The people who get Whitelisted for an NFT drop are eligible to mint the items before anyone else in the presale category.
Moreover, they get the option to mint the collectibles at a lower rate, and they receive complete assurance for collecting a launch item after the sale is over.
The only drawback of this whole process is that they won’t be able to see the product they are minting until the public sale is over. This means that the collectible that you have managed to mint might not be as precious as you might have expected.
NFT Whitelist Meaning
NFT Whitelist refers to the process of getting a crypto address pre-approved for an NFT drop which in other terms is also known as Mint.
This means that your wallet address has now been made public, and it has gone through the procedure of approval for a future drop.
The process of Whitelisting is basically useful for two different variables:
- To constrain the gas war
- To present a special token or reward for the early participants or collectors of an NFT collection.
The psychology behind whitelisting a few collectors and participants early on is pretty straightforward.
Since gas wars are pretty common for NFT drops, the early supporters and participants receive assurance for the drop.
This way, the artist makes sure that their initial supporters can get a spot in their pre-launch, and they would also potentially be able to mint the NFT at a reduced price.
This is a premium business strategy that hooks the supporters early on.
How Do I Get NFT Whitelist On Discord?
Some of the basic steps to get your wallet address whitelisted on the Discord server of a particular NFT project are mentioned below:
Step 1: Spot Your Desired Project
Whitelisting method is only applicable for projects that are yet to be launched.
Keeping that in mind, search for a few NFT projects that are yet to be released and see if you resonate with any of them. One of the best ways to spot upcoming NFT projects is by staying active on Twitter and Instagram.
These are two of the most common social media platforms used by artists to tease their launch. Hence, being active on these platforms can prove to be very beneficial for the fellows who are looking to get whitelisted.
Also Read: Best NFT Twitter Account to Follow
Step 2: Join Their Discord Server
Discord is where the actual gameplay is laid to action. The NFT artists get on the Discord server of their project to announce the launch time and date and the potential perks that the early birds will be receiving; they also use the group to conduct virtual events to engage their supporters.
Step 3: Follow The Criteria
Next up, you will have to follow the criteria listed by the managers to get whitelisted for the pre-launch.
The moderators and artists will mention a few tasks that you have to complete within the due time to get your wallet address whitelisted. You can then move ahead and select a time of your choice for the launch to mint your NFTs.
What Is The Presale Whitelist NFT?
Presale Whitelisting is the process of shortlisting specific wallet addresses for the launch of an NFT collection.
These collectors are given the assurance of minting NFTs from the collection at a specific time of their choosing.
By getting their wallet address whitelisted, the users get the following perks and benefits:
1. Guaranteed NFT Minting
If you have got your wallet address shortlisted, it is guaranteed that you will be able to mint NFTs from the collection that you are supporting. This gives a sense of assurance to the collectors who have been supporting their favorite artists since the beginning.
2. Early Bird Prices
Whitelisting the wallet address also comes with several perks and benefits. Since the participants are called to follow several rules of the competition to get their wallet addresses whitelisted, they are rewarded with reduced prices for minting their NFTs.
They are also awarded bonus NFTs for free as perks and benefits. This is an engaging way to reward your initial support and create a sense of enthusiasm in your community.
3. Steer Clear Of Gas Wars
One of the basic concepts of minting NFTs is that the more a collector is willing to pay for the gas fees, the faster they will be able to get their transaction processed. This is the main reason for the higher gas fees that the participants pay for the collection.
Hence, in order to steer clear of the considerable chaos of the gas wars, the artists introduce the whitelisting method for the early participants of the collection launch.
What Is NFT Presale?
Much like early bird launches and early bird price points, the NFT collections available for presale are offered at reduced prices which is alluring to the investors and the collectors.
This basically means that a certain portion of the collection will be up for grabs at cheaper rates for a limited period of time.
This is again kind of a skeptical concept for several who have been investing quite a few times in the NFTs space.
There are several managers and moderators who put up false information regarding the presale to lure in their investors and trick them into spending their crypto for scam launches.
It is important to be mindful of the fact that the project coordinators and manager will not take the time of their day and message each and every participant individually for the minting link to their collection; however, that is not the case with the scammers out there so watch out for them.
If you have successfully managed to get your hands on several NFTs during the presale launch, the real art pieces that you have managed to mint will only be revealed after the launch is over.
This is because the items available on a presale are not yet ready to purchase, which is why the collectors have to wait till the end of the launch to know how rare or enticing the art piece is that they have purchased.
What Are The Disadvantages Of NFT Presale OR Whitelisting?
As per the owner and user analysis, it has been found that the NFT presale and Whitelisting can get a little costly for the owners of the collection who are putting up the sale.
Almost 1000 wallet addresses have to be Whitelisted for the presale, which costs a hefty amount for gas storage. This is one of the main drawbacks of the NFT presale and Whitelisting.
Let us consider a few more disadvantages for the NFT creators and investors:
1. Flipping Of NFTs
There are a few collectors out there who get involved in the process of flipping the NFTs they have purchased from the presale collection by selling them in the secondary NFT markets like OpenSea to make a profit.
This brings down the public minting fees for the NFTs, which pose a considerable amount of loss for the other collectors involved in the public sale. This can have an adverse effect on the morality of the collectors who are involved in the sale as well as the owner of the collection.
2. Scamming Collectors
You would be surprised to see the lengths people would go these days to scam the genuine collectors of an NFT sale. There are several hackers out there who replicate the website of an NFT sale and personally message the minting link for the said website to potential collectors.
This is one of the most common practices in the Discord community, which people should be aware of if they are new to the space.
Conclusion
While the whitelisting method is quite approachable for the NFT creators and the coordinators of the launch, there are several downfalls and shortcomings involved in the process. One of the main shortcomings is the lack of trust within the community.
There are hackers and scammers out there who are constantly trying to make a quick buck by scamming the collectors and the owners of the NFT launches.
So, before you get involved in the process of whitelisting, make sure that the collection you’re about to invest in is genuine.
Either way, the presale launches are one of the best ways to get a quick hand in the NFT collection, although you won’t be able to see the collection pieces you have minted till the public launch is over.
