The story of First 50,000 participants will get Nothing - Facebook Spam

  This is getting out of bounds. The first time I saw such an event, I thought it would be a one time spam and would die away like every other. But surprisingly, this is growing, and growing because this acts as a tool for promoting many Fan Pages/Communities. And even more surprising, people are dumb enough to join and spread the event. Please do understand, in this competitive world, you won't get anything free with just a click.
  I believe this particular even triggered the trend of such spams.

Just check out the growth rate of the event! Its spreading like a wildfire(guess that comparison would be too small). But yes, this event had a sole purpose, and it was to promote the pages of MrRickyDominguez. And yes, he is/was/will be the most successful one off this event.
 But now? There are a bunch of such spams coming out, and to be worse, they offer free stuff as well. This is the search result I got on Facebook.

And what's common to all of these? Each and every one is a SCAM. Let me show you the screenshots of a few such events.
The iPhone scam, bet each one of them would be dreaming to get hands on an iPhone. Come on! How can they ever manage to get 50,000 iPhones? That too free? Its just a sick promotion ad by Peninmouth. People can go to any extent to promote their page/business.
 Take a look at this one, which promises Reebok Shoes for the first 50,000. Another sick promotion technique by We Love Cricket
It seems Facebook products are more popular to be gifted, here is a budding up spam.
 And these spams are not limited to a particular region, this is an event created in German, with close to 41,000 attendees(sigh!). Again, clearly for promotion.
 Why do people fall for this? Because of the magical word FREE! Its a really sick strategy by these stupid firms to take advantage of human tendencies. I would like to ask everyone of you to spread the message that you will never get Free items out of a single mouse click. And possibly report these events, so that Facebook finally gets an attention. I will be reporting any such event coming across from now on, Will YOU?