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Crypto airdrops vs giveaways: What’s the difference & how to find the most profitable ones?

2023-08-17 02:46:01

In the dynamic world of cryptocurrencies, opportunities to earn some extra income and snag free crypto rewards are ever present, and who could resist such a tempting offer? If you found yourself a bit disoriented amid the multitude of crypto airdrop, bounty and giveaway announcements, don’t be discouraged. The prospect of gaining freebies might appear straightforward, yet navigating through different types of token distributions can easily become overwhelming, especially if you’re unfamiliar with the array of options available. Fear not, this article will guide you through various ways to earn free crypto while equipping you with the knowledge necessary to steer clear of potential scams. 

What is an airdrop? 

Historically the term “airdrops” referred to military operations delivering goods and supplies from the air. Thankfully, when it comes to crypto assets, there won’t be any unexpected items falling on your head. However the analogy is as clear as it gets: in the realm of cryptocurrencies, an airdrop involves blockchain projects distributing small amounts of token rewards directly into recipients’ wallets. 

What is the point of a crypto airdrop? 

From a user’s standpoint, the benefit of crypto airdrops is crystal clear: generating extra income without requiring an investment. On the flip side of the coin, for organizations, providing users with token rewards allows new blockchain projects to promote their upcoming launches and raise awareness. Airdrops often form a critical part of a broader marketing strategy, aimed at generating initial excitement around a soon-to-be launched token. By sending rewards in the form of free crypto, the project team can effectively cultivate a community before the actual token launch and incentivize early token adoption. The more people interested in a particular project, the more valuable it will become and drive the value of its corresponding token. 

Whether users would instantly sell those tokens during the ICO or hold on to them would remain a mystery, but they undeniably help the issuer gain visibility and capture the attention of a significant number of crypto wallet holders. 

How do crypto airdrops work? 

Frequently, airdrop projects require participants to undertake specific activities before they can claim their free assets. These activities or tasks could involve actions like joining Telegram groups, referring to friends, engaging on social media or becoming a platform user. Essentially, users help boost the awareness of an upcoming launch by acquiring, advertising or enrolling in a project, and in return, they receive free crypto as a reward.

Once the list of airdrop recipients is compiled, the distribution takes place using smart contracts. To receive crypto airdrops, users will need to hold a compatible wallet that supports the blockchain network designated by the project. Claimed assets are automatically distributed to participants’ wallets. If you expect to receive free crypto airdrops instantly, be aware that there might be cases where users receive their free airdrops at a later date rather than immediately after they’ve completed the online tasks. 

Types of crypto airdrops

The most seasoned airdrop hunters bolster their portfolios using these lucrative opportunities and generate passive income. Gaining familiarity with distinct types of crypto airdrops can elevate your expertise to their level, enabling you to adeptly navigate through diverse projects and locate the ones that align with your strategies. 

Standard Airdrop 

No tasks are required other than creating an account. These are usually time-sensitive and the limited supply of tokens are distributed on a first come first serve basis. This type of airdrops are known for their simplicity, but they are not so easy to claim considering that there is no mechanism to prevent a malicious user from creating multiple accounts and finishing up the reserves. 

Bounty Airdrop

Bounty airdrops typically require users to complete specific assignments. As mentioned earlier, these tasks generally revolve around heightening a project’s awareness and creating word of mouth. 

Holder Airdrop 

As the name suggests, holder airdrops give back to users who are holding a designated amount of coins during the promotion. They essentially reward users’ loyalty by giving back free crypto to long-term users. 

Exclusive Airdrop

Don’t worry if you don’t have a hefty wallet. Exclusive airdrops delivers instant free crypto rewards to individuals who are active community members or engage the most with platform’ social channels. In a sense, platforms return the favor to users who have spent time to support a project or the platform itself for a long period of time. 

You’re ready, now what? How to find the best crypto airdrops 

Now that you’re ready to explore some sweet crypto rewards, let’s see where and how you can hunt airdrops.

