Cryptocurrency airdrops have emerged as one of the favorite marketing tactics for new blockchain projects, helping onboard users with the prospect of free tokens.
Airdrops are when crypto projects send free tokens to users’ wallet addresses in return for performing a specific task. These tasks can vary, such as joining the official Telegram group, following a Twitter profile, retweeting their tweets, filling out forms, or registering on the project’s website. But invariably, they take only a couple of minutes at the most to complete, making the rewards for doing so extremely worthwhile.
Some projects won’t require users to do anything – they’ll send their tokens to anyone who holds a different digital asset in what’s known as a “holder’s airdrop”.
The purpose of airdrops is to create awareness of a new project, and participating in them can be quite lucrative. In recent months, a kind of crypto subculture has emerged known as “airdrop hunters”, and some individuals and groups have been incredibly successful at profiting from these regular giveaways.
Arbitrum’s super airdrop hunters
A good example of this recently is the Arbitrum airdrop campaign, which remains an ongoing initiative. Recently, it was revealed that a pair of airdrop hunters were able to consolidate ARB tokens worth a stunning $3.3 million from 1,496 individual wallet addresses. They were deposited into just two wallets, analysis from Lookonchain shows.
One of the wallets received 1.4 million ARB (worth around $2 million) from 866 different addresses before sending those to a liquidity pool on the decentralized exchange Uniswap, where they can earn interest. The second wallet received 933,375 ARB (around $1.38 million) from 630 addresses but has yet to cash them out or put them to use.
Lookonchain describes whoever owns the two wallets as “super airdrop hunters”, but there has been speculation online that they could also be team members of the project or even hackers. However, on-chain data shows that the tokens were all originally distributed as part of the legitimate airdrop campaign, prompting others on Twitter to describe them as “airdrop gods”, though it’s likely that whoever is behind those addresses used a lot of resources to earn those tokens.
In any case, the “super airdrop hunters” success is almost certainly because Arbitrum itself is a very promising crypto project, building a layer-2 scaling solution for Ethereum that relies on optimistic roll-up technology.
More opportunities are coming
The good news is that super airdrop hunters have more opportunities to scoop up yet more free tokens as several promising projects gear up for their campaigns.
One of the most eagerly anticipated airdrops, which has already been confirmed, is that of MetaMask, the popular browser extension wallet valued at over $7 billion. While we’re still awaiting an official launch date for the MetaMask airdrop, there’s no doubt that it will be one of the most lucrative ever, and we already know how to participate.
To get free MetaMask tokens, users must bridge funds using the MetaMask Bridge, make token swaps using the MetaMask wallet, or sign up to Infura, a new decentralized infrastructure network collaborating with MetaMask.
Metatime, a new Layer-1 blockchain infrastructure project based in Turkey, has also announced an airdrop that will receive 200 million MetaCoins (MTC) from followers between now and January 1, 2023.
Metatime is an ambitious project building a full ecosystem of blockchain tools, including a wallet, decentralized exchange, NFT marketplace, metaverse, funding platform, and more. The MetaAirtime airdrop campaign launched on March 3 and will see 10 million MTC dished out to followers each month, based on how many MTAp points they earn. To earn MTAp points, users must sign up for a Metatime account and perform a few tasks, such as promoting the event on social media, creating videos for YouTube, retweeting on Twitter, etc. In addition to the monthly rewards, another 100 million MTC will be distributed to all participants at the end of the campaign.
One last airdrop that’s launching soon and seems to have a lot of potentials is Celestia, which raised $56 million in funding to build a modular blockchain network to support the next generation of Web3 applications.
Celestia’s airdrop has already been confirmed, and though it hasn’t started yet, it’s extremely simple to participate. Simply create a Celestia Wallet and join the project’s community on Discord to become eligible for free tokens.
It pays to get into the early
No matter which airdrop campaign you decide to participate in, it’s clearly going to involve a lot of work to earn the kinds of rewards enjoyed by the super airdrop hunters in Arbitrum’s campaign.
But remember, earning free crypto tokens is only a part of the reward, for you’ll also benefit from early access to some of the most promising crypto initiatives. By joining in the fun, you could be one of the earliest backers of the next Bitcoin or Ethereum, holding free tokens of a cryptocurrency that accelerates all the way to the moon!