WTF tokens are the newest “free airdrop token,” but do the likes of SOS, GAS, LOOKS, have a long-term future? The cryptocurrency industry has been engulfed by a flurry of “airdrop tokens” in the wake of 2021’s unusual NFT craze, with investors scrambling to reclaim value on unprofitable NFT purchases and face-watering gas fees.
Airdrop tokens are a marketing tool for platforms to attract and onboard new users. The most recent cycle began on October 31, with the Ethereum Name Service giving ENS tokens to web 3.0 domain holders as part of an airdrop with a governance use case.
It allows users to participate in the ENS DAO (decentralised autonomous organization). In a short period of time, the price rose 47% from $56.25 to $83.11 due to significant enthusiasm around the airdrop, which drove investors into a frenzy and fueled large expectations for future airdrops.
Emerging copies of the WTF token price
This was swiftly copied by a SOS airdrop rewarding NFT transaction volume (marketing for the OpenDAO), followed by a GAS airdrop to compensate for inflated gas fees (with access to the GasDAO). Both were heavily affected by the high demand.
After the successes of SOS and GAS, the LOOKS airdrop – for those who have spent more than 3 ETH on NFTs – was introduced, with additional practical application (staking to receive a portion of transaction fees from the new LooksRare NFT exchange).
Searching about the WTF token price, you learn that while it is yet another DAO, and the latest development, it comes with an unique NFT attachment that gives access to a “pro dashboard” – a multi-chain gas fee checker. Question remains…
Could all these airdrops be sustainable?
It’s all about the economics of the tokens and their usefulness, as always. Unlike ENS’ multi-year project, these copycats were established with little planning or foresight.
The EOS SOS token has tanked -68% from its all-time high, but not nearly as badly as the GAS bleeding out -92% since launch. Neither has a viable product and both had enormous tokenomic supplies, making them very risky.
The LOOKS token seems to have a brighter future, with a growth of 48% since launch, making the promise of real staking returns. The WTF token price is intriguing, and it’s not because of the 0.01 ETH fee or gas-fee checker. Users must pay a modest 0.01 ETH ‘service charge’ to claim this project’s tokenonomics strangely demand them to do so.
