
NFT airdrops may be done in such a way that wallets holding specific NFTs are rewarded with native tokens of the creator’s platform.
NFT airdrops may also provide owners with additional NFTs to increase the market value of previous collectibles or stand alone as separate collectibles. An example is Bored Ape’s NFT. bakeAll Ape carriers were airdropped with mutant sera in August 2021.
All Bored Monkey owners have airdropped 1 of the 3 serums. Any one of these serums will transform the monkey into a mutant ape, making the mutant ape a completely different NFT of her. Each serum holder has two options. Sell serum as collectibles or infuse Ape into Mutant Ape.
Since airdrops are primarily used as a promotional tool, legit NFTs or crypto airdrops do not require capital investment or ask for seed phrases to qualify. However, the actual cost of gas will be charged. NFT airdrops can be tampered with and used as fraudulent tools, so please do DYOR (Do Your Own Research) before participating in airdrops.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Technical writer with a passion for blockchain and all things decentralized world.
