This leads to gas wars resulting in ridiculously high transaction fees going for thousands of dollars. Since public NFT sales dont require whitelisting, a high number of users interacting with the smart contract simultaneously can cause transaction fees to rise significantly. Restricting the mint period can also prevent bad actors from attempting to monopolize the projects NFT market. Also be careful of any links people send you. To ease this situation, many projects have adopted a whitelisting approach. NFTs are an emerging asset class that is still evolving. Criteria for whitelisting approval varies from platform to platform, although some requirements are more transparent than others, like. Learn more about Ed. You can then paste that address in a plain text editor (like notepad) to double check that it was copied correctly. All Rights Reserved. Besides minting priority, users of whitelisted addresses may enjoy other benefits like reduced transaction fees and exclusive content, depending on the project. If there isnt any information there, explore the other channels of the Discord group. today to participate in a fair NFT whitelisting process and enjoy the benefits of being whitelisted. There is no reason for someone to have that information. Read the following helpful articles for more information: (Support) How to Get Started with Binance NFT Marketplace, (Blog) Common NFT Scams & Safety Tips 2022, (Blog) Metrics To Guide Your NFT Buy And Sell Strategy, (Blog) Buying and Selling NFTs - Understanding Transaction Fees, (Academy) 7 Things You Should Know About NFTs. There is no guaranteed way to get on an NFT whitelist as requirements will differ. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. According to the terms included in article 22.2 of Law 34/2002 on Services of the Information Society and Electronic Commerce, if you continue browsing, you will be giving your consent to the use of the aforementioned mechanisms. SHAPE is the peoples real & ultimate crypto, Million Dollar Crypto Farm James Renouf 2022 Review| The Unbiased Review, Bored Ape Yacht Club Creator Buys Crypto Punks & Meebits, How Generative NFT Reveals WorkOptions and Strategies for a Smooth, Secure, and Profitable, People are *Really* Stretching NFT Roadmap Amenities These Days, More from Generative NFT Programming Articles. For example, a project may allow only its whitelisted users to mint NFTs anytime within a predefined 48-hour period. This happens when users compete to get their minting transactions approved first, driving up gas costs and leading to what we call gas wars. The statements made in this article are for educational purposes only and should not be considered financial advice or an investment recommendation. If youre interested in minting NFTs, consider applying to get whitelisted and increase your chances of a successful mint. What are avatars and why do you need one in the Metaverse? Please note that this is not financial advice. You can tweet, retweet, and talk about the project on your social channels to show your support. It is possible that you missed the whitelist period or that the project does not have a whitelist. Pre-sale NFTs are loved by many because they give them an idea of what the project will be like, how booming it will be and if it will be a good investment option, if you want to become an investor you must follow up on the best options that are ready to go out with their pre-sales and there venture into this world of NFTs. Its important to only complete the tasks that you feel comfortable with. Once you feel confident about a project and you have done your research, you may want to go ahead and join their whitelist. For NFT projects, Discord is the primary communication tool, followed by Twitter. by entering a projects chat group. Each Discord group may vary from project to project, but information about the whitelisting process is usually posted on the Announcements channel. This is also beneficial for NFT pros. pre-sale NFTs, known as token pre-sales, is an opportunity given to investors to acquire NFT at a lower price, all before its official release on the market, many specialists in the Blockchain world affirm that presales are an excellent time to invest in new projects, but it depends on the trust that is generated around that presale. For example, if 100 people are given a free NFT and the public is asked to pay 1 SOL for the remaining 900 NFTs, you run the risk of those with early access trying to flip their free NFT for a small profit (.5 SOL) which then establishes a secondary market floor price below the public mintprice and adversely affects those other 900 people. Whitelists and presales are a promise of future access to an NFT project come mint time. introduction to the founding team, major announcements, giveaways, projects roadmap, instructions to getting on the whitelist, etc. If you like seeking new opportunities and trying novel products, this should be right up your alley. The term whitelisting comes from the information technology/cybersecurity world and generally means an allow or safe list, but in the NFT world it means something more specific. Scammers may pose as legitimate members of the NFT project team with access to the presale and send direct messages to community members on the NFT projects Discord server. For example, The Prime Ape Planet NFT project launched at a mint price of 0.25 ETH excluding gas fees and jumped to a floor price of 2.3 ETH on the secondary market within 48 hours of launch. For example, people can (and will) send you bogus/malware NFTs to your wallet. And best of luck getting whitelisted for your favorite project! When youre looking for articles about NFT whitelists (which