Anyone with a vested interest in the crypto industry should know about airdrop farming and how to take advantage of it. When new blockchain projects start out, they often have various tasks in place for community members to perform. This sparks interest in the new protocol and can help it get off to a good start.
People who get involved with these projects often benefit from airdrops when new tokens are released. However, you should be aware that it is like gambling, in that the release of the rewards and the amount given is usually unknown.
Airdrop Farming Similar To Online Casino Industry
The online casino sector has been one of the biggest revelations of the internet era, and aspects of it clearly inspired the airdrop process of new blockchain protocols. A prime example of the unknown nature of online casinos can be seen with a daily free spin wheel, which may or may not reward players with a prize. Some lucky players will get access to 50 free spins on selected slot games, while others may get a smaller prize or leave empty-handed. This type of bonus is popular because research has shown that people enjoy the possibility of receiving random rewards. It dates to research from B.F Skinner, who tested the concept of a variable ratio schedule and found that it had a positive effect on teaching a repeated behavior. There’s no doubt that casinos employ this concept, and airdrop initiatives play on it as well. Airdrop farmers are people in the crypto circuit who actively seek out and participate in new protocols in the hope of earning airdrop rewards.
Get Started With Airdrop Farming
The great news about airdrop farming is that anyone can do it, and it’s a legitimate way of trying to add some more value to your crypto portfolio. The best way to hear about new projects is to follow experts on Twitter and do some research about the ones that have the best potential. This will involve investigating what the new protocol aims to achieve and whether there is any information about its proposed tokenomics.
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Once you’ve found an airdrop you want to try to claim, check what the requirements are. You may need to apply for the airdrop first and then perform various on-chain tasks such as bridging to the network and interacting with smart contracts. It could also involve joining Discord groups and following instructions on there. Of course, anyone hoping to get involved with airdrop farming should be careful and watch out for scams.
Which Airdrops Have Been Successful So Far
Airdrop farming has blown up in popularity over the last few years thanks to news that many crypto enthusiasts have benefited from them. One of the biggest was the Uniswap airdrop in 2020, which rewarded the community with 400 UNI. At the time, that was worth more than $1200, and the token went on to rise significantly afterwards.
Another notable example was the Arbitrum airdrop, which happened in 2023. This rewarded users with different amounts of the ARB token depending on how many of the tasks they had managed to complete.
Airdrop farming can sometimes be a dull process and there aren’t always rewards at the end. However, as shown by Uniswap and Arbitrum, there is a chance of getting lucky and earning tokens that can be sold for handsome returns.
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- Source: https://www.fintechnews.org/what-is-airdrop-farming-and-how-can-you-benefit-from-it/
