Are you interested in acquiring free tokens through airdrops? If so, you’ll want to keep an eye on upcoming crypto projects that are likely to conduct airdrops this year. But how exactly can you participate in these airdrops? In this article, we’ll provide you with a step-by-step guide on how to get token airdrops, as well as a list of potential crypto projects that potentially conduct airdrops this year.
Article Summary
- 🎠 A crypto airdrop is a marketing tool from a crypto project that gives away crypto assets for free to its users. However, airdrop tokens also have the potential to provide significant benefits to crypto investors.
- 🔎 In looking for crypto airdrops, investors can utilize social media platforms and specialized websites that show crypto airdrop calendars, such as airdrops.io, airdropalert, CoinMarketCap, and DappRadar.
- ⚠️ Crypto projects are more alert to bots farming for airdrops. The requirements for getting an airdrop is becoming more complex and require capital commitments to provide real value.
- 🚨 Crypto airdrops still have risks, such as pump and dump, data and private key theft, and phishing.
What is a Crypto Airdrop and How Does it Work?
A crypto airdrop is the free distribution of a certain amount of crypto assets to multiple wallet addresses that are active on a particular network. The airdrop method has been around for years in the crypto world and has grown in popularity as the crypto industry has become more regulated. Crypto airdrops are usually given out for free but this is starting to change as you need to make a capital commitment.
For example, an airdrop of 150 million ApeCoin (APE) tokens was distributed to Bored Ape Yacht Clubs (BAYC) NFT owners on March 18, 2022. In the Airdrop, BAYC owners could claim up to 10,950 APE tokens.
Crypto projects and their developers are becoming more cautious about airdrop distribution. Therefore, crypto projects now ensure that the users who get airdrops are those who show real interest in the project and become loyal users. This goes back to the purpose of crypto airdrops to accelerate the growth of a project by having an active community in the early stages of development.
Fun fact, crypto airdrop refers to physical airdrops using aircraft. Airdrops using aircraft entail the delivery of resources (such as weapons, food, or medicine) that physically drop out of the sky.
The way airdrops work is basically very simple but in practice quite complex. You will be a user of a new crypto project. Then, if the development team considers you active and contributing to the growth of the project, you will get rewards in the form of crypto assets. This reciprocal process is the basic principle of why airdrops exist.
Self-custody is one way to ensure that your crypto assets remain safe. Find out more in the following article.
How To Get Crypto Airdrop
As discussed earlier, anyone can get a crypto airdrop. However, there are a few things you must have and do first to qualify as a crypto airdrop recipient.
First, have a crypto wallet. This is the most critical element because the crypto earned through the airdrop will be sent to the crypto wallet address. You can use popular and trustworthy crypto wallets such as MetaMask, Oasis, or TrustWallet.
Second, store a certain amount of crypto tokens. Specific cryptos in your wallet will allow you to participate in airdrop holders. Some of the significant tokens, such as BTC or ETH, are those you should keep in your crypto wallet.
Third, look for crypto airdrop programs. There are various sources you can use to find crypto airdrops. Social media platforms such as Twitter and Discord are sources for information and discussions about crypto airdrops. In addition, you can use specialized websites that have crypto airdrop calendars. On the CoinMarketCap, airdrops.io, airdropalert, and DappRadar websites, you can get a schedule of ongoing and upcoming crypto airdrops.
Fourth, learn about the crypto projects that are giving out airdrops. Once you’ve found a crypto airdrop campaign, do some in-depth research. Learn about the project, the technology offered, and the people behind it. This is because many airdrop programs end up being scams.
Fifth, follow the crypto airdrop rules. If the research results are okay and nothing suspicious, follow all the crypto airdrop requirements, such as registering, having specific crypto in your wallet, and completing tasks related to the crypto airdrop program.
Besides crypto airdrop, you can also earn additional profits through staking. Learn how to do it in the following article.
Requirements For Crypto Airdrop
As a result, the development team has gotten better at packaging airdrop requirements. The method on how to get a free crypto airdrop is now quite complex and doesn’t just require a single transaction. This is because there are more and more bots created specifically for obtaining airdrops, which makes the network statistics of new projects no longer accurate. Airdrop bots like Lootbox can perform basic airdrop tasks in just one click.
So, the development team is now developing various anti-sybil ways to prevent bots from getting airdrops. For example, if you make multiple transactions in just one day or one week, the network will consider you a bot. Also, if you create a new wallet address and the airdrop happens next month, the project will also consider you a bot. Large projects that conduct airdrops also specify minimum transaction values and long activity periods to prevent bots and fake users.
New crypto projects are now integrating various community-building platforms to ensure that users who want to get airdrops must play an active role. You need to log into the Discord forum and complete various tasks/quests on platforms such as Galxe and Zealy as these are the basic requirements for getting airdrops. Also, new projects that airdrop now make real-value transactions an important airdrop requirement.
Here are examples of the Arbitrum crypto airdrop conditions that enforce the point system:
- Transferring assets to Arbitrum One
- Making transactions within 2, 6, and 9 months
- Make more than four trades to more than four smart contracts. The point reward for this condition doubles up to 100 trades to 100 smart contracts.
- The value of transactions made exceeds $10,000 dollars and multiplies up to $250,000 dollars.
- Moving assets to Arbitrum one over $10,000 to $250,000 dollars.
Crypto Airdrop Risks
The promising profit potential and high interest in crypto airdrops have led some irresponsible parties to try to exploit them. A common scam is a crypto airdrop that aims to pump and dump a token. Other scams include data or private key theft.
Usually, scammers will direct investors to connect their wallets to get crypto airdrops. Unfortunately, the destination page is a phishing website. Later, fraudsters will ask potential victims to enter essential data and private keys on the page. If given, the scammers will gain access to the victim’s crypto wallet and use it as they wish.
Remember, when sending a crypto airdrop, the public key is requested, not the private key. Therefore, never give out your private key or connect your wallet to an untrustworthy website. Don’t forget to research every project and the people or team behind it.
Conclusion
Hunting crypto airdrops can be an exciting alternative for those seeking additional profit opportunities. However, airdrop hunting is more challenging than turning your palm. Certain crypto airdrops require you to commit to various tasks and may even require capital investment.
On the other hand, the risk of phishing, scams, and pump & dump attempts also looms over crypto airdrops. Therefore, it is essential to research, and caution is required to ensure that the crypto airdrop hunting process is as profitable as expected.
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Reference
Joel Agbo, Top 11 Upcoming Crypto Airdrops to Look Out for in 2023, Coin Gecko, accessed on 20 March 2023.
Jake Frankenfield, Cryptocurrency Airdrop: What Is It and How Does It Work, Investopedia, accessed on 20 March 2023.
Christiaan Vos, What is a crypto airdrop, and how does it work? Coin Telegraph, accessed on 20 March 2023.
DappRadar, What are Crypto Airdrops & How to Get Them, accessed on 20 March 2023.