You can receive airdrops for cryptocurrencies if you are an early adopter of the project. Some blockchain projects release the native tokens that they need for governance via airdrop – and their early adopters are the ones who get it first.
Crypto airdrops – what are they?
Crypto airdrops are marketing tactics in which developers of certain blockchain projects send free tokens to users before an official launch. New blockchain projects use this strategy to raise awareness before their official launch. As with crypto airdrops, startups can also use NFT airdrops to create buzz. It promotes consciousness about their token collection or cryptocurrency. If an airdrop generates a lot of publicity, it can also boost the token price.
Those who signed up for the crypto airdrop received 31.80 Auroracoins (AUR). Iceland developed the Auroracoin cryptocurrency. It was designed to be the nation’s digital currency. Although the project was abandoned, the price of AUR dropped after the airdrop.
This airdrop by Ontology (ONT), which took place in January 2018, was an easy and successful example of an airdrop. It offered 1000 ONT tokens to everyone signing up for the newsletter at the time. The tokens could have been sold on the open market for $11,000, so anyone who participated could have made a profit.
How do airdrops differ?
There are four types of cryptocurrency airdrops:
General admissions airdrops are called “general admission” airdrops. Applying is as simple as providing your crypto wallet address and completing the necessary information to receive the airdrop. To participate, you must complete the required information or complete promotional tasks and provide your crypto wallet address.
There will be a “VIP” airdrop. There is usually a large stream reserved for those who are loyal to the blockchain project and get handsome rewards.
Unlike standard airdrops, bounty airdrops require participants to do more promotional work, usually on Facebook and Twitter, to spread awareness about the project.
For a participant to receive an airdropped item, they must already have an existing cryptocurrency such as ETH or BTC.
Airdrop an NFT on OpenSea
It is the largest marketplace for digital assets and NFTs. It contains collectibles, rare items, gaming materials, and other digital assets that are stored and safeguarded by blockchain technology. To date, OpenSea doesn’t offer any official token for its platform. But they may do an airdrop to their users if they are loyal to them.
Steps to get an NFT airdrop on OpenSea
- Visit the OpenSea website.
- Make Sure your Ethereum wallet is connected to OpenSea.
- Have a regular practice of buying and selling NFT on the platform.
- There’s a high chance that OpenSea will launch its own token in the future and possibly airdrop NFT to their past users who were involved in the platform loyally.
- Also, we mention to you that there is no guarantee that OpenSea will launch their own token and provide airdrop to their users.
What are the reasons for airdrops?
In what ways do crypto and NFT airdrops work? There might be different rules and conditions for every project, but everyone is involved in using the project’s service somehow. The people supporting a project that has not yet been launched are asked to follow their social media channels, which helps to get a reach people. As part of a crypto airdrop, a governance token is given away, which allows holders to participate in developing the project’s future.
Typically, airdrops are worth between a few dollars and a few hundred dollars. Airdrops are very simple to participate in, and they can be quite profitable if they turn out to be successful.
Decentralized exchange (DEX) Unswap is the preferred Ethereum DEX. DEX launched without a native token at the time but later provided 15% of its total supply to early adopters in the form of the UNI token.
All wallets that previously used the DEX will no longer have access to UNI tokens beginning in September 2020. In addition to those who submitted failed transactions, every user is entitled to receive 400 UNI tokens. Moreover, liquidity providers are entitled to claim 49 million more UNI tokens.
Ethereum Name Service (ENS) airdrop
In addition to the ENS airdrop, the ENS airdrop has also been a success. By allowing users to create a single nickname to be used across all public addresses and decentralized websites, ENS hopes to simplify the crypto and financial space. An ENS domain like yourname.eth, which accepts all kinds of crypto and NFTs, can be used instead of storing unreadable keys for each crypto address.
Frequently Asked Questions
What is an NFT airdrop?
An NFT airdrop is also called a crypto airdrop. The motto of this concept is to attract users and create awareness about their projects. It means the project owner will send free NFTs to other crypto wallets. This usually happens before the actual project launches officially.
How to get crypto airdrops?
To be eligible for a crypto airdrop, specific conditions must be satisfied. You should regularly follow the project’s official social media channel as a user. With that activity, you would find out if you’re eligible to get it.
Can you become rich with airdrops?
At the moment of the airdrop, most of the crypto airdrop will not have decent value. So the airdrops making you rich overnight is not possible. Also, note that big project’s airdrops have produced more profit in the past. However, there is a definite chance of surging the token value significantly over time, making a profit for you.
Is it possible to get free NFT airdrops?
Users who help to create awareness of the new NFT companies or projects will have a chance to receive free NFT airdrops. OpenSea is the NFT marketplace and crypto data platform like CoinMarketCap, where you can find these airdrops more often. You can use Twitter to follow the NFT community, and hashtags like #NFTGiveaway might help you to discover free NFT airdrops.
Are crypto airdrops safe?
However, the crypto airdrops are safer; you must be aware of scammers and analyze the project before claiming any of the airdropped tokens provided by them. Scams in crypto are common, but your funds cannot be taken away from your wallet unless you confirm any transactions.
We have seen enough information to understand the airdrops and how they actually differentiated. If you are using OpenSea, this article will guide you to get an NFT airdrop from it. At last, we mentioned some faqs that will help you get the concept of airdrops clearer. If you have any doubts, use our comment section below to reach us. We will get you back with answers to your questions.