Crypto Airdrops, a distraction in disguise
By Thomas Akoji Amodu
A crypto airdrop is typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its primary aim is to create awareness about the cryptocurrency project and encourage more people to participate when it becomes available.
Airdrops are generally communicated through the company’s official channels and cryptocurrency communities. Coins or tokens are sent only to specific wallets based on the blockchain network or coins held in existing wallets. Airdrop coins are generated by continuously tapping the phone screen.
Today, the trending event in Nigeria is crypto airdrops, which have attracted millions of Nigerian youths. This became popular following the successful listing of Notcoin in 2023, which paid miners significantly. Since then, Crypto has been introducing several airdrop projects such as MemeFi, X-Empire, Tapswap, Hamster, Tomarket, cats, Dogs and many more to engage miners. Many Nigerian youths spend more than half a day on these mining platforms daily. When it eventually lists on exchanges, they get nothing compared to the time, energy and subscriptions invested in the airdrop.
This engagement with crypto airdrops by Nigerian youths has caused great concern, as many solely rely on it as a full-time job, while some regard it as an escape route from poverty. Youths are becoming lazier than ever before because of these projects. Students tap their phone screens during lecture time, thereby dividing their attention. Even graduates have embraced airdrop mining over creative thinking and productive undertakings.
This trend has further questioned the state of the country’s economic and political atmosphere because where there is a stable economy, good living conditions and basic provisions for healthy living, the citizens will shun any form of distraction and focus on more beneficial activities. It is pathetic that most Nigerian youths who resort to airdrop mining are graduates who could not secure a job because of bad governance and corruption in the country.
On September 26th, 2024, one of the most anticipated airdrops, “Hamster,” was listed, and many Nigerian youths were disappointed by the poor payment. Before the listing of Hamster, some people had priced what to buy, such as vehicles, lands, gadgets, and so on. Unfortunately, Hamster paid below expectations, and many became depressed. The time, energy, and sleepless nights spent just to complete tasks were in vain.
Despite the poor rewards of these crypto airdrops, Nigerian youths do not seem discouraged from engaging in the projects. This clearly indicates the government’s failure to fulfil social, economic, and political responsibilities. The government should establish more industries, provide loans for small business owners, encourage agriculture, and invest in tech education to refocus youths’ attention on a better future.
Thomas Akoji Amodu writes from the Mass Communication Department at Bayero University, Kano, via amoduthomas@gmail.com.