Ill refer to herein as allow lists), youre going to naturally run into quite a lot of tech articles and thats great. A gas fee is basically a transaction fee in the NFT space. However, issues have arisen whereby whitelist links or presale access to NFT projects have been misappropriated to members of the public who were not whitelisted and should not have had access to the NFT presale. There is no standardized process for whitelisting; some projects may even grant pre-approval if you are actively participating in community events and chats, with no formal submission needed. Transaction fees on the Ethereum blockchain can be enormously high when the network is congested. The key here is to identify a project at an early stage and become one of the first few members of their Discord channel. The point is that each project is unique and will have its own rules for getting whitelisted - only do what you are comfortable with - there are many other projects out there. Disclaimer: Cryptocurrency investment is subject to high market risk. There is a high chance that someone else will get their hands on an NFT before you do. Find out about the latest news related to the world of Blockchain technology! One example of fraud is when someone repeatedly buys and sells their assets to inflate prices artificially. Each Discord server has multiple chat rooms that are used for different purposes. Where do you find your public ETH address? With NFT scams prevalent, it is advised to always, Once you have done your research and decided on a project, you will need to. NFT Projects have found ways to limit the number of whitelist spots or time to join to unlock whitelist perks which can create a flourish of NFT collectors joining a community in a very short period of time to try and achieve preferred status. Whitelisted users often get priority or guaranteed access to mint NFTs, avoiding the competition, on-chain traffic, and soaring gas fees. However, if you are not an early adopter, you need to be aware of the risks involved as you are placing trust in a new project that has yet to prove itself. Alternatively, ask other members of the group in the community chatting channel. To be whitelisted means that you have gone through the process/steps, as defined by the NFT project team, of getting your ETH address pre-approved to mint an NFT at some predefined date and time. Implementing whitelists for NFT mints helps to bring individuals into projects at early development stages before marketing starts and hype begins to build. NFTs (non-fungible tokens) are constantly evolving, encapsulating proof-of-ownership for assets as far-reaching as digital art, metaverse land sales, NFT gaming items, and even physical items. While attracting many users is a sign of a successful NFT project, it also means that there will be more competition to mint NFTs. About the AuthorEd is NFTskas lead Editor and Author based in the Los Angeles area. This is especially great for people who are new to the space and want to give it a go, but dont want to risk their hard-earned money. Learn how to get whitelisted on Binance NFT and other NFT projects in the market. Do not interact with those NFTs. There are a lot of scams in this space. Sign up for a Binance account today to participate in a fair NFT whitelisting process and enjoy the benefits of being whitelisted. If you mint NFTs that are unpopular, they might just end up being illiquid assets that are difficult to sell on the secondary market. With such a wide cast of use cases, it's no wonder that the NFT phenomenon has become such a popular area within the crypto space. To find such projects, one place to look at the upcoming projects on: Another option, and one that requires more time and effort - but may lead to better results - is to follow NFT influencers on YouTube and Twitter to get the latest on what is happening in the space. To really get noticed by the founding team and earn your spot, you must actively engage on the Discord chat and have meaningful conversations about the project with other community members. TheNFT GamesThey are the phenomenal trend when it comes to technology innovationBlockchain! Take inspiration from the project and make your own fan art to show your support. In other words, to get whitelisted, youll need to be early. Early in 2021 when NFTs started to take off, particularly PFP NFTs, there was a mad rush of people trying to mint NFTs at the launch of a project. Generally speaking, it is not "unsafe" to give out your public ETH address to projects you trust since your public address does not give them access to transfer funds or NFTs out of your wallet. Talkado has released 10 exquisite and original NFT characters, The pre-sale is ready for next March 20 where the first tokens of this game can be purchased and it is officially expected to be launched on April 7 of this year. The whitelist not only guarantees a supporter a spot to mint, but could also allow for a reduced price for the NFT (or even a free NFT). You can use Rarity.tools to find upcoming projects or follow NFT experts and influencers on YouTube and Twitter to stay on top of the game. This situation is known as a gas war since people are competing to mint the NFT as quickly as possible before it sells out (the more gas you are willing to pay, the more likely your transaction will go through before others). Each Discord group may vary from project to project, but information about the whitelisting process is usually posted on the Announcements channel. Just remember to mark your calendar for the time and date you selected so you dont forget! Since most NFTs are launched on the Ethereum blockchain, the address being whitelisted would be your public Ethereum (ETH) address. NFT projects often use whitelists and presales in their infancy as it is much more challenging to entice people to follow you on Twitter or join your Discord server when you have 10 followers, as opposed to 10,000 followers. Thus, diluting your project's value in crypto. Whitelisted users often get priority or guaranteed access to. