Numerous cryptocurrency ventures and Initial Coin Offerings (ICOs) engage in the practice of distributing free tokens to their community members. This is done to enhance awareness about their initiatives, augment the circulating supply, and stimulate trade activities. Such giveaways are often termed as airdrops.
The bulk of the airdrops we highlight are known as “bounty” drops, which offer tokens in exchange for simple social media tasks like joining a Telegram group or resharing content on Twitter. This arrangement benefits both parties involved – participants earn free cryptocurrency, while the company gains increased exposure. Some airdrops, on the other hand, reward you simply for holding a specific coin, without any strings attached.
You might be wondering why cryptocurrency firms distribute free tokens through airdrops? It boils down to the principle of perceived value and trust. The more widely a coin is held, the higher the chances of its popularity, and consequently, its value, increasing. This is due to the endowment effect, which means people tend to ascribe value to things merely because they own them.
Airdrops serve as an efficient, low-cost way for a DeFi project to generate buzz around their concept, token sale, or pre-ICO. Social media campaigns aid in increasing the project’s visibility to demographics that may not have been aware of its existence. Additionally, airdrops can create a robust user base that is motivated to work collectively to achieve goals like securing community votes for exchange listings. Moreover, reliable projects can incentivize users to HODL their coins by providing free airdrop rewards, reducing the selling pressure on the coin.
Let’s have a look at the notable Crypto Airdrops in 2023:
Phemex’sxPT Pre-mining Event – The Phemexia’s secure and transparent Web 3.0 domain is open for all users as of July 6, 2023. Individuals can now form their unique Phemex Soul Pass and partake in the xPTPre-mining event to gain early access to the future Phemex Token. By minting a Phemex Soul Pass now, you will automatically participate in the xPT Pre-Mining event and receive free xPT airdrops based on your Phemex trading activity.
HexHash – HexHash, a Web3 infrastructure enterprise, aims to reform the way credential data networks currently operate. Their objective is to provide developers with the tools they require to expand cryptocurrency usage. HexHash is hosting an exclusive $100,000 promotion to distribute 1 million HEXH tokens to participants.
FunFund DAO – FunFund DAO is a meme project merging three concepts in one platform, enabling users to interact via the ecosystem’s humorous memes and comic characters. An impressive total of 100,000,000 $FUND tokens are available until July 20!
Joystream– Joystream Network is a social graph consisting of people, information, relationships, metadata, and data assets. They plan to offer $JOY to active contest participants as an airdrop. The more people participate, the higher the chances of winning future giveaways.
So, how can you keep abreast of the latest airdrops? The easiest way is to use crypto airdrop dedicated websites. Notable ones include AirdropAlert, Airdrops.io, AirdropMob, AirdropKing.io, and AirDropBob. Each offers different features, so it’s suggested to explore all of them before settling on a favorite.
While participating in crypto airdrops can be risk-free, it is important to remember that not all airdrops are legitimate and some could be scams. Conducting due diligence is crucial to ensure that you are participating in a genuine airdrop from a trustworthy project. The xPT Pre-Mining event from Phemex currently stands as the safest and most promising opportunity, as it enables you to acquire xPT with high growth potential just by trading.If you want to automate your cryptocurrency trading, ChatGPT offers an excellent platform for building your own AI-powered trading bot.