For NFT enthusiasts and collectors, Whitelists are an opportunity to get digital assets before anyone else. Nevertheless, for the uninitiated, this still unknown term makes them miss a unique chance to make big savings. Here’s what to understand about NFT whitelists.
What is an NFT Whitelist?
A White list or NFT white list is a list of wallet addresses, which have exclusive rights to obtain non-fungible tokens (NFT) before their public sale and generally at a lower cost. This allows community members and early investors to access NFTs before they become popular.
How do whitelists work?
Whitelist NFTs are used to give early access to newly created non-fungible tokens. NFT projects use these lists to ensure that only true fans and early backers have access to their tokens. Wallet addresses are evaluated before being added to the whitelist. Then a date and time are set to create a new token once they have been added. Users must wait until the set date to access their account and create an NFT.
What are the advantages of whitelists?
Whitelist NFTs offer many advantages to investors, collectors and project creators. First, they avoid conflicts and reward community members by allowing them to create NFTs before the general public. In addition, they can access it at a price lower than the public price of the tokens.
Lucky fans also have longer and freer time slots to complete their purchase. To this must be added the rewards for collectors, a promotion for project creators and a reduction in spam from addresses that are not on the white list.
The Disadvantages of White List NFTs
White lists, despite all these advantages, have a number of disadvantages. We could for example mention the registration which takes enough time and which requires to be constantly connected. Also, it is easy to be scammed by phishing messages to which we have associated hacking links. It is therefore imperative to exercise suspicion and caution when trying to register on a White list.
Finally, it is common to see NFTs that end up losing value and becoming hard to sell, despite having been obtained on a White List. This is to say that they do not guarantee to obtain valuable assets.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
