Tapping seems to be the new wave, and many are hoping to make money from it.
In recent times, it is common to see lots of Nigerians tapping excessively on their mobile phones.
Tapping seems to be the new wave, and many are hoping to make money from it.
While a lot of people are really invested in tapping their phones, so many are still left with the big question -where will the money come from?
This has made them a bit sceptical about the whole tapping wave. If you are one of those who do not understand where the money people claim they make from tapping their screens comes from, then this article is for you.
Firstly, what are they tapping?
For most people tapping on their phones, they are trying to earn crypto tokens from different new telegram-based crypto mining projects. Some of these projects include Notcoin, TapSwap, Hamster Combat etc.
These projects provide users the opportunity to earn tokens by performing some tasks a great part of it which includes tapping some buttons on their screens to mine crypto.
After a certain time, usually weeks or months, the mining of these tokens ends and some of it is distributed as airdrops to the users' wallets where they sell and make money.
An airdrop is a marketing tactic used by these crypto projects to distribute free tokens or coins to a large number of wallet addresses. This helps them to create awareness, drive adoption, and build a community.
This seems quite straightforward, but there is still the question of how do these project founders get money to embark on such projects which in turn leads to users making money?
The money for crypto airdrops typically comes from the following sources:
Cryptocurrency projects often allocate a portion of their funds to marketing and community building.
This money is what is converted to airdrops that are used as a strategy to promote the project, increase awareness, and incentivise users to participate.
To raise money, project founders do Initial Coin Offerings - a fundraising method where a cryptocurrency project sells its tokens to the public in exchange for established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH), or sometimes for fiat currency.
They can also do a presale of the tokens targeted at a select group of investors. Funds raised during ICOs or token sales are sometimes set aside for airdrops. This helps to distribute tokens to a wider audience and create a user base.
Money for crypto projects also comes from investors who may provide funds for airdrops as part of their investment strategy to grow the community and increase the value of their holdings.
You might have noticed some of these crypto projects asking you to perform some tasks such as joining a Telegram channel to earn more coins. This is another way these crypto projects make money.
They partner with other projects or companies that have a mutual interest in promoting each other's tokens or services.
In some cases, communities or decentralised autonomous organisations (DAOs) pool resources to fund airdrops as a way to reward members and encourage participation. Although this has become less popular in recent times.
At the end of the day, these funds are distributed as free tokens or coins to holders of existing cryptocurrencies or to those who complete specific tasks such as tapping their screens by the project conducting the airdrop.
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