Are you interested in gaining profit from your NFT crypto assets? By getting whitelisted for an NFT project, you can become one of the early supporters, which means less costs and more gains. However, understanding NFT whitelisting may be challenging, especially if you aren’t familiar with handling digital assets.
Doing your own research is always recommended, but this article will give a head start for navigating your way through the NFT world. Read on to learn what you can do to get whitelisted for NFT projects and uncover all the benefits having a reserved spot for NFT minting can bring you.
What Is an NFT Whitelist?
An NFT or Non-Fungible Token is a digital asset that can’t be exchanged for any other token. While most NFTs eventually become accessible to wider masses, projects that promise high-profit margins are minted before being presented to the public. These projects are put on NFT whitelists – which are essentially slots reserved for those who are very engaged in them.
NFT whitelists are typically limited because they represent a guaranteed profit. If an NFT project is whitelisted, this will be evident in its smart contract code. You can also look at the project’s description on exchange pages or on the project’s own website to see if it’s whitelisted.
A Guide to NFT Whitelisting
There are many strategies for securing crypto assets through an NFT whitelist. Here are some of the most common ways you can get this done.
Start by Doing Thorough Research
The first rule of obtaining a whitelist spot is to research the different tokens you have access to. It’s also worth investing time and energy into exploring the entire NFT world to avoid getting scammed and incurring other financial losses.
Explore NFT platforms to find out about upcoming projects early on. The sooner you learn about a token’s potential to become a sound investment, the sooner you can take the necessary steps to get whitelisted.
Find Appropriate NFT Projects
Whitelist spots are available to those who learn everything they can about a particular token. To do this, you first need to find appropriate NFTs you can invest in – and you must do this before they become available for public sale.
You can use many tools to find upcoming projects, project teams, and NFT influencers or learn about an NFT presale before it hits the secondary market. This way, you can avoid network congestion and gas wars.
Become One of the Early Supporters
Not only do you need to look for valuable NFTs, but you also must become one of their early supporters. Hosts create initial demand for their project by offering reserved minting spots and asking very little in return.
Join an NFT Project Discord Group
The best way to get closer to a whitelist NFT project is to join the project’s Discord group. You’ll find links to these groups on the project’s website or the creator’s social media channels. NFTs enjoy wide popularity in the Discord community, so you won’t have trouble finding the one you are interested in.
Pay particular attention to the announcements on the main Discord channels. They often contain valuable information about the token or even a chance to earn an NFT whitelist spot.
Follow the Instructions
Whether you’ve learned about a token’s value on its Discord channel or anywhere else in the NFT world, getting a whitelist will require you to follow instructions specific to each project.
One of the most common requirements posted by the hosts of a brand new project is to stay engaged in the community. After all, creators need as much help as they can get promoting the token so they will be able to sell it when it goes public.
Another criterion for getting pre-approved is to provide your crypto wallet address to the founding team. Having done that, you will receive instructions on when you can mint an NFT. This usually includes a certain timeframe with several options, so make sure to choose the best option and mark the particular date in your calendar.
Contribute to the Project Group
You can contribute to the project’s growth by sharing it on social media platforms. Or, better yet, let the project inspire you to create art, which you can also share on social media.
Social media is a free advertisement tool. Sharing your project attracts more interested people, potentially lowering gas fees for everyone who gets whitelisted. You can also organize a fan art show and highlight your talent in more than one field.
Invite Others to Your Group
Even if art isn’t your thing, you can still find ways to attract and invite others to NFT projects. Creators often incentivize early supporters to invite more members to Discord groups by offering them whitelist spots.
The host will send you unique codes, which you can forward to your friends and family members even if they are connected to another Discord server. Each server has several chatrooms, so make sure to use the appropriate one to promote NFTs on other servers.
Whitelists are typically offered to those who show interest in a project. Feel free to interact with the members of a project’s discord group to show you can add value to the project – and not just by minting tokens.
Engaging in conversations about the NFT with the host and other group members, asking questions, or offering advice are well-established strategies for getting noticed and earning a reserved slot for minting.
Talk about the projects on social media but pay attention to what others are saying to avoid asking the same questions. No one likes spam, and creating it will not get you closer to your goals.
Don’t Miss Out on Giveaways
Follow NFT influencers as they often offer giveaways on Discord and other social media platforms. Participating in these giveaways can earn you an invitation to a project Discord group or a whitelist, so it’s worth paying attention to them.
Benefits of Having an NFT Whitelist Spot
The reason whitelisting non-fungible tokens are becoming so popular is that they often have the potential to become sound investments. You can reap several benefits by putting in the necessary effort, money, and time to get an NFT project whitelist.
The most enticing reason for getting a whitelist is that you get to mint an NFT for a lower price. Project creators often reward early supporters with discounts or even a free NFT.
The number of reserved slots for some NFTs can be limited – however, in most projects, there will be plenty of team members to mint tokens.
Despite selling it for less, the host will benefit from the increased number of tokens extracted by those interested in gaining revenue from this endeavor. In fact, the lower the price of a whitelist, the larger the profit margin will be.
Unlimited Minting Access
The number of available NFTs is constantly on the rise – as is the number of people interested in them. Because of this, not everyone will have minting access to the token they are interested in.
As they usually allow investors to earn thousands of dollars in a short time, high-value projects are typically sold out as soon they become accessible to the public. The only way to guarantee unlimited minting access to these projects is to get a whitelist.
Reduced Gas Fees
You must pay a fee for every transaction you make in the NFT space. This is called a gas fee, and it determines how fast you can begin your minting process. If you want to start as early as possible and avoid congestion, you will have to pay higher transaction fees. Despite this catch, the competition for some tokens can get so fierce that people often get into so-called “gas wars” by trying to outbid each other when purchasing the NFT.
However, this only happens when a project becomes available to the public for sale. Those who gain early access to minting don’t have to pay ridiculously high transaction fees, nor do they have to get into gas wars.
While there is a predetermined extraction window for every NFT, if you are on a whitelist, you can even choose when to mint your tokens within this period. This further reduces your transaction fees as you can make them when it’s convenient for you and without risking running into traffic that would raise the price.
Dangers of Minting a Whitelisted NFT
While highly advantageous, minting a whitelisted NFT also has its own dangers. One of the most notable disadvantages of a whitelist is that it doesn’t always secure the highest profits. Guaranteed slots for high-demand projects can be expensive. If you can’t manage to flip it for the expected price or can’t find anyone to buy it, you will lose money.
Even a free token can cause headaches if the other NFT project team members do a rug pull on you. The only way to avoid scams like this is by doing thorough research on the hosts, the team members, and the project itself.
If you are interested in NFT projects, getting whitelisted is a great way to start. While this may seem challenging, the research and preparation you put into getting whitelisted will be worth it.
At the end of the day, all it takes is to find projects that promise a high-profit margin, invest in them and enjoy a considerable return. It’s also worth keeping up with the latest happenings in the NFT space as things tend to change in a matter of days, if not hours.