Lagos, Nigeria – As cryptocurrency adoption continues to soar in Nigeria, a growing concern has emerged regarding the rise in the adoption of airdrops that have been proliferating the crypto industry. A leading crypto influencer and founder in Africa, Chris Ani, has warned enthusiasts about the risks associated with questionable airdrop schemes.
For the uninitiated, airdrops involve the distribution of free tokens or coins to cryptocurrency wallets, often as a marketing strategy to promote new projects or increase brand awareness. In Nigeria, airdrops have gained immense popularity, attracting millions of participants seeking financial opportunities. Particularly against the background of the economic downturn in the country, airdrops have fast become a means millions of Nigerians can make some money for themselves.
“Airdrops have become a sensation in Nigeria,” said Chris Ani in a recent Facebook post which has received mixed reactions from the community. “However, the current models used by popular platforms undermine the original purpose of airdrops, exploiting users with false hopes.”
Ani cautioned that many participants will invest their otherwise productive time and resources, only to be disappointed. “This isn’t what we envisioned for crypto,” he lamented. “Focus on refining trading and entrepreneurial skills instead of participating in exploitative schemes.”
Ani did not however mention any particular exploitative airdrops he believes newbies and other members of the public should beware of.
Amidst economic downturns, airdrop adoption in Nigeria has surged
Nigeria’s crypto community has witnessed a surge in airdrop participation, driven by:
- Economic uncertainty: Nigerians seek alternative financial opportunities amidst economic challenges.
- Tech-savviness: Nigeria’s young population is increasingly tech-literate, making it easier to participate in airdrops.
- Social media influence: Social media platforms have facilitated the spread of airdrop information, fueling popularity.
However, Ani’s warning highlights the darker side of this trend:
“Spending money to participate in airdrops is essentially gambling,” Ani emphasized. “Legitimate airdrops don’t stress participants with tedious tasks or require payment under false pretenses.”
Read also: Introduction to Altcoins: Strength, weaknesses, opportunities, and threats.
Mixed Reactions from the Community of Ani’s Followers (Unedited)
“Hamster Kombat, Gemz, Blum, Memeifi, Tapswap, Goat, White Bunny, Tomarket, X Empire etc. That’s how they keep sending it to me simply because they want referral. I don turn Guinea Pig to be used. God abeg o. So, this people waiting patiently on PI like the messiah’s return to list have been living in fool’s paradise?”- Jamie Amadi
“Boss….we are doing Airdrop because we need capital to start crypto journey, I think the little time spent on it daily task isn’t much to be compared to only using Ur data to be watching online videos on titok and Facebook
I think the advice should be that newbies should use this opportunity to build their financial journey.”- Che Neme Francis
“If some people use the energy they have used in these current airdrops to master and harness their trading skills, they will see a tremendous change in their financial life
Free money is purging us too much over here and it’ll continue.
E better make you dey flip $10 to $20 gradually for one week than to invest so much time and energy into an airdrop that may end up paying you $10-$20 after months
Thank you for louding the truth regardless of all.”- Chris Johnvian
“I think every newbie is just trying to build up capital to start trading in crypto. Many don’t have capital, thousands or millions to start crypto. I remember myself in 2020 when I started I can only raised #5k to start but thank God for Growth.
Airdrops are still paying for big players with followers and the tasks are not hard and less than 10 minutes of time.
Airdrop in the olden days like Uniswap requires you to bridge on Uniswap.
The question is how many newbies can pay $35 Ethereum gas fee or do retroactive Airdrop require bridging between protocols?”- Bolajoko Akinola Adekunle
Ani emphasizes that he isn’t against all airdrops, but airdrops that abuse the idea behind airdrops, offering no real value to users
“Let me point out that I have made money from airdrop, not once; not twice. But I did not need to waste my time referring and doing all sorts of tasks.
The message here is clear: many of the mini apps claiming to be airdrops are rebranded lottery. Airdrop has been a core part of crypto marketing programs for some protocols but not these ones asking you for money to play games in the hope of winning.
There are several airdrops that happened this year and previous years that did not ask owners to change their names to cat. I am not telling you airdrops don’t exist. Read the message again and again.”
In a chat with CAB, Ani emphasized that “people are turning to socialists, instead of learning what the crypto economy really is.”
Ani decried why more chains and tokens are being launched in the industry, and moves for the industry to self-regulate itself is not talked about enough. “Airdrops have evolved into a marketing tool, often prioritizing hype over substance,” observed Ani. “Just pure casino vibes”.
Read also: What are the career opportunities in the blockchain industry?
Quick tips on airdrops for newbies
Newbies who wish to navigate the airdrops landscape successfully must avoid wasting time on just every airdrop so they can potentially discover valuable opportunities.
Here are some valuable tips collected by Man Around Time from experts and experienced players in both Broad Street and AJ City:
- Do Your Own Research (DYOR)
- Verify the project’s legitimacy: Check the website, whitepaper, and social media presence.
- Evaluate the token’s utility: Understand its purpose, use cases, and potential demand.
- Review the team: Assess their experience, credibility, and track record.
- Monitor wallets: Keep track of token receipts and transactions.
- Spot the signals for airdrop quality.
- Strong community engagement
- Clear tokenomics and distribution plan
- Transparent roadmap and development progress
- Established partnerships and collaborations
- Unique value proposition
- Be alert to red flags.
- Unclear or misleading information
- Unregistered or anonymous team members
- Unrealistic promises or guarantees
- Lack of transparency in token distribution
- Overemphasis on “free money”
3. Adopt strategies that save you time.
- Focus on established platforms and networks (e.g., Binance Smart Chain, Ethereum)
- Prioritize airdrops with clear token utility and use cases
- Avoid tasks requiring excessive time or effort
- Set up alerts for reputable airdrop platforms and newsletters
- Monitor trusted crypto communities and fora for legitimate opportunities
- Know your airdrop best practices.
- Avoid paying for airdrops or participating in “paid” tasks
- Use reputable wallets and follow security guidelines
- Keep track of received tokens and their value
- Diversify your portfolio to minimize risk
- Stay informed about market trends and regulatory changes
Remember, airdrops should supplement your crypto journey, not define it. Do not lose your focus on education, research, and strategic investing for your long-term success.
Share your thoughts on airdrop adoption in Nigeria? Have you fallen victim to the schemes of any of the airdrops out there, or do you have a different story? Share your take with Man Around Time.
Read also: A Beginner’s Guide to Crypto Airdrops
