Crypto Airdrop Season: The ‘Free’ Tens of Thousands

Crypto airdrop season: The ‘free’ tens of thousands. Soul received a delightful surprise on Christmas Day when he awoke. It wasn’t a surprise gift in his Christmas stocking. But rather an unexpected alert on his phone that caught his attention. He was qualified to receive some free cryptocurrency. As a result of the launch of a new cryptocurrency.

A fraud, no more clever than an email from a fictitious Nigerian prince. Is what this appears to be. However, this was not the case. “Claim,” said Soul. A thirty-year-old recreational trader who did not provide his true name. After which he paid a transaction fee and watched as $2,000 worth of tokens. Were sent into his wallet.

An airdrop is a term used in the mystifying world of cryptocurrency. To describe this type of distribution. They aren’t as uncommon as you may imagine.

In many cases, traditional businesses raise capital by going public and selling stock. To the general public. A similar approach taken by organizations that operate on Web3. The blockchain-integrated internet. In which they establish a token that users can buy and sell on exchanges. Some of these token launches are accompanied by airdrops. Which distributed to participants.

If you have used the Web3 organization’s tool. You will receive a large number of tokens that will placed in your wallet. Consider the possibility that Adobe went public and, in order to increase awareness. Distributed 100 stocks to everyone who had used Photoshop in the previous 12 months.

Crypto Airdrop are like customer acquisition expenditures

‘Airdrops can looked of as client acquisition fees,’ according to Alex Gedevani. A research analyst at the Delphi Digital firm. Their usefulness can divided into two categories. First and foremost, they serve as marketing tools. Nothing grabs people’s attention quite like the idea of receiving free money. Second, it has become customary for blockchain applications to offer an airdrop when they issue a new token. Consequently, bettors try out new apps with the understanding that. If the app is successful, a profitable airdrop anticipated in the near future.

Since 2020, Soul has been trading as a hobby,. And he describes the experience as “extremely psyched up for Web3.” “Airdrops encourage you to dip your toes into everything,” says the author.

OpenDAO is the name of the company that is responsible for the airdrop on Christmas Day. Anyone who purchased or sold on OpenSea, the world’s largest NFT marketplace. Was eligible to get OpenDAO’s $SOS tokens. As of January 12, approximately 300,000 wallets had registered for the airdrop. (Unusually for an airdrop, OpenDAO not formally affiliated with OpenSea, which is unusual for an airdrop. The goal of OpenDAO is to provide traders with additional support. In ways that OpenSea does not (but that’s a whole other topic.)

The more the amount of money that users had spent on OpenSea. The greater the amount of airdrop that they were qualified to get. The airdrop participants would receive a Spotify Wrapped-style infographic. Including their NFT trade data from 2021 if they claimed the airdrop. Soul had spent $25,000 on NFTs via OpenSea, which put him in the top 6%.

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