The Gist: Are you a beginner in NFT? If yes, then you might have trouble understanding the meaning of whitelists. What does whitelist mean? How does whitelist work? These are some common questions.
As the market volume of NFT is increasing, new members are also adding up daily to try their luck in NFT. This new source of generating passive income has attracted common people who are tech-savvy. However, a lack of correct information and awareness trouble the beginners who are trying to understand the concept of NFT.
On Twitter and Discord, you might have come across the word NFT giveaways and whitelist spots. These are two important things to understand if you want to buy NFT collections. In this article, we have tried to explain in detail about giveaways and whitelists. So, read this full blog to understand why NFT creators give whitelists and rewards to their buyers.
What does Whitelist mean?
The common problem that the majority of NFT buyers face is the short number of NFTs in the market during minting. A popular NFT project drops a few hundred NFT artworks in the market. High demand and low supply increase the price of NFT thus making the drop successful. This is where whitelisting helps in the early minting of NFT artworks.
Common problems buyers face at the time of minting NFTs
We have covered two problems buyers face during the mint in detail about these problems.
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Often good NFT artworks get sold out quickly before you can buy
This problem arises with good NFT projects that are sold out the time it dropped even before you get the chance to buy NFT. The chances are high that someone else could buy these artworks before you could do it.
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The problem of gas fees
You need to pay a gas fee while minting your NFT on a blockchain network. It is a kind of transaction fee that everyone has to pay at the time of minting. Now here is the catch, the more you are willing to pay gas fees, the more you have chances to mint NFT. This eventually leads to a ‘gas war’ to buy NFT artwork.
How does whitelist work?
What is whitelisting used for? How does it work? The following points will help you benefit in three different ways and they are as follows.
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Guarantee access to mint
The main benefit that whitelist members get is the early access to the mint before everyone else. This helps them to avoid the ‘mint war’ with other buyers and makes them prime and permanent members of the NFT product. The first problem that we mentioned above whitelist eliminate that problem.
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You can get free NFT or ‘early bird’ NFT giveaways
NFT projects lay out many free NFT giveaways which include NFT, USDT, and other prices for the whitelist members. This works best for beginners who have just started to understand NFT and want to buy some of them. The whitelist also helps NFT savvy people as it gives them an edge over their competitors and enables them to earn more profit. A low buy equals the high-profit margin that every NFT collector wants.
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You can avoid spending your money on gas fees
When someone is added to the whitelist they can choose the specific time they want to mint their NFT artwork within the time limit mentioned. This also helps the sellers as the whitelist spots space out those members thus decreasing the traffic on the network. Now, this eliminates the second problem that we mentioned above.
Factors that will help you get the whitelist spot
Some of the key points that you must know in order to get a whitelist spot. The following three factors will help you achieve that.
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Find a nice NFT project
Whitelist spots are given before minting and therefore, it is important that you join the community early. This makes you a prime member of the community and increases the chances of getting into the NFT whitelist.
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Join the Discord server and follow social media platforms
This is the most important thing that you need to consider to connect with the NFT project. Follow the Twitter handle and join the Discord community in order to connect with the NFT project. NFT enthusiasts primarily stay active on the Discord server and Twitter. All the updates related to whitelist NFT and giveaways.
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Take part in contests and follow the rule
To get into the NFT whitelist you need to stay active and take part in different contests every time. Make sure that you follow the criteria and the rules to make into the whitelist. Once you get your name in the whitelist, provide your crypto wallet address and you will get the preapproval for minting.
About Krazy Kong NFT
Krazy Kong NFT project is one of the most interesting ape NFT projects of 2022. If you are a beginner and looking for a legit NFT project then this is the high time to start. Krazy Kong is one of the modern apes who is grabbing information from various media of the human society for the co-existence of animals and humans.
Join our Kong NFT project on Discord and Twitter now to get the special benefits and giveaways.