What is an NFT Whitelist?

What is an NFT Whitelist? 

Perhaps you've heard of those that sell NFTs for enormous profit. It's important to purchase low and sell high in order to maximize your flip.

To prevent price increases after it hits secondary markets, one of the greatest methods to acquire cheaply in the NFT arena is to buy (AKA "mint") the NFT as soon as it is issued (AKA "dropped").

However, when you attempt to mint, two issues could occur:

First issue: Before you get a chance to purchase, all of the NFTs in the project may have sold out.

Good projects draw a lot of eager customers who rush to mint as soon as the project drops in the NFT area, which is continually expanding. A good likelihood exists that someone else will obtain an NFT before you do.

Second issue: You could be subjected to the fury of gas wars.

In the NFT industry, a "gas fee" is essentially a transaction cost. The caveat is that your transaction will be confirmed more quickly the more gas you're ready to pay. Many individuals raise the price they're prepared to pay for petrol because there is so much competition to survive in. This results in "gas wars" where absurdly high transaction costs can reach hundreds of dollars.

To solve these issues, NFT projects have introduced whitelists. 

In the realm of NFT, a whitelist is a group of users who are given priority access to mint on a certain day and within a given window of time.

So, how exactly does being on the whitelist assist you?

1. You will always have access to mint

This resolves issue #1.

2. You may be able to obtain an NFT for nothing or at a discounted rate.

This is especially useful for those who are unfamiliar with the industry and want to give it a try without risking their hard-earned money. NFT professionals can also benefit from this. When flipping, a cheap buy results in a bigger profit margin. Who wouldn't desire that?

3. You stay out of gas conflicts.

You can select a specific time within the available timeframe to mint your NFT after you are accepted to the whitelist. This makes it possible for the transactions to be spread out, which eliminates issue #2 by reducing competition, network traffic, and gas costs.

For instance, The Prime Ape Planet NFT project debuted with a mint price of 0.25 ETH, minus gas taxes, and within 48 hours of launch, the price shot up to a floor price of 2.3 ETH on the secondary market. Consequently, a person who acquired an NFT from that initiative at mint essentially tripled their money in just two days!

The basic methods to getting your name on the coveted list are as follows:

1. Find a worthwhile project first.

Whitelists only function when a project has not yet been made public. Prior to the project's launch and before it gains a sizable fanbase, you must select a solid project. To keep on top of the game, you may utilize Rarity.tools to locate new projects or follow NFT influencers and experts on Twitter and YouTube.

2. Join the Discord group for the project.

Most NFT project activity occurs on Discord, including introductions to the founding team, significant announcements, giveaways, the project's roadmap, instructions for joining the whitelist, etc. A project's Twitter bio often contains links to the Discord group.

3. Comply with the prerequisites

For a project to be included on a whitelist, it must meet a certain set of standards. Simply make sure you satisfy their requirements is all that is required.

In order to get pre-approved for minting once you are eligible, you must enter your cryptocurrency wallet address. Then, from the options they offer, choose the time you want to mint. Just make sure to schedule the time and date you choose in your calendar so you don't forget!

Never forget or give out the seed phrase/password to your crypto wallet. 

Whitelists are advantageous to both an NFT project's creators and its customers. Most whitelist qualifying requirements include the demand that applicants "remain engaged within the community." This is so that founders may effectively ensure that the project sells out on launch day with the aid of fans who will assist market the initiative.

Listed below are several tactics for remaining "active" and getting added to the whitelist:

1. Stay Engaged

Most projects grant supporters who actually care about the cause and add value a seat on the whitelist. You must actively participate in the Discord chat and engage in substantive discussions about the project with other community members if you want to be taken seriously by the founding team and earn your seat. To show your support, tweet, retweet, and discuss the initiative on your social media platforms.

Take care not to spam! Keep it genuine.

2. Invite visitors.

Many NFT initiatives value the additional interested consumers that sponsors may attract. To invite others to the NFT project you're attempting to promote, you may send out your special invite code to your friends and other Discord servers.

There are several chat rooms on each Discord server, each of which serves a particular function. Only post in the "shill" chat area of the server when advertising an NFT project on other NFT Discord servers. In the NFT community, to "shill" is to act flashy.

3. Create fan work

Make your own fan art to express your support by drawing inspiration from the project. In addition to earning you extra points, this provides free advertisement for the project. 

4. Participate in Giveaway/Airdrop

The majority of NFT projects run contests on Twitter and Discord where they solicit participation from their followers in exchange for a chance to be added on a whitelist. Participate in as many as possible.

5. Arrive early

Most projects readily give away slots on the whitelist to early backers without making too many requests in order to generate initial demand for the whitelist itself. Here, it's important to pick out a project early on and join its Discord channel as one of the first few users.

It takes some work to be on a whitelist, but a few days of labor can provide you a chance to mint an NFT and sell it for a significant profit margin. By investing only your time and a small amount of money, you could possibly make thousands of dollars in a matter of days.

Please note that this is not financial advice. You should always do your own research before going forward.

Good luck!

Thank you for reading!

Hi! I'm Adil

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