How to Get an NFT Whitelist Spot

2022-03-24, 04:13

Getting an NFT whitelist spot is like coming out on top in a keen contest. You enjoy privileges when whitelisted, such as the leverage it gives you when minting. You may ordinarily not get the NFTs for the low prices you get when whitelisted.

If you mint NFTs on marketplaces such as Opensea or Rarible, you may need to pay a gas fee apart from the actual price of the NFT. The gas fee is used to confirm your transaction. If there is a massive demand for that particular NFT, it may lead to a gas war characterized by increased gas fees. Individuals who purchase their NFTs from Opensea or any of the NFT marketplaces are usually at the mercy of the market to determine how much they will pay. Meanwhile, secondary owners sell most of these NFTs on these platforms. These secondary owners are individuals who have leveraged their NFT whitelist spot to gain access to NFTs at meager prices.

The NFT space is becoming increasingly competitive, with over $44.2 billion worth of NFTs sold in 2021, according to Chainanalysis. Hence, if you want to trade NFTs, you should figure out ways of getting them at lower prices. This article will explore what NFT whitelists are and how you can get an NFT whitelist spot.

What is an NFT Whitelist?

An NFT Whitelist can be described as a group of wallet addresses that have received first-hand access to an NFT collection. You can liken it to a backstage pass for a concert or a ticket to an exclusive album listening party. An NFT whitelist spot is your best shot at cashing out on an NFT project, as you can mint (purchase) the NFT without the gas fee. For example, creators sold the Bored Ape NFTs at release for 0.08 ETH, and as of today, the minimum price for a Bored Ape NFT is 94 ETH ($235,000).

In a Chainanalysis study, users who have an NFT whitelist spot and sell their new NFTs make profits 75.7% of the time. However, users who are not whitelisted make profits about 20.8% of the time. Furthermore, users who are not whitelisted lose resale about 78% of the time.

Source: Chainanalysis

The returns made from being whitelisted are considered a reward for the role played by the user in ensuring the project's success. Individuals on an NFT whitelist are integral to the buzz and hype generated for an NFT project. Hence, they are crucial to the project's success.

How to Get Whitelisted for an NFT Project

There are steps to take before you get whitelisted for an NFT project. Some responsibilities await you after getting shortlisted apart from the perks you enjoy.

Here are some of the ways you can get shortlisted.

NFT Launchpads

There are specific platforms that allow for the minting of NFT collections. Some of these launchpads are other NFT collections that would enable holders of its NFT to be part of the whitelist for another NFT project. You can inquire about NFT collections serving as launchpads for other upcoming NFTs.

Alpha Groups

These are closed Discord servers where members share information about NFT projects. In these groups, members share exclusive details on NFT projects. Members of these groups leverage their access to information to get whitelist spots for themselves on upcoming NFT projects. You can access these alpha groups by belonging to more open platforms on Discord and Twitter. You can also follow blockchain influencers on Twitter and YouTube for information about some of these alpha groups.

Purchasing Previously Released NFTs

NFT creators are likely to reward buyers of their previous NFTs with whitelist spots on their new projects. One prominent example is the Invisible Friends NFT collection that announced they were reserving 50% of their whitelist spots for holders of Random Character Collective, which was their old NFT project.

Being an Active Member of the NFT Project's Community

This method is one of the ways of getting noticed by the creator of the project. It is doubtful that creators will see inactive members of the project's community. When different activities occur in the project's Discord server or on social media, ensure participation. You can go the extra mile by creating fan art or even music for the collection. The creators want to see members of their community who will add more value to the NFT's ecosystem. For example, HAPEBEAST suggests that people who want a spot on HAPELIST need to create art, music, poetry, or food that revolves around the NFT. Active participation is the least expensive method of getting whitelisted for an NFT project.

NFT Content Creator

Individuals who create content for the NFT space are likely to get whitelist spots offered for free. If the content creator has an audience, NFT creators may offer them whitelist spots on their project in a bid to get promoted.

Conclusion

As an active player in the NFT scene, you should attempt to grab an NFT whitelist spot. You are assured of making a more significant profit when you mine the NFT as a whitelisted address than when you buy from a retail seller.

Author: Gate.io Observer: M. Olatunji
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
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