Cryptocurrency airdrops, in essence, are a marketing strategy adopted by blockchain projects, whereby “free” cryptocurrency tokens are sent directly to users’ wallets. This approach, located at the intersection of blockchain innovation and guerrilla marketing, aims to amplify awareness about a new platform or product, and stimulate widespread adoption of its native token.
Many may wonder, why do projects give away tokens at no cost? The answer lies in the underlying strategy. One of the key determinants of a cryptocurrency’s value is its user base. By offering these tokens, projects can entice users to adopt their tokens, thereby accelerating the growth of their ecosystem. Winston Robson, co-founder and CEO of the Metaverse marketplace WeMeta, summed up the essence of this strategy by noting that it is an “exciting way to launch a network” targeting potential early adopters.
However, the term “free” in airdrops often comes with caveats. Depending on the nature and requirements of the airdrop, participants may need to disclose personal details or prove ownership of certain tokens to be eligible. This serves a dual purpose: to verify genuine interest in the project and to ensure that the tokens reach the intended audience.
