Understanding NFT Whitelisting

Hi guys, so am back with sharing something I just learnt. It feels weird learning something new and not sharing it with you guys. I have been noticing the word whitelisting on Twitter for a while, but it’s always associated with NFTs. I was reading a post by @cryptosneeze, you can check it on Welp, I got rug pulled (Alienships.io) and I came across the word whitelist again. This was where I decided that it was time I check what this word meant.

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NFTs are obviously the most popular thing right now in the crypto community, I think there was a time it was said to be the most googled word on Twitter. Majorly because of the high money influx from it, it gave people the impression that they can easily make that life changing money from NFTs. While lots of people have actually made life changing money from NFTs, some people are trying and this means that that they have to keep trying to collect more and more NFTs. Who knows? They just might make that life changing money from it.

The Ethereum blockchain is one of the most used blockchain for NFT minting, I think it should be the most used blockchain to mint NFTs. We do know that the Ethereum blockchain uses a proof of work mechanism to validate transaction and this causes high transaction fees. NFTs are a different token on the Ethereum blockchain, this means more transactions fees thereby creating gas fee wars. That’s the reason you see a huge gas fee when NFTs try to get minted on their minting days. Lots of people are willing to pay high gas fees to get their transactions processed thereby creating higher gas fees, you know, the first come first serve kind of thing.

Whitelisting was created to cut that off, it’s a process where a list of Ethereum address get chosen to be allowed to mint NFTs on a minting day. There need to be a process and this process lets the early buyers get access to mint the NFTs and in the process reduces the gas fee wars. We have seen situations where the gas fees of minting NFTs cost more than the price of the NFT. This is because of how quick people want to get the NFT before it gets completely sold out.

They are different ways of getting whitelisted, this is only possible when a new NFT project is about to be launched. So to get whitelisted you need to find and discover NFTs before launch, this way, it gives you better chances, you can as well call yourself an early adopter. When finding NFTs before launch, joining the discord group is usually the next step to take for whitelisting. This way, you get all the necessary information needed to get whitelisted.

When the instructions for whitelisting comes, follow the instructions and wait to get whitelisted. Most times early NFT investors or buyers get rewarded for believing in the project enough to want to be its early investors.

Searching for new NFTs to invest in before its launch is kind of hard and finding a genuine one is way harder. Scammers and fraudsters are everywhere, you honestly can’t differentiate. Besides new NFTs are always created every minute, you don’t know which NFT is worth investing on or not. There are people that buying and selling NFTs is their job, while there are NFT influencers that like to talk about NFTs. While I will not fully advise anyone to check out YouTube or Twitter NFT influencers, they tend to always have latest information regarding new NFT projects to promote. Be careful while doing this though. Not a financial advise.

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