In early 2024, the first significant Airdrop of gaming tokens has started, representing a massive event for the Xai gaming network. This moment is accompanied by the release of the XAI token, granting the right to use it to privileged users. Xai is a "layer 3" network built on top of Arbitrum, which in turn is a layer 2 network for Ethereum.
According to an official statement from the Xai Foundation, 125 million XAI tokens (5% of the total) are being made available to entitled users. This category includes holders of certain Xai NFTs and Sentry Nodes operators who play the role of validators and keep the network running. It is important to note that crypto exchange Binance also gave its customers the opportunity to earn XAI tokens by betting on other cryptocurrencies prior to the launch.
The price of XAI started at just under $0.68 when it first hit the market, before rising to a high above $0.77 to later drop to the current $0.57. Tokens issued as a result of Airdrop are typically characterised by initial volatility. However, despite this, the total value of Airdrop is currently around $70 million. Sentry node operators and some NFT holders are able to claim XAI tokens, which are valued at several hundred dollars.
The roughly $70 million total value of Airdrop raises questions about the token's future. Vanguard NFT holders can claim 1,307 XAI, equivalent to about $730, while Legendary NFT holders are able to request 290 XAI, which equates to $162.
The Xai Foundation has announced an upcoming "second season" of token giveaways as rewards, but details of how users on the network can get additional tokens have not yet been revealed. There have been complaints on social media from some lower-level Xai NFT holders about their not being included in the first giveaway.
