What is Airdrop?
Many novice investors hope to ride the wave of the cryptocurrency market and earn some income for themselves. However, the high entry barrier and abundance of specialized terminology 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 market is actually a low-cost and easy way to start investing in the industry.
Airdrop is a marketing strategy adopted by new cryptocurrency startups or projects to promote their projects or new tokens. Users can receive free new tokens on the platform by completing simple tasks such as following social media accounts and sharing posts.
In simple terms, as long as users have contributed to the project in the early stages, they have the opportunity to receive native tokens when the project goes live. Of course, the more interaction they have, the more tokens they can potentially receive.
For users, if these free airdropped tokens increase in value, it can be considered as a “cost-free investment.” Even if the airdropped tokens do not appreciate, there is no loss incurred (assuming the project is not a scam), making it a popular method among investors.
But how do you go about it?
1. Set up a cryptocurrency wallet
The first step to participating in airdrops is to have a Web3 wallet compatible with the blockchain where the project is located. Two of the most popular airdrop wallets are MetaMask and Trust.
2. Research and meet airdrop requirements
Cryptocurrency projects will announce airdrop-related task requirements on their official websites or community platforms such as X and Discord groups. These tasks may include following X accounts, staking a specific amount of Ether on the blockchain, or reaching a certain number of posts in a Discord group. Essentially, users need to actively engage with the project to increase their chances of receiving airdrops.
3. Claim the airdropped tokens
Projects usually schedule specific time frames for airdrops. Some projects directly airdrop the 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 to avoid scams.
4. Manage the airdropped tokens
After receiving the 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 future roadmap. It is best to carefully evaluate the project’s credibility, potential, and market value before making any decisions.
Additionally, many projects require the airdrop account to be an “active account,” meaning it is beneficial to have a history of activities on the blockchain, including transactions and staking, to increase the chances of successfully receiving airdrops.
How to find airdrop projects?
However, there are numerous airdrop projects, and many scams are mixed among them. How can you find the most valuable and promising projects to research within a limited time?
Firstly, the first rule when entering the cryptocurrency market, and the most important principle, is not to blindly follow information from social media platforms, but to “DYOR (Do Your Own Research)” and conduct thorough research on your own. Therefore, it is important to find reliable tools and platforms.
Tool 1: Airdrop aggregator websites
AirDropAlert, launched in 2017, consolidates ongoing airdrops and provides filtering tools to focus on interesting airdrop projects such as DeFi and NFT.
Airdrops.io is a free cryptocurrency airdrop aggregator that lists the latest airdrop activities. The platform provides detailed guides on how to claim airdrops for each project (e.g., some airdrops are exclusively reserved for holders of certain tokens).
Tool 2: Community platforms
X is one of the most popular social media platforms in the cryptocurrency market, where many cryptocurrency influencers and startups regularly release airdrop information.
Discord is also an essential application for the cryptocurrency community. There are many community channels on Discord where users can follow the latest project information. If there are any questions about airdrops, other users in the community will quickly 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 the homepage, there are potential airdrop summaries and new project summaries that users can regularly check for updates.
Blockchain tracking platforms like Rootdata can also be used to find new projects on the blockchain. The “Trend” list on the platform shows projects with high financing activity, and these projects usually have airdrops. By searching these keywords on X, users can find relevant discussions and tweets, which is a good way to discover airdrop projects.
Although airdrops can be considered the lowest-cost and least painful method of obtaining cryptocurrencies, there are still many scammers and fraudulent projects mixed in.
For example, during the search, fake project Twitter accounts, official websites, phishing websites, and more may appear. Clicking on these links can potentially lead to the loss of assets in the wallet. There are also many airdrop projects that are scams from the beginning, requiring users to deposit tokens or high transaction fees (Gas Fees) before they can claim the airdrops.
Therefore, even for investments that do not involve buying or selling tokens, it is important to approach any link with caution and vigilance to avoid scams and truly enjoy the benefits of airdrops in the cryptocurrency market.
How to claim airdrops?
Let’s take the 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 features such as 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 announcement states that airdrops will be given to users who test the game, but there is currently no detailed explanation of the specific airdrop rules on the official website or the social media platform X.
However, based on official Twitter messages, it is possible that “daily check-ins” and “wallet linking” might be tasks required to claim the airdrop in the future.
On April 29, 2024, the official announcement mentioned that after an update, the highest level for cats in the game will be increased to level 450, indicating that many early players have reached the maximum level.
Therefore, if players want to claim the airdrop for this project, they can do the following at this stage:
1. Create a personal TON blockchain wallet (or a wallet specific to the project if it is on a different blockchain).
2. Link the wallet to the game.
3. Follow the project’s community platforms (including X and Telegram).
4. Complete daily tasks in the game as much as possible.
5. Aim to reach a high game level.
6. Consider making in-game purchases (it is not necessary to make paid actions if the specific tasks are not clear).
In simple terms, the more interaction users have with the game and the community, the higher the chances of receiving future airdrops. Of course, if feasible, managing multiple accounts simultaneously can also increase the number of airdropped tokens received.
This article does not constitute investment advice, and investors should seek independent advice before making any investment decisions.
