I Analyzed 414 Crypto Airdrops. Are They Worth It?

In this article, I share my insights from analyzing 414 crypto airdrops. I wanted to find out if you can make money from airdrops.

Quick explainer: In a crypto airdrop, the project team sends coins, tokens, or NFTs to wallets to promote them. Many users participate to get free cryptocurrencies.

As always, please note that this is not an academic study.

The Dataset

I used this dataset: https://coinmarketcap.com/airdrop/

At the time of this analysis, there were 414 crypto airdrops from 2021 and 2022. To complete the analysis, I also used historical and current price data on crypto projects from Coinmarketcap and Coingecko.

Crypto Airdrop Participants & Winners

In general, the chance of winning was quite small for most projects. In fact, only 39 out of 414 projects offered a winning chance of more than 10%. A winning chance of over 100% came about if the maximum limit of permitted wallets was not reached.