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Airdrop is the distribution of free crypto tokens or coins to digital wallets of people to promote a project. It is in fact one of the most commonly used marketing strategies used by crypto companies or smaller crypto projects to quickly gain community attention.
An airdrop helps a crypto project gain attention and makes people trade the token after its initial coin offering (ICO). Users can drop a request to receive tokens in the airdrop after following instructions on the company’s social media accounts, websites, online forums, etc.
Users will receive tokens or coins in their wallets on the scheduled date of the airdrop. Sometimes, users must hold a minimum quantity of tokens in their wallets to be eligible for the airdrop. In addition, eligibility may also depend on the completion of certain tasks. It may include posting on social media channels, writing a blog post, and connecting to an influencer.
Airdrop is one of the most lucrative ways of making a profit. However, being aware of risks such as interacting with suspicious smart contracts and hacks is crucial.
Some of the most successful airdrops include an airdrop by El Salvador to promote Bitcoin adoption after the country made it a legal tender. Anyone who installed the government-built wallet received $30 worth of BTC.
Other successful cryptocurrency airdrops include Uniswap (UNI), Shiba Inu (SHIB), ApeCoin (APE), Stellar Lumens (XLM), and Bitcoin Cash (BCH).
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