Crypto airdrops are a great way to make money from the crypto space – but only if you know the right strategies. Many enthusiasts are curious about how to make money from crypto airdrops.
A 2020 study revealed that more than 8 million people entered the crypto space thanks to airdrops. That means airdrops have been an incredibly powerful tool in helping people discover and join the crypto space.
Did you know that crypto airdrops have helped over 10 million people join the crypto industry? Airdrops are a great way to get started in the world of crypto, as they offer no-cost tokens and coins.
This makes them attractive to many people who are just getting started in the crypto space. Plus, airdrops can help increase the reach of a project and its community, as well as provide rewards for those who join the project early on.
In this article, we’ll be exploring 7 amazing strategies for beginners to make money from crypto airdrops. So, if you want to learn how to make money from crypto airdrops, read on!
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What is a Crypto Airdrop?
A crypto airdrop is a marketing strategy where a blockchain project distributes free tokens or coins to the crypto community.
With an airdrop, the project is usually looking to build an initial user base and create buzz around the project.
The tokens are usually distributed to users who hold certain cryptocurrencies, such as Bitcoin or Ethereum, or who complete certain tasks, such as following the project on social media.
The tokens are usually distributed as part of a public announcement and don’t require any exchange of funds from the user.
What are the Types of Crypto Airdrops?
There are two main types of crypto airdrops: voluntary and involuntary.
- Voluntary airdrops are typically used as a marketing strategy to reward loyal customers and attract new customers. Companies will often distribute tokens to those who hold a certain amount of their existing tokens or coins, or who perform specific tasks such as signing up for a newsletter or participating in a survey.
- Involuntary airdrops occur when a new coin is created from a hard fork of an existing blockchain. This type of airdrop is typically used to distribute the new coins to holders of the original coins. This is often done to reward the holders of the original coin and to encourage the adoption of the new coin.
Are Crypto Airdrops Real?
It’s possible that the question on your mind at this point is, are crypto airdrops real? Yes, crypto airdrops are real, and they are becoming increasingly popular.
Airdrops are a type of free distribution of tokens or coins to a large number of wallet addresses. The goal of a crypto airdrop is to increase the visibility and awareness of a particular project or cryptocurrency.
People who receive the airdrops are typically required to complete simple tasks such as sharing a link, following the project’s social media accounts, or joining their Telegram group.
Crypto airdrops can be a great way for people to get free tokens and coins, and to learn more about a particular project.
Is It Easy to Make Money from Crypto Airdrops?
The answer to this question depends on a few factors. While crypto airdrops can be a great way to make money, it is important to understand the risks and rewards of participating in them. The coins can be earned by completing tasks like joining a Telegram group, following Twitter accounts, and more.
While there is potential to make money from crypto airdrops, you must also endeavour to research the project and weigh the risks before participating. As with any investment, there is the potential for both profits and losses.
Additionally, some airdrops require a certain amount of investment to qualify, so be sure to consider the amount of money one is willing to risk. It is also important to know that there is no guarantee that an airdrop will be successful, so it is important to understand the risks before participating.
How Long Do Crypto Airdrops Take?
How long it takes for a crypto airdrop to be completed can vary greatly depending on a number of factors, such as the size of the airdrop and the number of participants.
Generally speaking, crypto airdrops can take anywhere from a few days to several weeks or even months. For example, a large-scale airdrop with a large number of participants could take longer than a smaller airdrop with fewer participants.
Factors that can influence how long it takes to complete an airdrop include the size of the airdrop, the number of participants, the amount of KYC (Know Your Customer) requirements, and any other conditions imposed by the airdrop organizer.
Note that how long it takes for a crypto airdrop to be completed can also vary depending on the blockchain network it is being conducted on. Ultimately, the duration of a crypto airdrop depends on the specific project and the type of airdrop being conducted.
How to Get Crypto Airdrops
To claim crypto airdrops, you must do the following:
1. Have a private crypto wallet
To participate in any crypto airdrop, you must make sure your crypto wallet is compatible with it. For instance, claiming an Ethereum airdrop is not possible using a wallet powered by Solana, such as Phantom.
On the other hand, it is not possible to claim prizes on Solana using an Ethereum wallet like MetaMask.
2. Collect all free airdrops you can
Catch them all, please! Simple enough, yes? Wrong! There are several websites that advertise phoney, dubious, or scam airdrops. When starting to make money using airdrops, be cautious of the websites you visit. You don’t want to misplace the priceless tokens you just gathered.
3. Make money with referral airdrops
Creating referral networks is one of the best development methods for startups. If there is a reward involved, people are extremely eager to introduce their friends and family to a product they like.
4. Play games to make money
Wondering how this operates? You can start earning cryptocurrencies while playing games.
More games are giving out cryptocurrencies to attract players as dApps (decentralized applications) and blockchain apps become more popular.
Note however that not all of them offer their users their native token. Some of them even offer you the opportunity to earn Bitcoin.