Dedicated crypto airdrop tracking websites

With so many airdrops happening simultaneously, no wonder there are platforms keeping track of all the announcements. These websites provide a list of existing and upcoming airdrops with guidance on how to take part in them. Some widely used websites include Airdrop Alert and 

Official project websites & social channels

Projects use social media to announce their upcoming airdrops. By following their official social channels such as Twitter, Telegram, Discord you can ensure that you stay updated and avoid the FOMO. You can also conduct your own own social media search, for instance by using the #ethairdrop hashtag on Twitter. However, it’s important to exercise caution and apply common sense when filtering the results to avoid falling victim to scams. 

Crypto forums and newsletters

Following reputable cryptocurrency forums and subscribing to newsletters are a common and easy way to discover upcoming free crypto airdrops. 

Top crypto airdrops of 2023

Projects at the token presale stage are providing numerous opportunities for users seeking to earn free crypto rewards, and currently, there are several such opportunities available. Wall Street Memes, AiDoge, Deelance and Ecoterra are all projects that are complementing their upcoming token launches with lucrative airdrop campaigns. 

Mint your Phemex Soul Pass to earn free airdrops instantly

If you’ve spent enough time going through newsletters and social channels to find some legitimate profit opportunities– no need to search any further. One of the top 5 crypto exchanges, Phemex has launched its soulbound token called Phemex Soul Pass (PSP) that grants exclusive access to the new Phemex Web 3.0 ecosystem. Users who mint their PSP will immediately participate in the xPT pre-mining event, and have the chance to claim free token airdrops. The xPT rewards earned throughout the event will be converted to Phemex Tokens (PT) at a 1:1 ratio in Q3 of 2023, coinciding with the platform's native token launch. PSP holders also enjoy lower trading fees on Phemex and earn free token airdrops with every trade. 

What is a giveaway? How is it different from crypto airdrops? 

Airdrops and giveaways both involve the distribution of free crypto rewards, making it easy to confuse the two terms. However, they are not quite the same, and understanding their differences can be valuable when seeking your next crypto reward. 

  • Generally, giveaways don’t require specific preconditions like airdrops do, and their recipients are chosen randomly through processes such as raffles or lucky draws. The winner isn’t expected to engage in certain tasks and generally the outcome relies on luck. 
  • Airdrops are always orchestrated by an organization, whereas giveaways can be hosted by individuals like influencers or KoLs. 
  • In airdrops, the token values are evenly divided among recipient wallet owners, while giveaways might involve randomly distributing the amount. 
  • Airdrops often have longer durations than giveaways, serving as part of a broader marketing strategy during token launches. Giveaways, on the other hand, generally occur over a shorter period after being announced. 

Ready for the giveaway for the year? Phemex is giving away 100 ETH

Some giveaways are just more lucrative than others. Phemex is currently hosting a huge raffle and giving away 100 ETH. 10 lucky winners will each receive 10 ETH through on-chain raffle under full transparency powered by ChainLink. There is absolutely no catch, all PSP holders enter the giveaway automatically for a chance to win ETH rewards until August 31st. 

Crypto giveaway scams: Be safe out there! 

Before you go out and explore crypto airdrops and giveaways, ensure you steer clear of scams and phishing attempts

  • Bad actors can craft counterfeit websites that resemble genuine projects and solicit your private key in exchange for purported free tokens. 
  • You may encounter fake tokens sent to your wallet, aiming to make you interact with their smart contract and reveal confidential information. 
  • Fake giveaway accounts on Twitter sometimes have a verified check mark, with bots replying to their tweets about how they received free crypto through the platform.

As a general rule, always conduct thorough research to verify the legitimacy of the projects. If a platform asks you to send crypto to participate in a giveaway, think twice and don’t rush into making a decision, even if they create a sense of urgency to make you feel like you are missing out on a tremendous opportunity. 

Crypto airdrops and giveaways present a convenient and potentially profitable means to earn free tokens and generate extra income, provided you know where you’re looking into. If you want to take advantage of the most lucrative opportunities out there presented by a trustworthy and transparent platform, make sure to check xPT pre-mining and 100 ETH Giveaway on Phemex. 

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