For those of you who don’t know, getting on the whitelist means that you get to buy NFTs earlier than the public gets to. A lot of people will spend hours in the Discord chatroom to try and get on the whitelist for an NFT project. In this article, we’ll talk about whether you should try to get on the whitelist for NFTs. Is it worth trying to get on the whitelist for NFTs?
Table of Contents
What is a whitelist for NFTs?
A whitelist is a list of people that get to buy from a collection of NFTs before the public gets to. You’ll have to prove that you’re on the whitelist in order to buy the NFT from the developer’s website. You’ll have to connect your wallet to their site, confirm that you have the whitelist spot by signing into your Discord before you can mint the NFT.
Why do people want to get on the whitelist?
Those on the whitelist get to mint for a lower price than the public. It could also be for social standing. Those in the Discord chat would know that you’re on the whitelist due to something distinctive about your account.
For example, in one specific famous NFT collection, once you get on the whitelist, your name color changes from purple to red. There are also other levels of whitelist that are higher so that if you get to another level, your name may become green.
There are other ways to distinguish your whitelist status. The developers typically make it pretty clear when a member is on the whitelist because it makes them feel special and it causes other people to strive for the whitelist spot.
People may want to get the whitelist spot for social standing and/or so that they would be able to pay less money to acquire the NFT.
How do you get on the whitelist for NFTs?
Every NFT collection has different rules to abide by so how you get on the whitelist in each NFT collection may be different. For instance, in Metavillage, you’ll have to chat for 2.5 hours in the Discord chatroom in order to get to the whitelist spot. If you want to get to another level of whitelist spot where you get to mint even earlier, you’ll have to type in the chatroom for 15+ hours.
There could also be tasks that you have to accomplish to get on the whitelist. For instance, the team may give you a puzzle to solve. Once you solve the puzzle or riddle you can post your answer in the chat. The first person who answered correctly will get the points. There could be a specific number of points that you need to get a whitelist spot.
Generally, the rules on how to get on the whitelist is simple: be active in the chat, help other people in the chat if they ask something you know the answer to, create fan arts of the NFT collection, retweet, share, and help hype the project up.
Getting a whitelist spot can be time-consuming and it’s not a guarantee that if you spend all the time in the chatroom and hyping the project up, you’ll get a whitelist spot.
The whitelist spot can either be automatically assigned to you once you have a certain number of points or it’ll be assigned to you manually.
Is it easier to get on the whitelist if you’re an influencer?
Yes, it’s easier to acquire a whitelist spot if you’re an influencer and you have a large following on social media. It would be even more helpful if the social media you’re active on is Twitter as Twitter is a must-have for those in the NFT space.
However, just because you’re famous or have a large following doesn’t mean that you’ll necessarily get a whitelist spot.
How long does it take to get on the whitelist for NFTs?
This depends on the specific NFT you’re talking about. For Metavillage, one of the most hyped-up NFT projects out there, it took me 2 hours and 40 minutes to get on the whitelist spot. I had to go from level 0 to level 7. There’s another level of whitelist spot that is rewarded to people who spend more than 15+ in the discord chatroom actively chatting. Those people get to mint even earlier.
The process
The process usually goes like this: you found out about the project, you follow them on Twitter, you join their Discord. You find out how to get on the whitelist. If you’re lucky, you get on the whitelist in a relatively short period of time, the whitelist minting happens and you get to buy the NFT on their website, the public sales happen in which the public are allowed to buy the NFT at a higher price than those on the whitelist. After the public sale is over, people get to sell their NFTs on the secondary market (MagicEden) and the price typically drops very quickly within a few hours when it gets to the secondary market.
Should you get on the whitelist for NFTs?
If it’s relatively easy to get on the whitelist, I would suggest that you try to get on the whitelist as you can mint cheaper and you may get to flip for a quick profit on the secondary market. If it’s hard to get on the whitelist or if it will take a lot of time to get on the whitelist, I wouldn’t suggest you to try and get on the whitelist unless you have a lot of time to kill.
Most people have a job or a school to attend to so they wouldn’t have a lot of time to spend trying to get on the whitelist. You may just be wasting your time there.
Is it worth getting on the whitelist for NFTs?
It may be worth getting on the whitelist if it doesn’t take too much time to get on the whitelist and you’d be saving a lot of money minting at the whitelist time rather than at the public minting time or waiting until the secondary sale begins.
You’ll have to think about how much an hour of your life is worth. Say you make $30 an hour at your job if spending an hour of your life trying to get on the whitelist can save you more than $30 it may be worth your time to get on the whitelist and mint for cheaper.
How to flip NFT for quick profit for those on the whitelist
An advantage of getting on the whitelist is that you can flip for a quick profit. You can’t sell the NFT that you bought during the whitelist sale before the public sale is over. The public sale is when the developers are selling the NFTs to the public directly. If you already got your NFT because you’re on the whitelist, you wouldn’t need to buy at the public sale but you could if you want to. When the public sale is over, people will be allowed to sell at the secondary market such as MagicEden.
Usually, when the NFT gets to the secondary market, the price will quickly drop. You’ll have to sell your NFT before the price drops too much. The floor price at the secondary market is usually higher than the price you bought during the whitelist sale.
