NFTs and Tools to Use while Building a Community for Whitelist

Creating and minting your NFT project is fascinating. But to make it successful by having a massive sellout, and a good ROI, you need to have a strong community. Even better is when you set up a whitelist for those in the community.

Early in the year 2021, when NFTs started to take off, projects such as BAYC, and PFP NFTs, had a mad rush of people trying to mint NFTs at the launch of their projects. This rush is a whole lot of transactions all at similar times, which means congestion, bottlenecks, and gas prices skyrocketing. This is often known as “gas wars”.

As a result of this, some fees range in thousands of dollars, and this became a barrier to so many participants, more so, hindering the creators from having a sell-out. This form of bottlenecking, which frequently takes place during much-publicized NFT mints, is a well-known problem on the Ethereum network.

However, moving towards the end of 2021, many projects started to adopt a whitelisting method of releasing their NFTs and this proved to be a credible solution up till this moment. But even at that, managing the whitelist hasn’t been easy for many projects as their communities end up still experiencing gas wars.

As you read on, you will discover some essential tips and tools to manage whitelists for your project which by the way gives you an advantage over your competitors while building a community.

Originally, the term whitelisting comes from the information technology/cybersecurity sector which generally means “allow” or “safe” list, but in the NFT world, it means something more specific.

NFT whitelisting is the process of getting a crypto wallet address pre-approved for a future NFT mint which can be also called a “drop”

An NFT whitelist is a spot saved for someone in your community (typically a participant who is loyal or very engaged with your project) to mint an NFT before the public sale.

A successful NFT project will draw a lot of prospects, but this will also increase competition to mint NFTs. In order to avoid the competition, on-chain traffic, and skyrocketing gas prices, whitelisted members frequently receive priority or guaranteed access to mint NFTs.

For instance, a project might only permit those on its whitelist to mint NFTs at any time during a predetermined 48-hour window. As was already indicated, certain projects may even include exclusive NFTs as a thank-you to early backers.

When someone continuously buys and sells their assets to artificially increase prices, that is an example of fraud. One of the many strategies employed by dishonest individuals to influence the market is this activity, often known as wash trading.

The likelihood of fraudulent behavior is supposedly lowered because members normally need to meet whitelist requirements before being allowed access to the NFT presale. Limiting the minting period can deter malicious parties from trying to control the NFT market for the project.

By implementing whitelists as opposed to a public sale where an NFT mint is open to everyone, you can reward your earliest and most devoted members. As people post it on social media and work to get on the whitelist, it also acts as free advertising. It may also aid in creating a sizable NFT community.

Once you’ve built a loyal following, the next thing you want to do is to allow your community to get whitelisted. A whitelist or allowlist is a list of loyal folks you give early, guaranteed access to, letting them mint your NFT as soon as it drops.

Building a whitelist/allowlist is vital to gauge the market interest in your project and ensure that people are waiting for the mint to launch. You’ll give them a specific date and time window to mint before releasing it to the general public.

Not all NFT projects have a whitelist. However, you should be aware that whitelisting is not only about giving premium access to a set of people, it also helps to combat bot wars, that is, only whitelisted wallets can mint, giving everyone assurance that they’ll be able to mint without participating in gas wars.

As mentioned earlier, it is important to set up your whitelist in the right manner else you end up still having the same issue you wanted to avoid in the first place. Therefore, to set up a good whitelist, you should consider using some whitelist management tools as they help you to build a proper whitelist that suits your community. The following list is highly recommended:

888 Inner Circle is a tokenized NFT community. The project partners with top NFT projects and creators to offer members airdrops and whitelist access.

Metakey is an NFT (ERC1155) that can be used across partnered platforms to unlock avatars, game assets, course materials, discounts and anything.

HUG is a community review platform that helps you discover hug worthy NFT projects in a thoughtfully curated way.

There is no doubt that NFT brings a lot of goodies and opportunities along with it, little wonder why it is gaining massive traction even at an early stage.

As a creator, your top priorities should be to grow your community and guarantee that you provide some important benefits for your community members, one of which is creating a whitelist. Your NFT launch will be successful as a result of this.

IncubateX is the 1st women-led incubator & NFT launchpad on web3. We specialise in helping innovative projects incorporate web3 infrastructure -mainly NFTs- within their ecosystems while focusing solely on mission-driven projects that make a positive impact IRL.

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