Operation Dumbo Drop: To Airdrop or Not to Airdrop for Initial Coin Offering Success?

IF 5 3区管理学 Q1 INFORMATION SCIENCE & LIBRARY SCIENCE

Information Systems Research Pub Date : 2024-02-08 DOI:10.1287/isre.2021.0450

Jian Li, Xiang (Shawn) Wan, Hsing Kenneth Cheng, Xi Zhao

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Abstract

Practice AbstractInitial Coin Offerings (ICOs) have become a new and popular fundraising approach for blockchain start-ups. To motivate blockchain individuals to invest in the subsequent ICO, a growing number of blockchain-based project founders employ the airdrop campaign, through which they distribute a specific amount of free official tokens or promotional tokens to potential investors on the blockchain with or without their permission. Of paramount concern to the blockchain founders contemplating whether to launch an airdrop campaign are whether the airdrop campaign has a positive effect on the potential investors’ investment behaviors in their ICOs and how the efficacy of the airdrop may vary with investors. We find that the promotional airdrop significantly increases the potential investors’ ICO investment. We further find that the airdrop is more effective in increasing the investment for individuals with transacted projects dissimilar to the focal project than those with similar ones. By incorporating the insights from our study into their airdrop campaign strategy, blockchain start-ups can effectively target the right segment of potential investors to enhance the success of their ICOs.

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小飞象空投行动：首次代币发行成功，空投还是不空投？

实践摘要首次代币发行（ICO）已成为区块链初创企业新的流行筹资方式。为了激励区块链个人投资于随后的 ICO，越来越多的区块链项目创始人采用了空投活动，通过这种方式，他们向区块链上的潜在投资者免费发放一定数量的官方代币或促销代币，无论是否得到他们的许可。区块链创始人在考虑是否发起空投活动时，最关心的问题是空投活动是否会对潜在投资者在其 ICO 项目中的投资行为产生积极影响，以及空投活动的效果会因投资者的不同而有所差异。我们发现，宣传性空投大大增加了潜在投资者的 ICO 投资。我们还发现，对于交易项目与焦点项目不同的个人来说，空投比交易项目相似的个人更能有效地增加投资。区块链初创企业可以将我们的研究成果融入其空投活动策略中，从而有效地瞄准潜在投资者的正确群体，提高 ICO 的成功率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Information Systems Research Multiple-

CiteScore

9.10

自引率

8.20%

发文量

120

期刊介绍： ISR (Information Systems Research) is a journal of INFORMS, the Institute for Operations Research and the Management Sciences. Information Systems Research is a leading international journal of theory, research, and intellectual development, focused on information systems in organizations, institutions, the economy, and society.