Non-fungible tokens, or NFTs, are usually made with the same kind of code that is used to make cryptocurrencies. The blockchain technology is used to build these digital assets. NFT projects have used a method called “whitelisting” to limit presale minting access to only crypto addresses that have already been approved.
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Whitelisting is good for both projects and users because it cuts down on fraud and stops gas wars.
What is the NFT Whitelist?
An NFT Whitelist is a list of people who can get mint NFTs first at a certain time and date. If a buyer is on a list like this, they don’t have to pay astronomical secondary prices and high transaction costs for well-known NFTs. If you are on the whitelist for an NFT, you will have a limited amount of time to buy a newly created token before it becomes available to people from outside the whitelist.
While you wait for your time slot, your cryptocurrency wallet will be added to the NFT whitelist. This mechanism makes NFT launches more democratic by giving early access to true supporters and stopping the competition and gas wars that often come with successful NFT projects.
Why are there NFT Whitelists?
Whitelists have helped NFT project launches go more smoothly and fairly, but they haven’t fixed all of the problems. Fixing these basic problems has led to the noticeable improvements. Here are a few of the main reasons why whitelists are useful.
Reward early supporters
The whitelist lets a small number of people in the community get early access to a new NFT release. Different NFT projects have different whitelist offers. For example, some may give whitelisted users free NFTs and access to exclusive content, while others may offer discounted presale access.
The requirements for getting on a whitelist vary from project to project. Some might require that a certain number of tasks be done or that a certain amount of the asset used in the project be held at all times.
Stop Competition From Being Tough
NFTs are unique products that have a limited supply by their very nature. This means that, especially for well-known NFT projects, the tokens are often gone as soon as they are made. Many buyers have been left out in the cold with nothing. When this happens, they can either accept that they will miss out or pay a higher price on a secondary market to buy the tokens.
Avoiding gas warfare
Since public NFT sales don’t need to be whitelisted, a lot of people using the smart contract at the same time can cause transaction fees to go up by a lot. Users try to be the first to get their transactions approved, which leads to “gas wars” and higher gas prices.
Using an NFT whitelist is usually the best way to avoid mass registrations. It also stops spam from coming from addresses that aren’t on the whitelist. So, the digital environment becomes cleaner and healthier, and the NFT project can focus on real customers who are really excited about the tokens being issued.
NFT Whitelist: Pros and Cons
Being on an NFT whitelist is good for investors in many ways, but it also has some bad points. Like any other mechanism, NFT whitelists have pros and cons. As an investor, it’s up to you to decide which way the scale tips.
NFT Whitelist’s Pros
The most obvious benefit of getting on a whitelist is that you can use a certain NFT. Whitelists also keep you from having to fight in a gas war, which is another big benefit. Since you have a free time slot to finish your purchase, you won’t have to pay more for faster transactions.
Another benefit is a little less clear. You will be able to take part in the larger NFT community much more if you actively try to get on NFT whitelists.
NFT Whitelist’s Downsides
The biggest problem with whitelists is that they take time to add to. With the whitelist strategy, there is also no guarantee that a project will work out. You might be able to get early access to an NFT that doesn’t end up becoming popular. Another problem is that con artists sometimes target investors who want to be put on a “whitelist.”
NFT whitelists are important tools, but they don’t always mean that it’s a good time to invest. There will never be a perfect time to make an investment. Putting your money into a project will always take work and come with some risk. Whitelists, on the other hand, have a few problems but also offer many benefits. A lot of investors have used them to mint NFTs with success.
How to add tokens that can’t be swapped to the whitelist?
Even though getting on an NFT whitelist isn’t always easy, most traders use a certain strategy that can improve your chances of being accepted. Here are the four steps you need to take if you want your efforts to work.
Get a good project before you start.
On the NFT market, there are a lot of possible projects competing for users. These new NFT projects might offer whitelist spots before they are released to the public. In other words, if you want to be on the white list, you must get there early.
This should be great for you if you like to try out new things and see where they take you. If you aren’t an early adopter, you should be aware of the risks because you are putting your faith in a project that is still in its early stages.
Use Discord to join a group
After doing your research and choosing a project, you must join the community by joining a project’s chat group. Twitter is the second way that NFT projects talk to each other after Discord. Check out the other group channels on Discord if you don’t find anything there. It’s possible that the project doesn’t have a whitelist or that you missed the whitelisting period. You could also ask other people in the group in the group chat channel. Most projects have a general channel where people can talk about the project or anything else.
Follow the project on Twitter.
When applying to be on an NFT’s whitelist, it’s always a good idea to know as much as you can about the NFT. It makes sense to follow the project on Twitter for this reason. Since all you have to do to keep up with the latest developments is check your feed to see what the founders are posting, there is no simpler way to do so.
Most NFTs use Discord as their main platform for planning, but Twitter is also a good place to get news and updates. If the founders tweet something significant to their followers, you wouldn’t want to miss it.
Meet the Conditions for Eligibility
It’s not always as easy as clicking a “join now” button to join an NFT whitelist. In most cases, you’ll have to apply to join, demonstrating your eligibility along the way. You might also need to make a few changes or follow a few simple steps to meet the requirements.
Once you’ve met the requirement, you’ll be asked about your cryptocurrency wallet. If your crypto address is accepted, you will be put on the whitelist and have a certain amount of time to mint your token. The only thing left to do is wait for the set date.
How to make it more likely that you’ll be put on an NFT whitelist?
Even if you do all of the above, there is no guarantee that you will be added to a project’s whitelist. With the right plan, you can show how valuable you are to a project and improve your chances of getting on the NFT whitelist you want.
Stay involved to get more people to back you.
Take part in giveaways and advertise with fan art.
Sign up early
At last, traders can get their hands on the most anticipated tokens early thanks to NFT whitelists. By using this easy method, you can avoid gas wars and get tokens for a lower price overall.
If you’re serious about investing in NFTs, there’s no better way to increase your potential earnings and learn more about the world of NFTs than to join a whitelist. If you have the right plan and are willing to put in some work, you can use whitelists to help your investment.
Source: Google Trend