I found a project offering an airdrop but required participants to download and install their mobile app. The app is newly made with only few hundreds download and I don't think I'll ever use it.
Is it too risky?
Yes, it is risky to download apps for the sake of altcoins. We do not know if the app that you will download is safe to your phone. Based on the number of downloads, I think that app is not a good app to download. Once you download the app, the app might have advertisements. Instead of you earning money, the company/team will earn more than you because of the advertisements.