EXPLAINER: How to Identify and Participate in Airdrops

So in this post, we would like to show you how you can benefit from the many airdrops that get distributed everyday.

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In a previous post, we got to discuss what airdrops are and their role in the crypto economy. We also mentioned that they represent a good opportunity for enthusiasts to pick up coins that can potentially rise in value exponentially.

So in this post, we would like to show you how you can benefit from the many airdrops that get distributed everyday.

The first step in the process is to identify the airdrops. This is important because your ability to pick out interesting opportunities quickly is highly correlated to your chances of success.

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SEE ALSOWhat are AirDrops and How Can You Earn Free Cryptos from them?

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Tips to Help You Identify Airdrops

You need to be curious about crypto and be ready, even excited, to go down the rabbit hole to find out the less common happenings in the crypto world.

Besides curiosity, you should be aware of some of the most prominent sites for crypto information about crypto activity.

This includes:

  • Websites like BitcoinKE
  • Twitter
  • Telegram
  • Discord
  • Crypto apps

However, crypto information can be found anywhere, that’s why its important to have a curious mind about what’s going on with different projects.

When you are interested in airdrops, you also want to be biased towards new projects, obviously.

Not to say that older projects don’t do airdrops, but new projects probably present more opportunity.

In addition to the sites to look out to for general information about crypto, here are some of the sites that are particularly used to showcase upcoming airdrops:

Here is the latest airdrop listed on Airdrop Inspector Twitter page

There are countless sites that announce airdrops, across Twitter, Websites and Telegram – these are just a few. You however want to identify a few that you trust so you have only as much information that you can handle.

When it comes to airdrops, you don’t want to overthink and waste time.

Now that you are familiar with some of the resources to help you get airdrops, you can take the next step.

Participating in an Airdrop

First of all, not all airdrops are created equal. While all are marketing activities, each comes with their specifications on eligibility.

However, the specifications typically fall within 2 themes:

  • Sometimes the drops are available to a select group
  • Sometimes they are open to anyone

In cases where the drops are available to a select group, it’s usually based on holding a certain token or having participated in an activity.

For instance, in September 2021, dYdX, a decentralized crypto derivatives exchange, airdropped its governance token, $DYDX, with participants getting up to $50, 000 worth of the token at the time. However, the lucrative drop was only open to users who had used the exchange in the last 3 years.

Recently, on Christmas Day 2022, OpenDAO began an airdrop of the $SOS token to reward NFT users on OpenSea. As such, only OpenSea users were eligible.

However, many new airdrops are purely for marketing and provide users with rewards in exchange for marketing their brand. In such cases, you want to make sure you do what they ask and have a wallet ready so that you can receive the airdrop.

In one example, TonCoin, a crypto project associated with Telegram founder, Pavel Durov, did an airdrop that finished on 13th January 2022.

Some of the Instructions from a recent TonCoin Drop

Once a user follows the instructions, then they can receive the rewards from their wallets. So you need to have a crypto wallet where the rewards can be deposited. In most cases, deposits don’t happen instantly taking some time to process many claims.

The above are some of the tips that you can take advantage of so that you do not miss out on some of the hottest airdrops out there.

You never know, you could land to the next big project in crypto.

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RECOMMENDED READING: CRYPTO TERMS EXPLAINED: Breaking Down Popular Crypto Jargon

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