Many NFT buyers want to be on the whitelist when a good project is about to be launched. It is seen as a golden ticket to make a high profit with NFTs.
New projects are being released in the crypto space with exciting features. To access these projects and buy at a cheap price or get for free, you have to be on the whitelist.
In this article, we will learn about the NFT whitelist and how to get one. Before then, let’s get to know more about NFTs.
What is an NFT?
An NFT (Non-Fungible Token) is a digital asset whose value is not expressive of the other. Just as how cryptocurrencies operate, NFTs are based on blockchain, which is a digital ledger where the transactions of these assets are kept.
NFTS is comparatively new and intangible assets that are formed under digital artworks like images, GIFs, video clips, audio files, etc. In essence, it is the blockchain network that enables the availability of these digital arts in the marketplace.
What is an NFT Whitelist?
A whitelist in the NFT world is a list of people who get early and guaranteed access to the mint at a specific date and window of time.
Investors in the NFT space always try this means to purchase an NFT at cheap price as soon as it is released on the project’s website. This is done to avoid price hikes after its reaches secondary marketplaces.
Good project attract a lot of interest and can be sold out as soon as it drops. There can be gas wars. This comes to be when minting-a gas fee is been paid which my result to ridiculous transaction fee due to the competition to get the NFT.
All these issues are being solved with the introduction of whitelist by the projects.
What Do You Gain From Being Whitelisted?
1. You are guaranteed access to mint- You might miss out of an exciting project when you are not whitelisted. This is because the NFT space is constantly growing, and good projects attract a lot of people who rush to mint as soon as a project is dropped. You will get your hand on the new project if you are on the whitelist.
2. You can get an NFT at a cheap price or without a fee- If you are a beginner in the crypto space, this is a good option for you. Once you get your wallet address, you can have a NFT without risking your hard-earned money. The veterans/pros buyers are not left out too as they have the chance to buy low. Buying low means a higher profit margin when flipping. For this reason, buyers want to have the golden ticket when a new project is about to be released.
3. You avoid gas wars- To stay away from the ‘hot competition’, whitelisting is an option. When you are added to the whitelist, you can choose a specific time you would like to mint your NFT within the window provided. This allows the transactions to be spaced out, which means less competition, less traffic on the platform and low gas fees.
What You Need To Do To Get On The Whitelist
Here are the basic steps to get the golden ticket on an about-to-be-released NFT project. They are listed below
1. Find a good project early- You need to stay on track about the happenings in the crypto space. You must find a good project before it drops and accumulates a mass following. You can use Rarity.tools to find upcoming projects. You can also come across upcoming projects on platforms such as YouTube, Twitter, etc.
2. Join the project’s Discord group- This is where most of NFT project activity takes place. It provides information about the founding team, major announcements, giveaways, project’s roadmap, instructions to getting on the whitelist and so on. Links to the project’s Discord group can usually be found on a project’s Twitter bio.
3. Follow the eligibility requirements- Most projects have unique requirement to qualify for a whitelist. Make sure you meet their criteria so as to be added to the whitelist.
How To Get an NFT Whitelist
- Stay engaged- It is not enough to stay updated, you have to be actively engaged on the project’s account. You can have meaningful conversation with other community members on the Discord chat which can boast your chance of being noticed by the founding team. Also engage their activities on other platforms such as Twitter, Instagram, Reddit, etc.
- Invite People– Referrals also work here. A lot of NFT projects appreciate it when supporters bring Discord invite code to your friend and other Discord servers to invite people to the yet-to-be-released project.
- Participate in giveaways– Most NFT projects make sure their followers/supporters earn a whitelist spot via giveaway. Make sure you take part in this as much as you can to stand a chance of being added to their whitelist.
- Make a fan art– Arts are highly rated in the NFT space. This can also get you a chance to be added to a project’s whitelist. All you have to do is make your own art to show your support to the upcoming project. Your golden ticket might land on your table without stress.
- Get in early– It is very important for you to get to know about an upcoming project as soon as possible. You. could be lucky via a giveaway spot which is without competition.
Given the benefits, whitelists are wildly sought after and sometimes difficult to get on because of the fierce competition. Getting to know about an upcoming project is a free ticket for a higher chance to be added on a whitelist.
Making an NFT whitelist is an important step in getting to make a good profit in token. Whitelists are mutually beneficial to both founders and an NFT project. It is a win-win for the parties involved.
As it is with every crypto endeavour, it is important to do your own research before venturing into this.