A whitelist is a list of wallet addresses with priority access to a collection of NFTs before making it available to the general public.
Crypto-based scams are steadily sweeping the non-fungible token (NFT) space; therefore, staying up to date is the most important way to prevent both new and existing NFT scams. Aside from fraud, the intense rivalry over newly minted NFTs can cause prices to rise and transaction fees to skyrocket, making them inaccessible to early adopters.
However, these issues have been resolved by NFT providers by establishing whitelists or allowlists, granting special privileges and access to a newly minted non-fungible token. Before public minting begins, non-fungible token projects employ allow lists to restrict who can mint NFTs. For example, one can mint NFTs without worrying about gas wars if they are whitelisted.
This article will discuss the NFT whitelisting concept and process, why NFT whitelists are used, and how to get on an NFT whitelist.
What is an NFT Whitelist?
Whitelisting is a concept used in cybersecurity that refers to approving a list of IP addresses, email addresses, and applications while denying all others. That being said, it relates to granting special rights and access to a specific object.
In the NFT space, non-fungible token allowed lists are a list of wallet addresses with exclusive minting rights, granting the ability to mint one or more NFTs prior to their scheduled release to the general public, often at a lower cost.
How do NFT whitelists work?
After compiling the digital wallet addresses, early access to the newly minted non-fungible tokens is provided. Getting your address approved for whitelisting is the first thing you should do as a prospective buyer. Most projects want their NFTs to be accessible to true fans and early backers, and they screen user accounts before whitelisting them.
Selected wallet addresses are given a date and time to mint a new token once it has been added to the NFT whitelist. Each project has a different time slot duration; however, many allow lists offer a two-day window. Users must wait for the designated date and will be able to access their account at the designated time and issue an NFT as agreed.
Benefits of NFT Whitelisting
Whitelisting offers many advantages to investors, collectors and project creators. For example, allowing devoted fans to accumulate NFTs before the public can avoid a gas war. Also, being whitelisted usually results in a lower mint price than the public mint price.
This means that whitelisted users will have a free time slot to complete their purchase and will be able to spend additional money on actual NFT purchases by saving on gas fees. Also, collectors can be rewarded with airdrops if they can mint a high-value project NFT. For example, owners of the Bored Ape Yacht Club received free Mutant Ape NFTs, allowing existing users to mint new apes for free.
Similarly, project creators save up-front marketing fees and benefit from early backer promotion, who receive financial incentives to remain active in the project and attract new followers. In addition, project creators can stop spam from non-whitelisted addresses by creating whitelisted users, which is essential as dodgy accounts can drive up gas prices and reduce traffic. network performance.
Drawbacks of NFT whitelisting
Getting on a whitelist is time-consuming, as it requires constant participation on the project’s Discord server and other social media pages. Still, one may not end up whitelisted if the project fails to gain ground.
Also, scammers can perform a phishing attack and lure investors into clicking on random links. As a result, users should be careful and only communicate with legitimate representatives of the project.
Furthermore, unpopular NFTs can end up being illiquid assets that are difficult to sell on the secondary market. Therefore, always do your own research before minting non-fungible tokens and only contribute money if you are happy with the future of the project.
How to get whitelisted for NFTs?
By contributing to a project via their Discord server, Twitter, Telegram group, etc., one can get the attention of the project founders to get whitelisted. Here are the basic steps to get NFT whitelisted:
Look for an NFT project before it launches
In their early stages, most NFT initiatives look for community members who can help raise awareness and reward participants in return. One can search for projects on Twitter and YouTube or use platforms like Rarity.tools to keep up with the latest trends.
Join the NFT project Discord server
After choosing a project, join its Discord server to interact with other members of that project and contribute to its development. Additional useful information such as the background of the project founders, the roadmap, and the latest announcements can be found on the server, which can be used to assess the credibility of the project before joining the whitelist.
Follow the instructions to get whitelisted
The application process to join a whitelist varies from project to project. Follow the instructions for your chosen project to request to join an allowlist. Once you’ve met the prerequisites, you’ll need to provide your cryptocurrency wallet address, which, if accepted, will give you access to the whitelist. After being added to the whitelist, you will be given a time slot to mint your token.
How to get whitelisted on Binance NFT
As long as they satisfy the NFT or BNB requirements $312, for example, hold a certain amount of BNB holdings, to pledge their tokens for sale, clients can have exclusive access to the most recent non-fungible token sales using Binance’s NFT subscription mechanism.
Users have the opportunity to buy NFTs during the sale with participation tickets. The probability of your tickets being chosen increases as you sign up for more tickets. Also, each user has a subscription limit and the final NFT will be allocated fairly.
Preparation, Subscription, Calculation and Distribution are the four stages of the Subscription Mechanism process. All are essential to ensure that participants have equal opportunities in the sale. These phases are explained below:
The steps to participate in the sale of Binance NFT through the Subscription Mechanism are listed below:
- Go to the Binance NFT website after logging into your Binance account.
- To participate in the NFT sale, click on the banner.
- You will be taken to the subscription page, where you can see information about the project, including the total number of NFTs that have been issued, the number of tickets each user can purchase, the cost of participation tickets, subscription limit for Tickets Participation and subscription countdown.
- Comply with the required requirements determined by each sale.
- By selecting “Subscribe to ticket(s)”, one can enter the number of participation tickets they wish to purchase.
- Users can track the progress of their NFT purchase once the winning tickets have been chosen. Successful buyers will discover their non-fungible tokens in the Binance NFT User Center, while users with failed purchases will get a refund from Binance.
How to spot an NFT whitelist scam?
Since the NFT industry is still in its infancy, scammers use fraudulent ways to remove funds from victims’ wallets. So being aware of certain warning signs helps keep you protected. As mentioned, getting whitelisted involves a few basic steps. However, if a project representative or random user requests a bribe to whitelist their name, it is a scam because non-fungible genuine token creators do not control their community.
Also, if you are asked to share your private key or bank details to get on the allow list, consider this a red flag and avoid sharing such information. Also, if you received an email, text, or call from an unverified source about your whitelisting, please do your due diligence on the project before committing funds. Trust only the official links posted on the project’s Twitter account or on Telegram or Discord channels.
Is it worth trying to get on an NFT whitelist?
Getting whitelisted takes a lot of effort, including NFT pre-sales research, ongoing contribution to NFT projects, and engagement with project team members. However, you may not be whitelisted yet, as each project or platform has specific selection criteria. For example, users must meet Binance’s BNB and NFT prerequisites to participate in non-fungible token sales using Binance’s NFT subscription mechanism.
Regardless, the opportunity to gain early access to intriguing initiatives is usually worth it, as one can buy NFTs cheaply and avoid costly gas wars and costly secondary market transactions. Additionally, users can use whitelisting to bolster their investment portfolio if they have the right plan and are willing to put in the effort.