illustrations by StorysetApril was supposed to be the month of mega airdrops. It's been 3 months of active farming, and most projects on my radar that were supposed to launch did not meet my expectations. In this post, I highlight some of my disappointments and projections for the near future in terms of airdrop farming.
When it comes to airdrop hunting, I do not have much expectation because, like most things in the web 3 space, it is a gamble. However, I fancy my chances by interacting with as many protocols as possible. Coming into April, I was interacting with over 50 projects ranging from social-fi, GameFi, and DeFi. Unfortunately, most of these projects that launched in this month have underperformed.
There were some airdrops that were not worth claiming at all. I had to stake the airdrop and forget about them because they were that poor. At some point, I got discouraged. My activity slowed down because these projects were simply using their communities to raise seed money for bogus projects with no utility.
On the positive side, the funds I got from a couple of these airdrops were more than my earnings from creating content, so I took it in my stride. This bull market is quite different from the previous one.
The airdrop meta has been diluted. The euphoria of the bull market had many people coming back into the space, including grifters posing as founders with bogus projects. I did my best not to part with my tokens chasing presales, but I did waste a lot of time on zero dollar airdrops.
Besides the worthless airdrops, there is also the case of losing money. I lost a couple of dollars holding certain tokens. My timing was off, and now I am forced to hold certain bags a little longer than I would have liked. Nevertheless, these coins are backed by good projects I believe will still do well when the market picks up in the third or fourth quarter of the year.
Will I stop airdrop hunting? Certainly not anytime soon. I still have 3-4 months where this is a viable means of generating some form of revenue. So, I am going to interact with as many projects as I can. Fortunately, there are not that many these days since the market turned bearish, so it is easier to spot good projects.
There are still projects I have been interacting with, and I will continue to do so. The sphere is currently oversaturated, but that is slowly changing as the market turns bearish in the short run. Also, airdrop farming is a long-term game, and many do not have the patience to wait, hence their bad experience.
Aside from staying consistent, you need to follow the fundamentals. Be in active spaces; volunteer; learn about new projects and technology; make sure you are visible because this is the best chance you will get to buy/earn good tokens. Remember, clout matters in this space (more than ever). It separates you from the average airdrop farmer.
In conclusion, airdrop hunting is high risk, and returns on your time or financial investments are not guaranteed. However, if you are going to make it, then you need to exercise some patience. Unlike actively trading, you need to only lose time, and the returns can be massive. So weigh your options. Stay SAFU.
Posted Using InLeo Alpha