The most common participation trophy I’ve seen is for my friends who run marathons/triathlons/etc. The cost of the trophy is covered by their entrance fee, so it’s not like they’re putting anyone out, and they get something to remember the day by. It’s like, getting a souvenir at Disneyland. And, finishing a marathon even if you don’t win is an accomplishment, and it’s nice to have a physical reminder of that.
Everyone Deserves a Participation Trophy
Emma Lindsay

That’s pretty cool. Sometimes I see medals round the neck. Or if you have a fun run to fundraise there are prizes.