Airdropping is an activity startup companies do to promote their blockchain-based projects. It’s one of the most effective ways to attract investors and spread awareness of their upcoming virtual currency. If you’re curious about how airdrops work and their advantages, here’s everything you need to know:
How Crypto Airdrops Work
Different companies can explore many ways to execute a crypto airdrop but they usually follow these steps:
- Announcement of their blockchain-based project and airdrop details.
- Interested parties sign up or complete the requirements to be eligible.
- The virtual currencies are distributed to partners or various public platforms.
- Eligible users claim their airdropped tokens.
- The developers proceed with following their roadmap.
Some of the best distribution partners are top Bitcoin casinos and exchanges so the recipient already has ways to use the token right away. Common eligibility requirements include being a user of a specific wallet or having an account at a selected platform. Everything else is arbitrary because some startup companies try to be creative to attract attention.
Different types of Crypto Airdrops
Airdrops can take any form depending on the company’s goals, but some common strategies are frequently used. Here are some of them and how they work:
- Standard: Participants only need to sign up with their wallet address and subscribe to newsletters or follow the crypto project’s dedicated social media account(s). They’ll receive their airdrops after or at a later date once the requirements are met.
- Bounty: In this model, participants are encouraged to help the project reach more audiences by sharing on social media or performing marketing campaigns. Sometimes, referring the project to a friend also works. The airdrop is the reward for all the effort. If the crypto is tied to Bitcoin casinos, bounties can be making a deposit or using a promo code.
- Holder: For some airdrops, you just need to be a holder of a specific currency. This is usually the case for networks with hard forks and the alternate network. You can migrate to the new blockchain and convert your assets 1:1 to the new virtual currency.
- Exclusive: Companies opt for this strategy when the project is exclusive to a select audience only. Most of the time, those potential recipients are early adopters or active community members during the crypto project’s promotional stages.
How to find Crypto Airdrops on your own
Crypto airdrops serve two main purposes. The first is to promote the crypto project to a wide audience. The other is to establish a community to create a foundation for the asset’s ecosystem. Therefore, startup companies will announce these offers where they can find as many potential interested parties as possible.
Some of the most common places where you can find crypto airdrops are on social media. Follow groups dedicated to digital assets and their adoptions to raise your chances of seeing a promotion. Likewise, you may also join groups for online Bitcoin casinos because gamblers are also popular backers of crypto projects. Keep an eye out for opportunities to opt in and earn free crypto.