Nft whitelists and how to get on these exclusive lists

Of CNBCTV18.com September 28, 2022, 7:47 am IST (published)

NFTs have become famous in recent years. Today, every time a new NFT project is launched, investors clamor to get their hands on a piece of the collection. This often results in pandemonium and chaos around the project’s launch and also leads to fraud in some cases.

With this in mind, renowned NFT projects have introduced a new system to bring their collections to the public. It is called the whitelist. Join us as we explain what an NFT whitelist is and how to get on these exclusive pre-sale lists.

What is an NFT whitelist?

A whitelist is a database of wallet addresses that get early access to an NFT collection before it is publicly launched. Those on the whitelist have the opportunity to buy newly released NFTs before the rest of the market, and at much lower transaction fees.

The wallet addresses that make up the whitelist are usually carefully selected users who have supported the project in its early days. These users interact, promote and discuss the NFT project on Discord and other social media channels. They create hype around the collection and help build steam before the release.

Why do we need NFT whitelists?

As mentioned earlier, with a standard NFT release, there is often a frenzy of investors trying to get a piece of the collection. This results in a gas war where investors try to outbid each other by paying higher transaction fees to ensure the purchase goes through.

Not only does this lead to increased costs, but it also creates an unfair environment where those with deeper pockets get away with NFT, but those who have always followed and supported the project are often left empty-handed.

Moreover, it can also create an atmosphere conducive to fraudsters. Bad actors can target desperate investors, who claim to have a piece from the collection and demand a slightly higher price. Unable to purchase NFTs through official channels, desperate investors pay the higher amount, only to find that they have been ripped off from their hard-earned money.

NFT whitelists ensure that new releases are made available to the public in a democratic and fair way. They also ensure that the collection is dropped in an organized and flexible way.

Furthermore, since the project directly offers a whitelisted address the opportunity to purchase NFTs, it ensures that there is no room for fraudsters to deceive unsuspecting investors. And finally, whitelists also ensure that early backers are rewarded for everything they do during the early days of the NFT project.

How to get on an NFT whitelist?

Getting on an NFT whitelist is easier said than done. It is, after all, an exclusive group of individuals who have supported the project in several ways and have been selected by the collection’s creators. However, this does not mean that it is impossible to get onto an NFT whitelist; it just takes a little work.

The first thing you need to do is identify NFT projects that can make whitelists in the near future. You also need to find out which of these projects has future potential. There are many websites and platforms that will have a list of upcoming NFT projects and all the need to know details. Once you have gone through all the information, you can find out which projects you want to put your efforts behind.

Then you will first follow the project on all social media channels, starting with the Discord server. In addition to providing you with all the updates regarding the project, the Discord server should also offer you an opportunity to sign up for the whitelist. Typically, the whitelist details are provided in the announcements section of the project’s Discord server. If these details are missing, you can post a request on the forum and other users should steer you in the right direction.

Also note that each whitelist may have a different set of eligibility criteria. Some projects may ask you to refer 5 friends to the discord channel, follow their social media channels, like and share specific posts, etc.

But even after doing all these things, there is no guarantee of getting a spot on the whitelist, as many others will go far beyond the basic criteria. These people will sign up early, interact regularly on the Discord server, participate in giveaways, and even create fan art.

Also, if a crypto exchange creates a whitelist, there may be different eligibility criteria. For example, on Binance, the eligibility criteria requires you to maintain a minimum daily average of BNB tokens in your account. They also need you to lock in a certain amount of a specified cryptocurrency to be eligible.

Conclusion

Getting whitelisted for an NFT project may seem like a lot of work, but it’s worth it. You may be offered first-time discounts and discounts on burgeoning NFT projects. This allows you to buy low and sell very high. Also, all the steps required to enter a whitelist should not cost you anything, but they can lead to significant returns and should be worth all the effort.