A whitelist is originally an IT term that connotes an index of entities considered acceptable and trustworthy. Whitelisting is a cybersecurity strategy used to protect computers from potentially harmful applications. Adopting the computing term to the NFT space couldn’t be more ideal, considering the numerous issues faced by project developers that could harm their project. Let’s look at what NFT whitelists are all about.
What are NFT Whitelists?
Whitelisting in NFT lingo means pre-approving users’ for an NFT project. The pre-approval allows users to mint NFTs in the collection before a public launch. An NFT whitelist is no more than an early access list of the eligible crypto addresses.
NFT whitelists have become famous for crucial reasons, among which are:
- Forestalling Gas wars
Before whitelists came to the fore, NFT traders often got caught up in gas wars, a situation where many traders compete for their transactions to go through first. They do this by offering more gas fees to miners who validate transactions. As a result of the high network traffic, gas fees keep skyrocketing, and those who can’t afford them stand a little to no chance of a successful transaction. Gas wars preclude small-sized traders from many NFT projects. By introducing whitelists, anyone can get early access to mint at reasonable gas fees without fighting for a spot with thousands of competitors.
- Rewarding supporters
NFT whitelisting rewards early and genuine supporters of a project. Entry requirements usually range from being an early member of the group to performing simple tasks such as engagement on social media, inviting members, and creating memes, infographics and fan art.
- Creating balanced projects
NFT whitelists increase the number of unique hodlers in an NFT project by lowering the barrier to entry. This ultimately creates a healthy, balanced project with significant upside potential.
How to get an NFT Whitelist spot
- Discover projects before launch
NFT whitelist offers are valid only before launch, and to get on one, you must find projects that have not yet launched. Finding new projects isn’t that difficult as the market keeps booming, and there are now some social media pages and websites that list upcoming projects. A simple Google search will set the ball rolling.
- Join social media groups and participate
After deciding on a project, look through their social media, mainly their Discord, Twitter and Telegram pages. Check their announcement pages, pinned tweets, roadmaps, etc., and ascertain that they might be worth investing in. Actively participate in community discussions, and create informative content, memes, and fan art.
- Apply for the spot
Follow the project’s guidelines to apply for the whitelist spot. As said earlier, requirements to clinch a spot broadly vary. For example, some projects may require nothing except filling out a Google form, while others are big on active participation and referrals.
Never Compromise Security
While you are on the grind, looking for the next blue chip to get in on, it is crucial to remember two things:
- Not every NFT project that offers whitelists ends up being successful.
- Unsuspecting traders still lose their money from hacks and phishing attacks. Per Certik’s report, the total Q2 attacks increased by 170% from the first quarter. Hence, you must remember never to share your recovery phrase with anyone and also remain conscious of ways to tighten your wallet security.
The bottom line on NFT Whitelists
As the NFT market keeps snowballing, more investment strategies come to the fore with the potential to reduce pain points and enrich timely investors. While getting an NFT whitelist spot does not guarantee a profit, it does increase the chances of a project’s success.