nft whitelisting is the process of obtaining a pre-approved crypto wallet address for minting.
In addition to mint priority, users of whitelisted addresses can enjoy other benefits, such as reduced transaction fees and exclusive content, depending on the project.
learn how to get whitelisted on binance nft and other nft projects on the market.
The nft whitelist allows users to enjoy benefits such as priority minting. learn how to get your crypto wallet address pre-approved on binance nft here.
Due to the influx of NFT users, NFT projects have turned to a strategy called “whitelisting” to grant presale minting access to only pre-approved crypto addresses. Whitelisting is beneficial to both projects and users as it helps mitigate fraud and avoid gas wars.
Criteria for whitelisting approval vary from platform to platform, although some requirements are more transparent than others, such as binance nft. Sign up for a Binance account today to participate in a fair NFT whitelisting process and enjoy the benefits of being whitelisted.
Do you want to participate? Read on to find out how the nft whitelist works and the steps you can take to increase your chances of being whitelisted.
disclaimer: being whitelisted does not guarantee earnings. NFTs are an emerging asset class that is still evolving. The information in this article should not be construed as investment or financial advice. always do your own research before making any decision to buy, sell or trade nfts.
what is the nft whitelist?
nfts (non-fungible tokens) are constantly evolving and encapsulate proof of ownership of assets as important as digital art, metaverse land sales, nft game items, and even physical items. With such a wide cast of use cases, it’s no wonder the nft phenomenon has become such a popular area within the crypto space.
Many new and existing nft projects have active and engaged communities looking to secure the latest nft drop from their favorite projects. For some projects, it’s vital that the latest version is democratic and accessible to all, and one of the fairest ways to do this is through a process called whitelisting.
whitelisting allows nft projects to offer their communities the opportunity to mint an nft sale prior to minting or public sale.
why are nft whitelists used?
Projects practice nft whitelisting for three main reasons: to reward early adopters, prevent fuel wars, and protect against spam.
reward early followers
what the whitelist provides is a means for a smaller group of the community to have early access to an upcoming version of nft. Some projects may release free nfts and exclusive content for whitelisted users, while others might allow pre-sale access at discounted prices; all whitelist offers vary by nft project.
Requirements for whitelisting also vary from project to project. some may require a variety of tasks to be completed or a minimum wallet hold on the asset of that particular project. there is no standardized process for whitelisting; some projects may even grant pre-approval if you actively participate in community events and chats, with no formal introduction required.
prevent gas wars
Since public sales of nft do not require a whitelist, a large number of users interacting with the smart contract simultaneously can cause transaction fees to increase significantly. this happens when users compete to get their mint transactions approved first, which drives up gas costs and leads to what we call “gas wars”.
Conversely, whitelisting allows only a select number of wallet addresses to accumulate the nft prior to the public sale, meaning the sale is less likely to experience network congestion and proxy wars. gas. Another one of the most effective ways whitelisting prevents gas issues is by determining a specific time period within which NFTs can be minted. It is worth noting that the price of gas will vary depending on the traffic of the blockchain network as a whole. sometimes a whitelist sale can be affected by other mint sales or outside events. A welcome addition to the concept of whitelisting for NFT projects is that if there is a high demand to join the whitelist, it builds hype and excitement around the launch, the project, and possible subsequent launches.
For more information on gas fees on binance nft, please see our guide on what are nft transaction fees on binance.
By whitelisting users, projects can prevent spam from non-whitelisted addresses. In addition, the whitelisting process ensures that mass account registrations are not allowed. It is essential to prevent spam accounts from accessing presale minting as they can slow down network efficiency and inflate gas rates for users.
nft whitelist benefits
access to nfts before public release
While attracting many users is a sign of a successful nft project, it also means there will be more competition to mint nfts. Whitelisted users often get priority or guaranteed access to mint NFTs, avoiding competition, on-chain traffic, and sky-high gas fees. For example, a project may allow only whitelisted users to accumulate nfts at any time within a predefined 48-hour period. As mentioned above, some projects may even offer exclusive nfts as a token of appreciation for early backers.
lower risk of fraud
An example of fraud is when someone repeatedly buys and sells your assets to artificially inflate prices. This practice, known as wash trading, is one of several tactics bad actors use to manipulate the market.
Since users typically have to pass whitelist criteria before being granted access to nft pre-sale, the risk of fraudulent behavior is theoretically reduced. Restricting the minting period can also prevent bad actors from trying to monopolize the project’s NFT market.
caution against whitelisting
While priority or early access to cryptocurrencies may sound like a lucrative idea, users should be aware that being whitelisted and minting presale nfts does not guarantee profits. If you mint NFTs that are unpopular, they could end up being illiquid assets that are difficult to sell on the secondary market. remember to do your own research before minting and invest only what you are willing to lose. given the volatility of the market, there is no way to accurately predict the demand for assets offered by new projects.
how to get whitelisted in 3 steps
1. find projects before they are released
The nft market is full of potential projects hoping to attract new users. These new NFT projects may offer whitelisted spots before their official public launch. In other words, to be whitelisted, you’ll need to get there early.
If you like looking for new opportunities and trying new products, this should be your thing. however, if you are not an early adopter, you should be aware of the risks involved in trusting a new project that has yet to prove itself. Since nft scams are prevalent, it is recommended to always do your own research before joining a whitelist.
2. join discord groups
Once you’ve researched and decided on a project, you’ll need to join the community by joining a project’s chat group. For nft projects, discord is the main communication tool, followed by twitter. each discord group can vary from project to project, but information about the whitelisting process is usually posted in the announcement channel. if there is no information there, explore the other channels of the discord group. the whitelist period may have been missed or the project may not have a whitelist. Alternatively, ask other group members in the community chat channel. most projects have a general channel to facilitate conversations about the project or other general topics.
3. request to be whitelisted
Once you’ve done extensive research on the project and the whitelist criteria, it’s time to apply to be on one.
Whitelisted applications can range from completing a simple google form to earning a spot by being an active referrer of your project. some projects even use a lottery system in their whitelisting process. each project is unique and has its own rules that govern its whitelisting process.
There is no guaranteed way to get on an nft whitelist, as the requirements will be different. for example, creator-focused projects can only select the winners of an art contest to whitelist. this unique screening process is why being connected and informed about new developments in discord groups is beneficial to users hoping to be whitelisted.
sometimes the selection process may not be completely transparent. it’s important to only complete tasks that you feel comfortable with. In case you are discouraged by not being accepted, remember that other projects in the market also offer opportunities.
how to get whitelisted on binance nft
It can be difficult to whitelist for other platforms or companies due to lack of transparency regarding requirements. however, at binance nft, the selection criteria are transparent and fair, thanks to the binance nft subscription mechanism.
Through the subscription mechanism, users can get exclusive access to the latest nft sales, provided they meet the nft or bnb prerequisites. For example, certain sales may be exclusive to holders of certain NFTs, such as our recent Easter subscription mechanism sale.
As nft continues to make waves, the competition for mint can be stiff, depending on how popular the project is. If you are interested in minting NFTs, consider applying to be whitelisted and increase your chances of a successful mint. As always, be sure to establish the reputation of an nft project and take the time to do your research before making any trades.
Read the following helpful articles for more information:
(support) how to get started with binance nft market
(blog) common nft scams & security tips 2022
(blog) metrics to guide your nft buying and selling strategy
(blog) buying and selling nfts: understanding transaction fees
(academy) 7 things you should know about nfts
Disclaimer: Investing in cryptocurrencies is subject to high market risk. binance is not responsible for any of your trading losses. Statements made in this article are for educational purposes only and should not be considered financial advice or investment recommendation.