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. It is possible that you missed the whitelist period or that the project does not have a whitelist. With such a wide cast of use cases, it's no wonder that the NFT phenomenon has become such a popular area within the crypto space. In such cases, the transaction (gas) fees alone can be many multiples more than the actual mint price of the NFT. Whatever approach you take, please be careful and do your own research. This rush caused people to try to mint their NFTs as soon as a project opened their contract for minting. It may be hard to successfully get whitelisted for other platforms or companies due to a lack of transparency regarding requirements. This happens when users compete to get their minting transactions approved first, driving up, By establishing whitelisted users, projects can prevent. Ultiverse: Electric Sheep 2nd NFT Collection, Magic Eden, Solana NFT Marketplace Launches Gaming Venture Arm on Web 3.0, NFT Virtual Museum Marketplace - Metaverse, business productivityIndustrial TraceabilityFood and industrial traceabilityMilk traceabilityCrystal Traceabilitywater tokenizationTokenization in the AutomotiveCryptocurrency CoinCashback tokenization, NFT Football - Marketplace MetaverseNFT Golf - Marketplace MetaverseNFT BET - Marketplace MetaverseNFT Basketball - Marketplace MetaverseNFT Billard- Marketplace MetaverseNFT Tennis - Marketplace Metaverse, Laravel Python javascript Node JS. Keep it authentic. As part of that mad rush into NFTs, we saw huge spikes in gas fees - so much so that it started to price out smaller players in the market. Powered and implemented by Interactive Data Managed Solutions. Once you are logged in, go to the top of the page where is says "Account 1" (or whatever you named your wallet) and just click on it to copy the address. A lot of NFT projects appreciate it when supporters bring in more interested buyers. One common way that NFT projects incentivize active community members prior to granting whitelist status is through invite contests (e.g., if you invite 10 people to the Discord server and they accept) and Discord level rankings (based on post frequency). To get your ETH address, open MetaMask and login. There are scammers everywhere. You will then select a time of your choice to mint from the options they provide. This practice, known as wash trading, is one of several tactics that bad actors use to, Since users typically have to pass whitelist criteria before being granted access to the NFT presale, theoretically, the risk of fraudulent behavior is reduced. Given the volatility of the market, there is no way to accurately predict the demand of assets offered by new projects. You should always do your own research before going forward. Sometimes, the selection process may not be entirely transparent. The same risk exists with uncapped whitelist minting in the presale period, whereby an NFT flipper may mint a large quantity of NFTs with the intent of instantly selling them for a slight profit post-mint, creating a large floor value slightly above mint price, and potentially hampering secondary market value. The requirements for whitelist registration also vary from project to project. Many new and existing NFT projects have active and engaged communities looking to secure the latest NFT drop from their favorite projects. Projects practice NFT whitelisting for three main reasons: rewarding early supporters, preventing gas wars, and guarding against spam. Be cautious of any direct messages you might get from random people. Also, never give out your seed phrase/password. The result was sky-high transaction fees for minting, often called a gas war. With so much competition to mint, a lot of people increase the amount theyre willing to pay for gas. Since the whitelisted addresses can choose the time they want to mint within that window, people can spread out their transactions - thereby preventing a gas war. Preventing spam accounts from accessing presale minting is essential as they may slow down network efficiency and inflate gas fees for users. The point is that the NFT world is constantly evolving and adapting. A low buy means a higher profit margin when flipping. For example, some projects may allow whitelisted addresses to mint an NFT anytime within a predefined 48-hour period. Of course, a strong project can easily overcome this hurdle but it is important to consider the economic impact NFT presales and whitelists can have on your project post-mint. Most projects have a general channel to facilitate conversations about the project or other general topics. Be mindful not to spam! For more information on gas fees on Binance NFT, check out our guide on What are the NFT Transaction Fees on Binance. This is free marketing for the project and more brownie points for you. .css-6hm6tl{box-sizing:border-box;margin:0;min-width:0;color:#1E2329;}NFT whitelisting is the process of getting a crypto wallet address pre-approved for minting. Discord is where most of an NFT projects activity takes place ie. They are pretty popular amongst Solana-based NFT collections. