What are Crypto Airdrops and What are the Different Types?

Crypto airdrops are a way of gaining publicity for a new project. It is also the way by which the project’s tokens are made available to the public free of charge. This affords fans the opportunity to try using the tokens.

The main aim is to get the word out there for a new project that is not yet known. Projects that are new are not likely to get the kind of popularity that older projects have, so they use airdrops to catch the attention of the space. 

In return, the airdrop participants carry out a few simple tasks to support the project and help with publicity. This may include liking and sharing social media content, but may sometimes be more complicated than that. 

There are different types of airdrops depending on the requirement that must be met for participants to benefit from the airdrop. The following are the types of airdrops you should know about.

Bounty Airdrops

Bounty airdrops are airdrops you can participate in and benefit by simply carrying out a few assigned tasks. These are the most common type of airdrops and the ones that first existed before others on this list.

All you have to do is  probably like, comment, and or share the project’s social media posts and then provide your wallet where the airdrop will be sent to. This type of airdrop is also very easy to participate in and usually great for beginners in the industry.

They are used primarily to create awareness and generate interest among participants who will eventually become future users of the project. 

Holder Airdrops

These airdrops require that you hold a particular token or coin to qualify. The token you should hold could be the same as the one being airdropped or a different one. These airdrops are a way of saying thank you to the token holders and to encourage more use.

The airdrop amount may be based on how much of the token you hold, which automatically varies the amount of the token each participant can get.

Exclusive Airdrops

Exclusive airdrops as the name suggests are airdrops that are exclusive to certain people who have met a certain predetermined criteria. The airdrop  is sent to prequalified wallets that have met the conditions beforehand. 

There’s nothing you can do to qualify for such airdrops once they have been announced. If you’re qualified, you’ll get it and if not, you won’t.

An example is the airdrop conducted by decentralized trading platform Uniswap. The platform rewarded every wallet that ever interacted with the exchange with 400 UNI tokens each. It is the most rewarding crypto airdrop ever since, but there have been many others like it.

What You Need to Get Airdrops

To get crypto airdrops, there are certain things you have to get in place. The following are simple steps you can take to start participating.

Get a Crypto Wallet

If you don’t already have one, the first step in getting crypto airdrops is to get a crypto wallet. This is where your airdrops will be sent to. Ideally, it should be a multi asset wallet because most projects are built on Ethereum, so that you can receive them.

Look for Airdrops

There are several websites where crypto airdrops are published. Visit them and look for the latest and ongoing projects and see if you qualify for them. Carry out the instructions and you may be qualified to receive the airdrop.

Receive your Airdrop

Once you’ve completed your assigned tasks, just sit back and relax and wait for your airdrop reward to land in your wallet. This may be instant in some cases, but others will be paid at future dates, depending on the terms and conditions of the airdrop.

Final Thoughts

Are you interested in airdrops? This is all you need to know about them and how to get involved so you can reap the rewards as well.

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