An airdrop is more akin to a marketing tactic in the cryptocurrency space. This tactic entails companies offering free coins or tokens to wallet addresses in an effort to engage customers and raise awareness of their recently launched digital currency.
For instance, if your business has created a new digital currency, you may draw in more clients and win back the interest of active users by sending them free coins or tokens. Also, this can be done in exchange for a small service or favor, i.e., resharing a post or story.
More About Cryptocurrency Airdrop
An airdrop is an advertising tactic frequently used by companies that have recently joined the cryptocurrency market and want to promote their currency. The major goal is to attract attention, particularly from investors and traders, once the crypto is listed on a platform like the bitcode-prime.cloud and other crypto exchanges.
The proper approach to employing airdrop is by promoting the product on the official website and crypto-related platforms. Also, you can send free coins or tokens to only the users who have an active wallet with the storage of either Bitcoin or Ethereum.
However, you can create requirements for users to earn free coins or tokens, such as requiring them to have a particular number of cryptocurrencies in their wallets and engaging in some of the actions we previously outlined, such as sharing posts or stories about the company’s currency promotion.
This advertising can be done on social media or a platform for cryptocurrencies, where there are more individuals interested in cryptocurrencies. In this manner, your organization will have a better opportunity to advertise your new digital currency and boost widespread engagement.
Note: It’s crucial to realize that a cryptocurrency airdrop’s primary goal is to raise engagement, which is why it’s simply referred to as a crypto promotional strategy. Any organization that uses an honest airdrop strategy will never demand payment. Additionally, there is a scam called the “dusting scam” that focuses on distributing little amounts of cryptocurrency fiat exchange to unidentified receivers. Users should always be on guard for these types of scams and rule out any form of mysterious deposits.
Read: Finding The Next Cryptocurrency Investment [A Practical Guide]
What are the Advantages of Crypto Airdrop
- Businesses can use airdrop to differentiate themselves in the cutthroat cryptocurrency market.
- Companies can improve their cryptocurrency airdrop to improve engagement and marketing strategy.
- The airdrop strategy can be quite helpful in making your currency successful.
What are the Disadvantages of Crypto Airdrop
- Crypto airdrops can be used for artificially fluctuating operations.
- The pricing value can lure investors and traders into a trap.
The First-Ever Cryptocurrency Airdrop
AuroraCoin deployed the first cryptocurrency airdrop method in 2014. The first cryptocurrency to be issued in Ireland was AuroraCoin, which planned its airdrop strategy by giving 31.8 AuroraCoin to Irish citizens who successfully registered their National IDs.
NFT Airdrop
Like cryptocurrency airdrops, where active users receive free coins, NFT airdrops reward NFT holders with NFTs. The goal of this strategy is solely to boost NFT’s popularity and create a robust community.
El-Salvador Adopting Bitcoin Airdrop
The primary objective when El-Salvador legalized the usage of Bitcoin in the nation was to persuade all citizens to switch from fiat to Bitcoin. In light of this, the government decided to reward residents by putting $30 worth of Bitcoin in their wallets. The government was able to effortlessly convince all citizens to utilize Bitcoin as a legal tender by employing this tactic.
Read: Forks, Alt-Coins, Meta-Coins, And Sidechains | Detailed Guide
Steps to Become Eligible for Crypto Airdrops
Crypto airdrops, as was already mentioned, serve primarily to promote cryptocurrencies, although qualifying for one can be a little challenging. You must learn the requirements for airdrop eligibility in order to determine whether you meet them or not. However, it is not difficult to find these requirements.
Blockchain-based crypto is often hard to qualify for; however, the following are some other options you can explore to be eligible.
- Visit official airdrop websites and register there to receive instant notifications and alerts.
- Look for #airdrop on various social media sites to find out about any current instances that might have occurred.
- Continue to use various crypto-based platforms and exchanges.
- To stay informed about any impending, continue investigating exchanges and platforms relevant to cryptocurrencies.