these giveaways on twitter are often more about the engagement farming for the twitter owner than anything else
it's nice because all have a really tiny chance to win but what they get in free publicity and organic reach is usually enough reason for them to share a prize.
web 2 games.
There have been a lot of discussions about this, but I still wonder if you attract a lot of people (or a new audience) with posting these giveaways on Twitter/Telegram? They are dominated by bots and you need to be extremely quick and lucky to win a small prize. You will get views as everybody loves free stuff but I doubt it is really effective.
it's a numbers game after all
like a funnel
you reach 1000X, 100X join the giveaway, 10X comment, 1X become costumers, 0.01 X become top users
probably 1 top user already pays for this kind of competition with prizes up to 500 usd...