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. Whitelisting is a common practice in the NFT world. Its worth noting that the gas price will vary depending on the blockchain network traffic as a whole. As the owner of this website, I inform you that we do not use any personal information from cookies, we only carry out general statistics of visits that do not imply any personal information. Most people in the NFT world use MetaMask as their ETH wallet. Some may require a range of tasks to be completed or a minimum wallet hold of that particular project's asset. Therefore, it is essential to announce EARLY and OFTEN to your community, that they should not open or trust any links provided that do not come directly from your NFT projects Twitter or the announcement section on your Discord server. We use our own and third-party cookies for analytical purposes and to show you personalized advertising based on a profile prepared from your browsing habits (for example, pages visited). Offers may be subject to change without notice. FORTUNE may receive compensation for some links to products and services on this website. One example of fraud is when someone repeatedly buys and sells their assets to inflate prices artificially. This has led to projects selling out before the general public is able to mint the NFT, creating FUD (fear, uncertainty and doubt) around the project as it hits secondary markets. (NFT Terminology), Noah Kagans YouTube Video: Asking An NFT Expert How To Make $1M (A Closer Look), The Rise And Fall And Future Of Pudgy Penguins, To reward early supports of an NFT project, Follow the instructions for getting whitelisted. Criteria for whitelisting approval varies from platform to platform, although some requirements are more transparent than others, like .css-1b72yjf{box-sizing:border-box;margin:0;min-width:0;color:#C99400;-webkit-text-decoration:underline;text-decoration:underline;}.css-1b72yjf *,.css-1b72yjf * > *{color:#C99400;}.css-1b72yjf:hover,.css-1b72yjf *:hover{color:#F0B90B;}.css-1b72yjf:focus,.css-1b72yjf *:focus{color:#C99400;}Binance NFT. These gas wars were (and still can be) truly epic - with transaction fees alone ranging in the thousands of dollars. In addition, the whitelisting process ensures that mass account registrations are not allowed. Terms & Conditions. , avoiding the competition, on-chain traffic, and soaring gas fees. Whitelists are mutually beneficial to both founders and buyers of an NFT project. The summer of 2021 saw a huge explosion of NFT projects - and people rushed in to grab their NFTs. Editor: Jim Dee of GenerativeNFTs.io jim@arraywebdevelopment.com. Each project is unique and has its own rules governing its whitelist process. A whitelist in the NFT world is a list of people who get early and guaranteed access to mint at a specific date and window of time. When you are added to the whitelist, you can choose a specific time youd like to mint your NFT within the window provided. To solve these issues, NFT projects have introduced whitelists. This allows the transactions to be spaced out, which means less competition, less traffic on the network, and low gas fees, eliminating problem #2. Given the benefits, whitelists are like a golden ticket in the NFT world. The NFT world is a very fast moving space. Learn how to get your crypto wallet address pre-approved on Binance NFT here. With NFT scams prevalent, it is advised to always do your own research before joining a whitelist. A common requirement on most whitelist eligibility criteria is for people to stay active within the community. This is because founders need help from supporters to promote the project in order to ensure it successfully sells out on launch day. Benefits of Smarts Contracts for legal services, Real Estate and insurance. For instance, creator-focused projects may only select winners of an art contest to be on their whitelist. It is very important that you read this cookie policy and understand that, if you continue browsing, we will consider that you accept its use. 2022 Fortune Media IP Limited. He fell deep down the crypto rabbit hole starting in 2017. If youre thinking of a discounted or free mint (either via a direct NFT mint or through airdrops), know that theres potential impact to your NFT project when it lists on secondary markets. or NFTs, whitelisting is the process of getting a crypto wallet address pre-approved for a future NFT mint (also called a drop), To be whitelisted means that you have gone through the process/steps, as defined by the NFT project team, of getting your ETH address pre-approved to mint an NFT at some predefined date and time, The whitelist not only guarantees a supporter a spot to mint, but could also allow for a reduced price for the NFT (or even a free NFT), By whitelisting supporters in advance of a launch, the project team can create a window of time that their NFTs can be minted within (for example, a 24 or 48 hour window of time on a particular date, Pro Tip: Have a separate wallet dedicated to minting NFTs and only keep a low amount of funds in your wallet, What is NGMI and WAGMI? But before you ask, try to do your own research first. By doing so, supporters are incentivized to stay engaged with the project and promote the project to friends very early on in the project lifecycle. In addition, the whitelisting process ensures that mass account registrations are not allowed. Since public NFT sales dont require whitelisting, a high number of users interacting with the smart contract simultaneously can cause transaction fees to rise significantly. To combat this, NFT projects request wallet addresses of all whitelisted members and create a separate minting contract to only allow whitelisted wallet addresses access to the NFT mint. The key to maximizing your flip is to buy low and sell high. All rights reserved. Additionally, it serves as free marketing as people share it on social media and try to get on the whitelist.