Last updated on June 29th, 2022 at 04:51 pm
The NFT (NON-FUNGIBLE TOKEN) world is full of lucrative opportunities that can make one go from zero to almost six-digit figures in cash when these tokens are sold for monetary value.
You may have heard of people flipping NFTs for huge profits. The key to maximizing your profit is to buy low and sell high or even a more cost-effective way which is to get an NFT WHITELIST.
In the NFT space, one of the best ways to buy cheap is to purchase/mint the NFT as soon as it is released on a project’s website to avoid price hikes after it reaches secondary marketplaces.
However, when you try to mint these NFTs, problems arise: some of these problems are the reason why the concept of NFT WHITELIST was introduced in the NFT space. In this article, we will discuss what NFT Whitelist is and GUIDES ON HOW TO GET NFT WHITELIST.
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NFT WHITELIST
A whitelist in the NFT world is a list of people who get early and guaranteed access to mint an NFT on a specific project at a specific date and window of time.
The NFT space is constantly growing, and good projects build strong communities that consist of interested buyers who rush to mint as soon as the project goes online. There is a high chance that someone else will get their hands on an NFT before you do and which is one of the problems associated with minting NFTs.
Apart from the issue of having a lower chance of minting, there is also the experience of gas fees.
A “gas fee” is a transaction fee in the NFT space. the more gas you’re willing to pay, the faster your transaction will be confirmed. With so much competition to mint, a lot of people increase the amount they’re willing to pay for gas. This leads to “gas wars” resulting in ridiculously high transaction fees going for thousands of dollars.
To solve these issues, NFT projects have introduced whitelists.
The introduction of the NFT Whitelist solved the issue of late minting and gas wars. people that engage in the community’s development before a project goes online stand a chance of getting whitelisted as a form of reward for active participation in building followership for the project. A whitelisted member gets:
1. Guaranteed access to mint.
This eliminates the problem of being late to minting the tokens
2. An NFT for an ‘early bird’ price or even for free.
This is especially great for people who are new to the space and want to give it a go but don’t want to risk their hard-earned money. This is also beneficial for NFT pros. A low buy means a higher profit margin when flipping.
3. Gets to avoid gas wars
When you are added to the whitelist, you can choose a specific time you’d 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 network, and low gas fees, eliminating the problem of gas wars.
NFT whitelists are like a golden ticket in the NFT world. They are wildly sought after and sometimes difficult to get on because of the competition.
GUIDES ON HOW TO GET NFT WHITELIST:
1. Find a good project early
A whitelist only works if the project has not been launched. You must find a good project before its drops and before it accumulates a mass following. You can use Rarity. tools to find upcoming projects or follow NFT experts and influencers on YouTube and Twitter to stay on top of the game.
2. Join the project’s Discord group
To be able to get NFT Whitelist, you will need to be very active in the discussions surrounding the project in their discord group. Also one can go on to do the required task of inviting people to get whitelisted.
Discord is where most of an NFT project’s activity takes place ie. including an introduction to the founding team, major announcements, giveaways, project’s roadmap, instructions to getting on the whitelist, etc. Links to the Discord group can usually be found on a project’s Twitter bio.
3. Follow the eligibility requirements
Each project has its own set of unique requirements to qualify for a whitelist. All you have to do is make sure you meet their criteria.
Once you are eligible, you will provide your crypto wallet address to get pre-approved for minting. You will then select a time of your choice to mint from the options they provide. Just remember to mark your calendar for the time and date you selected so you don’t forget!
Key Take-Home Take Home Points
- A whitelist is a list of people who get early and guaranteed access to mint an NFT on a project at a specific date and window of time.
- To be able to get Whitelisted, you will need to be very active in the discussions surrounding the project in their discord group.
- Each project has its own set of unique requirements to qualify for a whitelist. All you have to do is make sure you meet their criteria.
NWANKWO CHIGOZIE
Nwankwo Chigozie is a content writer and cryptocurrency enthusiast. He loves researching about cryptocurrency and everything surrounding the cryptospace. Follow on all social platforms.