So for the past two days, I have been consolidating my efforts to secure airdrops on some of the blockchains and projects I have been testing for some time now. It has been an interesting experience, which I will share in this post. By the end of this post, you should have some basic knowledge of the risks and benefits associated with air-drop farming.
From non-believer to a degen…
I have never been one who chased airdrops. For a long I have tagged airdrop hunting as a fool's game, considering it involves speculating and investing in projects whose success is undefined. However, given recent events, I have had to review my position on airdrops
One of the reasons why I started airdrop hunting is to increase my capital. Irrespective of how you view things, capital is important in this space and there are various ways you can go about sourcing capital and extending your portfolio, and airdrop hunting is one of them.
Through airdrops, projects can check their viability by having people run their testnets. In return, these projects reward their community with their tokens. If done correctly a well-distributed token ensures that a project is decentralised. So despite all the negative PR airdrop gets, it is still an essential part of blockchain technology/cryptocurrency and decentralisation
No free money…
Now forget all you've heard about making easy money farming airdrop. It is an ambitious endeavour with high risks that requires a certain level of skill set, time and knowledge to succeed. I am currently abandoning one of my oldest ERC-20 wallets because they might have been compromised. I have had to create multiple wallets for different risk exposure, just so I don't lose my money to hackers. Also, you don’t just risk losing your wallet but your computer as well.
Nevertheless, airdrop hunting is fun, educative and rewarding. This is because participants get the chance to use new protocols and blockchains. I have learnt so much in the last two months by exploring different projects. I have also joined new communities outside Hive which has allowed me to network as well.
My activities
I also plan to get an ambassador role in the nearest future. This role would allow me to commit fully to my Web 3 goals and education. Interacting with more protocols gives me the to network and share my knowledge. I consider this to be a vital part of the Web 3 experience. A lot of Web 2 players have colonised the Web 3 space mainly because most of us who know and have been using this technology for the longest time have been participating from the sidelines. So as much as I want to make money in this space, I still do believe the industry needs a facelift. This can only happen if those who do care about this technology begin to actively participate in spreading the right knowledge.
Now back to airdrop hunting. I have streamlined the number of protocols I will explore to mitigate the risk of losing my wallet. To achieve this I have joined small active groups of airdrop hunters who actively seek and research projects. These people make money off their community or followers. Many go overboard by selling paid shitty projects to their community, so it is also necessary to be careful and do your research.
In conclusion, airdrop hunting can be lucrative. However, like most things in life, it requires playing smart and having a long-term plan. There are many opportunities in this sub-industry asides from earning airdrops, which is something I plan to explore as well.