How do airdrops work?

Could you possibly elaborate on the mechanism behind airdrops? I'm quite fascinated by the concept and am eager to understand its intricacies. Could you explain how airdrops function in the realm of cryptocurrency? What are the primary steps involved? Are there any specific conditions or requirements that need to be met? Furthermore, what are the potential benefits and drawbacks of participating in airdrops? I'm really keen to know more about this fascinating aspect of the crypto world.