What is a crypto token airdrop?

A crypto token airdrop involves distributing free coins to many wallet addresses, typically to draw attention to a new project. Here's how to claim one. Skip to primary navigation Skip to main content Skip to primary sidebar Skip to footer Cult Of Money Personal finance for the crypto-curious. Menu About Podcast Contact SearchSearch Cryptocurrency

Is an airdrop a scam?

If an airdrop is for a project with no particular project roadmap or goal, this is a massive red flag. Similarly, airdrops and new crypto projects can be outright scams if they pump prices and then prevent users from selling their tokens. A notable example of this was the Squid Game token scam.

How do I claim the designated airdrop?

To claim the designated airdrop, an eligible user must first successfully list any ERC-721 or ERC-1155 NFT on the LooksRare exchange. LooksRare recorded all trading volume conducted by all users of Opensea from Ethereum Block 12642194 to Block 13812868 (16th Jun 2021 to 16th Dec 2021).

How do airdrops work?

Airdrops are generally promoted on the company's website, social media, and cryptocurrency forums. Coins or tokens are sent only to specific wallets based on the blockchain network or coins held in existing wallets. To qualify for the free gift, a recipient may need to hold a minimum quantity of the crypto coins in their wallet.