At Token Page, we know how important it is to get an NFT right at minting. After all, the mint price could be the lowest possible price that you can get that NFT. However, only a select few will have the opportunity to get an NFT at the mint price.
To mint an NFT, you will usually have to get on what is known as a whitelist. Here, we will take a look at what a whitelist is, the advantages of a white list, and how you can add your crypto wallet address to any NFT project whitelist.
NFT Whitelist Meaning
An NFT whitelist is a pre-approved list of crypto wallet addresses that will be able to purchase an NFT at the mint price. The NFT whitelist is designed to create an orderly process for the earliest supporters of a project to secure their ability to get an NFT.
The Advantages of an NFT Whitelist for Project Creators
There are several reasons why an NFT project will want to use an NFT whitelist. Here’s a look at the top five advantages:
1). Creates early demand
NFT collectors want to secure their NFT pieces at the lowest possible price. That means getting an NFT at the mint date. With an NFT whitelist, many NFT collectors will be tempted to join the list so they can be guaranteed their spot when the NFT mint goes live.
2). Allows orderly purchasing process
With an NFT whitelist, the project’s creators can create a more orderly process when it comes to selling their NFTs at the mint date. They will know how many NFTs will likely be sold and they can make sure that everyone receives their NFT at the appointed time.
3). Rewards early adopters
An NFT whitelist is a great way to reward the earliest adopters of an NFT project. The project creators can create additional perks for the people on their NFT whitelist. For instance, the project creators can provide a bonus NFT or perhaps allow the people on their whitelist special access to secret forums.
4). Allows NFT project to have a list of their early supporters
No matter what type of business or project you operate, it is always a great idea to have a list of your supporters or customers. With an NFT whitelist, the project creators will have a list of their supports. This can make it easier to communicate or market to a group that is most likely to be receptive to your message.
5). Can prevent whale activity
Sometimes NFT projects are victims of whale activity. For instance, a whale can purchase a huge number of NFTs and gain too much power over the project. In other instances, the whale will purchase a huge number of NFTs at the mint price and simply dump them on the secondary market. With an NFT whitelist, you can set perimeters around how the mint process is going to be run. For example, you can limit the number of NFTs any one crypto wallet can purchase at the mint price.
The Advantages of NFT Whitelists for NFT Collectors
We’ve seen the advantages that NFT whitelists have for project creators. Now let’s take a look at the advantages that an NFT whitelist offers for NFT collectors:
1). Allows for best pricing
In most cases, the NFT mint price is going to be the best price for an NFT. For example, the mint price for a Bored Ape was .08 eth which was around $236. A Bored Ape has sold for as much as 2.3 million dollars. Now some NFTs will end up being priced lower than the original mint price. However, if you can get whitelisted on a quality project, then you are almost guaranteed to make a profit when you sell your NFT.
2). Guarantees a spot at the mint
One of the biggest advantages of an NFT whitelist is that you are guaranteed a spot on the mint day. That means that you don’t have to wait until the very first second an NFT mint goes live. Usually, you will have a 24 to 48-hour exclusive time window to mint your NFT.
3). Allows for extra perks
Several NFT projects will provide extra perks along with being able to exclusively mint an NFT at the mint price. For instance, some NFT projects will offer a bonus NFT, an airdrop, or tokens associated with the project. In most cases, getting an NFT at the mint is one of the best ways to get associated with a project.
4). Provides direct access to project creators
Another reason you want to get on an NFT whitelist is that you will likely have direct access to the project creators. The NFT team wants to make sure that their earliest supporters are happy. Therefore, you will have the opportunity to directly talk to the project creators or managers.
5). Helps prevent you from missing the mint date
If you are an NFT collector, then there is a chance that you are tracking dozens of projects. Therefore, you may get overwhelmed and miss a big mint date. When you are on an NFT whitelist, you know that you will have a mint opportunity available between 24 to 48 hours. This will give you more than enough time to mint an NFT no matter how many projects you are tracking.
How to Create an NFT Whitelist
As an NFT project creator, you will want to create an NFT whitelist to attract early support. Here’s a step by-step look at how you can create an NFT whitelist:
1). Create a Twitter account and announce the NFT whitelist
The first thing that you need to do is create a Twitter account. This is the number one way NFT project creators bring cold traffic into their projects. On the Twitter account you will announce the NFT whitelist.
2). Have a step-by-step process that someone has to follow to get whitelisted
You can make people complete several steps to join the whitelist. This is your opportunity to have people do a little marketing for your NFT project. Here are some steps that people can follow:
- Join your project's Discord group
- Have them re-tweet your NFT whitelist tweet to 3 to 5 people
- Get at least one person to join your project’s Discord
3). Create a discord account for your whitelisted members
Now you will want to create a Discord server for the NFT project. The Discord is sort of the closed clubhouse where you will communicate with the NFT project supporters.
4). Make the minting available for whitelisted members
Now that you have all the people that you need for your NFT whitelist, you will need to make the minting available for your whitelisted members. You can do this by creating a password-protected page on the NFT project's official website, or an even more effective solution is to have the whitelist in the smart-contract.
How to Get on an NFT Whitelist
Now that you have seen all the advantages that an NFT whitelist has to offer as a collector, you will want to know how to join. Here’s how you can get on almost any NFT whitelist:
1). Look for NFT projects on Twitter
Check Twitter for NFT projects. This is the number one social media site for NFT project creators.
2). Follow the instructions to get whitelisted
An NFT project will require following several steps to be whitelisted. These steps may include retweeting, joining the project’s Discord server, and inviting at least one other person to join the project’s Discord server.
3). Note the NFT mint date
After you have completed the steps, your crypto wallet address will be whitelisted. Be sure to note the date. You will have anywhere from 24 to 48 hours to mint your NFT.
Getting Started with an NFT Whitelist
Whether you are an NFT project creator or an NFT collector, you will want to take advantage of NFT whitelists. At Token Page, we can help market your NFT project with our Million Dollar Token Page. If you are interested in building your own NFT project, visit our site’s blog or contact us directly and we'd be happy to help!