Airdrops: A double-edged sword.
Performing Airdrop campaigns is a very widely used strategy to attract new users. This strategy is not new and of course, did not start with the crypto industry. Many companies have used it before, and very successfully like PayPal when they gave $10 for every new user who registers in their platform and $5 for referrals.
But airdrops in the crypto world are done without any major control or user qualification. Bitcoin started this industry and announced that there were only going to be 21 million coins to mine. The supply is very small and the value of the cryptocurrency wanted to be kept high, that’s why it is not easy to get. Because 99% of the time, free things are not highly appreciated.
Current projects have hundreds of millions and even thousands of millions of tokens, so they give away free tokens to whoever claims them. Giving away tokens for registration, or just giving their wallet address, with no identity verification creates 2 problems. One, the value of the token gets lower, and two, most tokens will be taken by hackers who create fake email accounts or multiple wallets.
So how do we give airdrops without losing the value of our tokens and avoid giving them to hackers?
1. KYC
One solution is to perform KYC to users in order for them to be eligible to get tokens. KYC is not easy to fake, and there are several ways you can do it.
The digital world is basically anonymous, an amateur hacker or any person with some budget can create many identities at the same time, with email accounts, phones numbers and more. Many of this hackers, and of course much more experienced and dangerous ones, have invaded the cryptocurrency world.
So the first way to protect yourself from giving away your tokens to ghost accounts or repeated users is to perform KYC. Many airdrop hunters will do an say anything just to get tokens without any identification whatsoever. But smart projects do smart airdrops and ask for identification.
It is a BIG responsibility to get people’s ID mailed to you, so be very careful on how you handle them. Please have EXPERTS encrypting the information and keeping it SAFE.
2. MINIMUM QUALIFICATIONS
If a project is performing an airdrop, it is crucial for the project to require some minimal requisites, to qualify its users. An airdrop basically means to give free tokens to whoever claims them. But requiring minimal qualifications is one of the best ways to ensure that you are actually reaching to real people and potential costumers.
For example, asking for the wallet address and asking them to have a minimum of 1 ETH, or an x number of your tokens in their wallet, or a mix of tokens/coins. This lowers the possibility of fakers to get many of your tokens. You can also encourage them to buy some of your tokens and double the amount they get for the purchase, or if they have traded and ‘x’ amount of your tokens they can get an ‘x’ amount of extra tokens, etc.
Make sure that you are asking for something reasonable, and that users can get. In the end what we want is for users to get the airdrop and start trading our token more.
3. Other Type of Requirements
As a project, you might also be interested in other types of results coming from the airdrop. It is extremely important to plan the objective of your airdrop and develop a strategy accordingly.
So if you want people to create an account, you can create an airdrop for people who create a new user account in your web, along with a referrals campaign so that each new user brings other users onboard. For this campaign, it would be wise to perform KYC so that you make sure that each person gets only one account.
You might also be interested in enlarging the number of users who join your Telegram group. Be very careful with this one; having a large number in your Telegram group doesn’t mean they will interact with your project. Try to make sure in all ways possible that you are getting real users and not bots. For this, we also recommend using bots like Combot which bans bots.
Once you are sure how to perform a successful Telegram campaign, you can also give away tokens for those new users coming to your Telegram group. You also need to set up some rules like asking users not to have a link URL from other projects in their username.
Finally, you can also create airdrops that look more like a bounty by giving tokens to users engaging in your social media channels. They can send you the link of the post they liked, commented or shared and you can aware them with some tokens.
Conclusion
The first thing you need to do is to PLAN your airdrop. Have a very clear and measurable OBJECTIVE, have a reasonable BUDGET, create the right STRATEGY, and track every day the RESULTS you are getting from your airdrop.
Make sure to qualify your users, don’t just give away your tokens for free. Nothing good comes free, let your token be valuable.
Mission
STENNIS was created to help increase the exposure of blockchain projects. We see thousands of projects being launched but only few get the recognition they deserve. With our team of experienced social media managers, community managers, communicators, writes and graphic designers, we will help more projects get the attention they deserve so that their product or service have a real impact in people’s life.
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