The good news is that you can quickly get on most NFT whitelists simply by chatting and engaging with the project creators. This can be done on Discord, Twitter, and other social media channels. This approach has helped NFT projects build enthusiastic bases of followers who are eager to flip freshly-minted tokens for profit. It has also prevented them from getting flooded by spam accounts and bots that cause gas wars.
Access to Rare Tokens
Getting on a whitelisted NFT is like hitting the lottery in the virtual world. Buyers covet these lists because they allow them to mint NFTs from a collection before the rest of the public does. This provides an excellent opportunity to profit quickly by flipping the rare tokens on the secondary market. Each NFT project will have its criteria for who gets on its whitelist. Typically, these will be the project’s earliest fans and followers who help grow its following and attract new investors. The founders of an NFT project also look favorably upon supporters who help them promote their product and increase traction for the token launch. Typically, an NFT whitelist will require you to join its Discord server and participate in community discussions. The founders will see this engagement as a sign of your genuine interest in the project and offer you an early spot on the list. You can further show your love for the project by tweeting, retweeting, and discussing it with other community members on social media.
Early Access to the Minting Process
Projects can get overwhelmed by the number of people trying to mint NFTs, so whitelisting is used as a form of filtering. Think of it like the bouncer at a VIP club; only those on the list are let in. To join an NFT whitelist, you must be an authentic fan and early supporter. The first step is finding a new NFT collection you’re interested in and following all of the project’s influencers. Then, sign up for a Discord server for the project. This is where most NFT drop information, including whitelist instructions, will be posted. NFT projects will then invite you to join their whitelist with a specific time window when they’ll be minting the NFT. This helps avoid “gas wars” when too many people try to mint the NFT simultaneously. This can result in expensive gas fees that may drive other potential buyers away from the NFT. Some NFT projects even reward their loyal fans with free tokens to help them participate in a mint event. These giveaways help to build a community and show that the project values their contributions. This can also help the project attract more investors and media attention, translating into higher sales.
Access to Discounted Tokens
NFT projects rely on whitelist spots to establish an enthusiastic base of fans that will guarantee them early access to newly minted tokens. However, fierce competition for these tokens can lead to price spikes and transaction fees, affecting traders’ profits. Securing your spot on an NFT whitelist involves hours of online engagement, including publicly touting the project on social media and interacting with other community members in its Discord server. You may also need to participate in giveaways or submit art related to the project’s theme. This can be time-consuming and expensive without guaranteeing the project’s success. In addition to reducing competition, NFT whitelists help avoid “gas wars,” which occur when many users try to mint the same token simultaneously. This demand drives up transaction fees and can cost traders hundreds of dollars. Whitelisted users, on the other hand, are given an open time slot to mint their tokens, which helps reduce gas costs and maximize profits. NFT whitelists are a valuable tool for both investors and casual gamers alike. By allowing early access to rare collectibles and helping to prevent excessive price spikes, NFT whitelists can boost your portfolio and improve your overall trading experience.
Access to a Community
Getting onto a project’s whitelist usually involves being an early supporter. This means actively searching out new collections, signing up for waitlists on Twitter, and joining Discord servers to keep up with the latest news. Discord is also where most major NFT projects announce their whitelist, so joining early ensures you don’t miss instructions on applying for a spot. Some projects will even reward their most loyal supporters with a spot on the whitelist through art contests. Other ways to gain a spot on the whitelist include sharing and retweeting the project’s social media posts, participating in giveaways, or even shilling (inviting others to join the community) to get a spot on the whitelist. Once you’re a part of the whitelist, you can expect to receive notifications about the minting process well before anyone else. This will help you avoid “gas wars,” which are transactions that take up more of the Ethereum network’s processing power than they should and therefore slow down all other legitimate transactions. As a side benefit, many NFT creators use their whitelists to identify their most enthusiastic followers so they can ping them for help, feedback, and advice. It’s not unlike the bouncer at a nightclub checking IDs or the staff at an exclusive hotel welcoming VIP guests.