AIRDROPS: who is farming who?

Perhaps when the bull run knocks, the airdrops spike and many novices show interest, and what was originally thought of as an airdrop adventure ends up as an investment gamble.

The past six months, especially after notcoin (tap to earn game), and a few others paid their community, especially those that gathered significant XP through their activities on the platform. The narrative, however, began to change!

Airdrops: Airdrops are gifts of tokens by developers to their community, which was grown primarily by buying their loyalty in terms of activities such as check-ins, tasks, etc., and as a form of reward for efforts, they distribute tokens, which can be before or even after launch, to those deserving.

No work, no pay: airdrops are not freebies. They are oftentimes worked for but occasionally can come in as a result of a task previously done even for another token or coin. I remember receiving 100 STX tokens some years back into my blockchain wallet. Other than hold Ethereum and some altcoins, I did nothing I knew was enough to qualify me for the airdrop. The narrative has howevee changed; it seems there is now more hard work than what the end result is. Beyond the regular tasks of checking in daily and carrying out some social tasks such as on X, Reddit, Instagram, YouTube, etc., the game developers have emphasized the community on bringing on board referrals, which is fair enough for influencers or those with the connect.

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The payments: I remember an airdrop I participated in earlier this year, and a token was sent to my wallet right before the actual airdrop distribution, which was done so as to make provision for impending gas fees. However, the majority of the airdrops have begun to have tasks that require significant transactions, especially for the majority who ran to airdrops to make a fortune. A significant number of community members really do not care about the tokenomics or prospects of an airdrop token but rather are concerned with immediate gain from such airdrops.

The Telegram app is a perfect example where the majority of the acclaimed airdrops have asked participants to engage in Ton transactions, either to have a higher stake or qualify for the airdrop. Though the overall allocation of the majority can hardly put a morsel on the table for a week, those who engaged in transactions (usually inconvenient) had higher allocations. What then was thought to be free has now become a farming pool for the community. Many people have approached me to get funds for gas fees, and this is not limited to the telegram apps.

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Who then is farming who? Are we farming airdrops or are we being farmed? The risk of crypto remains being able to do away with financial commitments into projects, but monies we can afford to lose should be treated with caution. Unfortunately, the most affected remain the vulnerable and gullible, who do not have the abundance of resources to spare but, in desperation to make some extra income through perceived dreams of wealth, exhaust their hard-earned money into projects that end up paying little or not at all. The question thus remains: can one get rich through airdrops? Yes!!! But only through legit airdrops that are free and genuine, and afterwards the resources can be used for those requiring transaction fees. Unfortunately, the latter proceeds the former, and those requiring exorbitant and exploiting transaction fees remain on the rampant. The crypto space is a world of its own where one would learn the hard way if not properly guided and mentored, investing only funds that can be spared.

Airdrops should remain so and should have little or no financial obligations from the community. Without argument, there are projects that reward huge financial contributions from community members who do tasks, bridges, and even buy nonfungible tokens (NFTs), but such categories should be reserved for those who can afford and equally understand the risk. The airdrops season has since been accentuated majorly because of the bull season.

You will agree with me that many projects have had several tasks for their communities that involve financial commitment, and a recent one I encountered made it clear that only those who execute a 0.5-ton transaction would be eligible for their drop. Yet again, the question is, are we being farmed?

It's the bull season, and just as there are abundant opportunities, many lives could equally be wrecked even when an individual is not reckless with the crypto space. Stay safe!

Posted Using InLeo Alpha