Building a community from scratch seems to be a pretty impossible mission. It takes time, resources, commitment, and in most cases, it doesn’t turn out the way you want to, but rather – quite the opposite.
You need to figure out how to learn from such mistakes and make your next business journey more successful. As unpopular as crypto airdrops are, it will be pretty challenging to build a vast community because you will have to gain their trust, make them believe in the project, and avoid misleading them by giving them false hopes.
A crypto airdrop occurs when existent owners of a particular cryptocurrency are given free coins from the project owners. In a sense, it is a giveaway with the primary goal of promoting a specific blockchain project.
It also incentivizes loyal customers of the blockchain platform to use its services. Crypto airdrops can be considered as a marketing strategy in the cryptocurrency world. They are widely used in the early stages of the project to attract more users through the giveaways. This way, the particular currency venture can rapidly boost followers, engagement levels, and fresh organic reaches.
Cryptocurrency airdrops may be considered an acceptable alternative to Initial Coin Offerings (ICOs). Through these airdrops, you can build up an initial community around your project and avoid spending lots of money on other means of advertising. One of the most vital things that need to be done throughout the process is to regularly notify your users of the latest news and updates around your virtual currency.
An advantage of the airdrop is that it spreads the tokens equally to everyone rather than favoring the select few and giving a more significant proportion to them. Also, it should be adequately advertised and marketed to the targeted audience for the airdrop to be as successful as possible.
However, certain risks are associated with the fact that the virtual currency project is new to the crypto world. For instance, wealthy investors might step up and buy a massive number of tokens of the project, thus gaining dominance over the particular cryptocurrency. In the past, this turned out to be critical for the specific venture as they sold their holdings at once, which dropped the price down and crushed small investors’ trust in the project.