One example is the Swissborg app, which lets you play a game of Bitcoin price prediction. They contributed $500,000 worth of Bitcoin to the prize pool. The more accurate you are at forecasting bitcoin prices, the more money you can make. Who knows, after playing this game, you could turn out to be a successful crypto trader.
Airdrops are a good way to make money, right?
5. Learn & earn
Many blockchain projects aim to inform and prime the world for widespread adoption. Since many community members who started fund-raising start-ups were uninformed, this practice is growing in popularity. As a consequence of a recent partnership between Coinbase and Stellar, you can now learn about XLM while making money.
6. Hunt for bonuses on exchanges
Unexpectedly, exchanges offer free money to entice users. Most exchanges make use of airdrops to promote new coin listings. Some of them spend real money to open an account.
Some offer as much as $10 when you open a new account and pay the referrer.
To take full advantage of all the bonuses and referral programs that exchanges have to offer, we advise you to create accounts on as many of them as you can.
7. Turn your coins into a hard fork
When it comes to blockchain technology, a hard fork (or hard fork) is a significant protocol change that validates previously invalid blocks and transactions (or vice-versa). All nodes or users must update to the most recent version of the protocol software in order to do this.
Bitcoin Cash is the hard fork with the most notoriety. The size of the blocks divided the Bitcoin community on August 1st, 2017. A hard fork was made, and some miners, members of the community, and business owners switched to the “faster” BCH network. Every BTC owner received 1 BCH as a result of this. Not bad for a peak BCH coin price of $4300.
There will likely be a lot of news about crypto airdrops on social media platforms. However, determining which projects are hoaxes may be difficult, particularly if they do not have a significant following. When searching for crypto airdrops on social media, it’s advisable to stay with companies that have an expansive ecosystem and a considerable following.
When you locate a crypto airdrop that you believe is secure, you must comply with the eligibility restrictions outlined by team leaders. This might be connecting with a dApp, subscribing to a newsletter, or putting your public address on the official website of a project. If you own a certain cryptocurrency or have already used a specific dApp, you may be automatically eligible for an airdrop.
Once you’ve performed the procedures outlined by a crypto project, you should notice the coin airdrop in your linked crypto wallet on the official drop date.
Many people will react differently to “farm airdrops.” This means they’ll perform the bare minimum to qualify for airdrops, sometimes opening hundreds or thousands of wallets to look as though they’re numerous persons.
How to Become Eligible for Crypto Airdrops
Since a crypto airdrop is largely intended for promotional and marketing purposes, ensuring you are eligible for future events might be difficult.
Every airdrop has unique qualifying conditions, albeit the majority of them are simple to locate. A blockchain snapshot airdrop is often provided after the fact, making qualifying difficult.
There are, however, alternative choices to consider:
- Find specialized crypto airdrop websites (you will generally get an email notice) – comparable to signing up for promotions from a company you often shop at.
- Check the #airdrop hashtag on social media to see if anything new has occurred.
- Participate in the usage of various cryptocurrency services, goods, platforms, and blockchains.
- Look for references to a recent or forthcoming airdrop in cryptocurrency-related forums and news sources.
As earlier stated, the most important condition for receiving crypto airdrops is a cryptocurrency wallet with a balance. An airdrop cannot be received or claimed without a wallet address.
How Do I Sell My Airdrop Tokens?
You’ve opted to participate in an airdrop and you’re thinking to yourself, “I want to sell my airdrops.” How exactly do you accomplish that, and when can you sell them?
Airdrops can be sold in various ways, depending on the type of airdrop. If it is a token airdrop, you can usually sell it on an exchange or other cryptocurrency platform. If it is a non-fungible token (NFT) airdrop, it may be possible to sell it on a marketplace such as OpenSea or Rarebits. Alternatively, you could list it for sale on a classified website such as Craigslist.
Since the Ethereum blockchain is where 90% of airdrops take place, this guide will be focused on that blockchain.
Step 1: Create an account on an exchange.
If the tokens you own are already listed on an exchange, sign up for an account there, move your token from your Ethereum wallet to the appropriate exchange (depending on the currency where it is listed), and then trade it for other cryptocurrencies.
However, you could run into trouble since airdropped tokens are often quite scarce and may be worth less than the exchange’s minimum transaction amount.
Step 2: Sell them on a P2P platform.
You can now sell your tokens via peer-to-peer services for actual cash, or you can move them to your exchange and withdraw the proceeds directly to your bank account.
Where to Sell Crypto Airdrops
Looking for where to sell your crypto airdrops? TransferXO is one of the most reliable cryptocurrency exchanges for selling crypto airdrops. TransferXO offers a variety of features that make it an ideal choice for selling airdrops.
With TransferXO, you can easily and safely sell your crypto airdrops for a variety of digital currencies, including Bitcoin, Ethereum, Litecoin, and more.
Additionally, you benefit from a low fee of 0.25% when you trade on the platform, with secure transactions, and fast withdrawals.
The platform also offers a variety of trading tools and resources to help you make informed trading decisions and maximize your profits.