Getting an opportunity to buy Non-Fungible tokens as soon as they are launched is one of the best ways to increase the chances of maximum investment return. Every trader follows the principle of buying at low and selling at high. A lot of NFTs are available at the lowest cost before they launch for public sale.
Unfortunately, it is quite competitive to buy the NFTs before the launch. Many NFT companies face problems due to huge transaction fees and high traffic. Therefore, they introduced the concept of nft whitelists. This blog will discuss end-to-end information about whitelisted nft projects and their benefits.
Important Key takeaways
- Every NFT project has eligibility criteria to follow to become a whitelisted member of the NFT project.
- NFT whitelisting can help you to buy NFTs without paying a gas fee and competing with other community members.
- All the important steps below would help you become whitelisted for any NFT project.
What is NFT Whitelist?
NFT Whitelist is the smart contract functionality that stores the specific addresses, which get a guaranteed facility to mint the NFTs before the public launch. Being on a whitelist would help users to buy an NFT at low fees instead of skyrocketing prices and transaction fees.
If you ever get a chance to be on the Whitelist for NFT Minting, you get a significant amount of time to get the newly minted tokens before they are made public to different buyers. The significance of the NFT whitelist project is to make NFT launches more democratic and ensure early access to full-time supporters from the beginning.
Some common Benefits of NFT Whitelisting
In the previous section, we have discussed the NFT whitelist. But we haven’t discussed why we need it. This question is a foundation for the whole concept of NFT sales and project launches.
NFT Whitelist solves some key problems that have affected the NFT projects negatively. Although it doesn’t solve every problem, it has made the NFT sale smooth and fair. Many successive improvements have solved some of the central issues discussed in the Next section.
Helps to Reward the Early Supporters
A lot of NFT projects launch every day. Therefore most of the project teams look for innovative ways to incentivize the early supporters of the respective projects. NFT Whitelisting is one of many ways that help to reward the early supporters by giving them early access to buy the NFTs.
It saves a lot of Gas and reduces Network congestion.
Ethereum blockchain and some other blockchains charge a huge gas fee, and sometimes it becomes quite skyrocketing when the network is quite congested. Such a situation can adversely affect the NFT launches as many people try to mint NFT tokens simultaneously. Systemizing the complete process and whitelisting the users would help mint NFTs at low gas fees. During the Whitelist, the addresses stored in the smart contract get a chance to mint tokens in a specific window.
Prevent Spams and Bots to Purchase the NFTs
Whenever an ERC20 token is launched, or an NFT collection, different bot, and spam accounts attack the smart contract to increase the price artificially. With the help of Whitelisting, the project admins can prevent buying by allowing only specific addresses to mint the NFTs. Since NFT whitelisting is linked with social media accounts, it is difficult to inflate the price or affect the network efficiency by mass registration.
Benefits for the Community Members of NFT whitelisting.
Access to NFTs before the launch.
Minting an NFT is quite straightforward, but getting an opportunity is difficult. There is quite heavy competition whenever a new NFT collection is launched, as many people compete with each other to mint tokens. If any community member is an early adopter, with NFT whitelisting, they can get special access and a guaranteed mint without any exorbitant fees or network congestion.
Fewer chances of being a Victim of Fraud.
Many fake wallet addresses repeatedly buy and sell the asset and artificially inflate the price. Since users now need to be whitelisted to access NFT minting, the fraudulent behaviour is reduced. Restricting the time limit for pre-sales also prevents monopolizing the NFT project.
How to get NFT Whitelisted?
As we discussed before, NFT whitelisting offers numerous benefits; now, in the section, we will discuss some of the important steps you need to follow to become a whitelisted member of an NFT project.
3 Basic steps to follow before working on getting whitelisted for NFT Collections.
Step 1: Find a Good Project before the prelaunch.
If you want to get whitelisted for the NFT collection, you should join their community before the public gets in. Most of the prelaunch projects do not do enough marketing. Hence, using different tools such as Rarible or Open Sea would be best to find various new projects. Also, you can follow some influencers on Twitter to stay updated with all the upcoming launches.
Step 2: Join a Discord Server
Discord is one of the popular Social media applications for Blockchain-based projects. Many projects create a server for the community members. All the primary activities are done on their Discord server. Once you find a suitable project, you can join its Discord server.
Step 3: Follow Projects on Different Social Media platforms like Twitter.
It is always beneficial to join the Project Server and follow its Twitter account. Discord acts as the central platform where all the activities take place. Twitter contains all the information and updates about the project. If you don’t have a Twitter account, get it soon because Twitter is the best platform for any NFT trader.
Take part in the NFT Project Community and increase your engagement.
A lot of NFT projects have one of the criteria, where they analyze the activity of the Community member by understanding how frequently they participate in the events and group chats. Since most of the NFT collections have a discord server, you need to have meaningful conversations with the other community members on it.
Some other ways are to engage with people on social media platforms like Twitter by tweeting and retweeting about the NFT collections. But ensure that you keep everything authentic and do not spam.
Invite people to their social media channels
Many NFT projects encourage people to invite and refer their friends and acquaintances. You can create a unique code on discord for the invite link, share it with people, and promote the NFT project.
Every Discord Server has a lot of chat rooms that you can use for multiple use cases. When you promote NFTs, you can chill and talk with other discord members in the chat rooms.
Take Active Participation in the Giveaways
Many NFT projects use a marketing strategy to ask their community members to share and retweet their NFTs. In return, they give the lucky winners some brownie points and even special edition NFTs.
Meet the Eligibility Criteria
You must fulfil the eligibility criteria before applying for the whitelisting of your wallet addresses. Once you have met the eligibility criteria by following the engagement methods discussed above, you will be asked to provide a wallet address to place you in the whitelisting category.
NFT Whitelist allows active participants and community members to trade NFT tokens before anyone else. You can use the whitelist mechanism to save spots to buy NFTs at low prices without paying a huge gas fee.
If you are quite serious about NFT trading, there is no better way than getting a Whitelisted spot for NFT projects. With the right strategies and following the correct methodology, you can get a whitelist spot without much work.