NFT whitelist

The world already knows the concept of cryptocurrencies very well. Perhaps not every investor has virtual assets in their portfolio yet, but each of the investors thought about the safe allocation of capital in cryptocurrencies. One option is NFT tokens. By definition, it is a non-replaceable, technically immutable and unhackable certificate. It is available in various forms, but finally takes the form of a file. A file that receives a certificate of originality (there can be infinitely many copies, but there is only one certified original). And how can we make sure we are buying a genuine NFT token?

Now it is much simpler. NFT issuers, wanting to ensure the safety of their users and ensure a high level of trust in the issued tokens, have introduced a system of white papers or allow lists. Participation in such a trusted group gives special privileges and access to buy newly minted NFTs first. Such lists are also intended to limit the free minting of non-exchangeable tokens. And what is the definition of such a whitelist? We can think of it as a concept used to increase cybersecurity by approving lists of IP addresses, application email addresses and thus rejecting all other addresses. Participants on the list have special permissions and access to specific objects. Whitelists for NFT tokens contain lists of wallet addresses with exclusive rights to mint coins. This ensures that one or more NFTs can be minted before they are scheduled to be released into circulation. Thanks to this, minted tokens can have a much lower price.

It is important for NFT creators that their tokens are whitelisted. Why? It’s easy. This gives a clear signal to investors that this coin is safe. Before being whitelisted, each project is reviewed by a community of fans and sponsors. After adding to the whitelist, the selected wallet addresses will receive the date and time of the new token. Typically, whitelisting opens a two-day window where users have a chance to mint the NFT as previously agreed.

The undoubted advantage of whitelists are the benefits for collectors and investors — lower price, unlocking additional bonuses as part of the project and lower marketing fees for creators, gaining new fans. Creators also have access to and the ability to stop spam from non-whitelisted addresses. In this way, they can eliminate suspicious accounts that reduce network performance in the future.

Whitelisting is not without flaws. Getting on the whitelist requires a lot of time and actually participating in the project server. Scammers impersonating the developers of the project can carry out phishing attacks. There is also a danger that the NFT in which we invest will become an unpopular asset that cannot be liquidated.

Therefore, as in the case of any investment, you should conduct your own research whether a given project has a chance to develop. What information will be relevant? First of all, everything that helps to determine the credibility of the project, the history of the project’s founders, the development plan, the latest information from the project’s website and in social media.

To be included in the whitelist, follow the instructions on the pages of the selected project. After meeting the requirements, you must enter your cryptocurrency wallet address. If it is accepted, access to the whitelist opens. Then there will be a time window in which you can start minting NFTs.

However, you must remember that scammers are not idle! True creators will never ask for a monetary donation to whitelist someone. Similarly, you should not disclose your cryptocurrency wallet key or bank details to anyone.

Getting on the whitelist takes a lot of effort and can be profitable, but as always, the decision is left to the investor. As well as possible losses and profits from investments.