Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
The growing popularity of non-fungible tokens (NFTs) often creates situations where market demand outweighs the supply. Therefore, the scarcity (or “rarity”) of an NFT is an essential feature influencing its value in the eyes of investors.
In such a highly competitive market, a group of creators devised a clever trick to benefit investors. As a result, the NFT whitelisting practice is becoming increasingly frequent in this market, and our guide will explain how the system works.
What Is NFT Whitelisting?
In the ever-changing world of non-fungible tokens, NFTs can take inspiration from many real-world assets. We have witnessed the growth of NFT digital art and metaverse virtual land. Moreover, if you are familiar with blockchain gaming, you will know how popular NFTs are in that sector.
Unsurprisingly, NFTs have become a hot topic in the crypto community, with many different applications. Many NFT projects have strong and involved communities trying to get the newest NFT drop from their favorite projects.
A method to ensure that a motivated investor can mint and collect an NFT is the whitelisting procedure. Creators generally ask traders to help a community grow in exchange for early access to an NFT collection.
Why is NFT Whitelisting So Popular?
To reward their community, NFT project designers frequently employ an NFT whitelist.
By allowing fans to mint before the general population, projects generally avoid “gas wars.” In addition, being on the whitelist almost often translates into a lower mint price than what is available to the general public.
Getting a free NFT is a perk of being on the whitelist from time to time. However, the most crucial advantage for collectors is that the system ensures you can mint NFTs.
Pros and Cons of NFT Whitelisting
There are several pros and cons when joining an NFT whitelisting procedure. However, we chose to summarize the main points to keep in mind below.
Pros
- NFT whitelisting has the potential to eliminate fraud in this industry, according to some. One type of fraud is when someone artificially inflates the value of their assets by buying and selling them repeatedly. In addition, bad actors influence the market in various ways, one of which is wash trading.
- Fraudulent activity is theoretically less likely because only a group of traders can access the NFT presale. In addition, the system can protect the NFT market against monopolization by limiting the mint time.
- The most obvious advantage of whitelisting is that investors may get a head start on a project’s growth. In addition, there may be greater competition to mint NFTs in the future, which is a sign of a successful NFT initiative.
- As a result, one can avoid competition, on-chain traffic, and skyrocketing gas expenses. Moreover, a project can restrict NFT minting to just those users who have joined the whitelisting system for a short period.
- As a thank you to early backers, specific projects may airdrop limited-edition NFTs.
Cons
- It would be unfair to praise the advantages of NFT whitelisting without warning about its potential dangers. Priority access to NFTs may sound like a good concept, but consumers should know that the system does not guarantee profits.
- NFTs that are unpopular may become illiquid and difficult to trade on secondary markets. So do some homework before minting, and only invest the money you’re willing to lose.
- There is no way to correctly forecast the demand for new projects’ assets because of the market’s unpredictability.
- In this context, you should avoid NFT whitelists that don’t ask for anything in return. Your participation in the whitelisting may be contingent on joining a Discord channel and posting related content on social media.
- Those creators that promise to whitelist your wallet without performing the steps above may be trying to con you.
How Does NFT Whitelisting Work?
Each project has different NFT whitelisting rules, but we generally find several similarities. From a high-level point of view, keep in mind that a typical NFT whitelisting mechanism works as follows:
- Find a suitable project: if you locate a project you consider attractive, check if it offers NFT whitelisting. Of course, only some people in the crypto world use this strategy, so be careful when researching a new NFT collection.
- Check the NFT whitelisting requirements: in general, you will need to use social media to complete this step. As already mentioned, you typically need to join a Discord page and share your support for the project online.
- Apply for the NFT whitelisting: crypto projects use different ways to let you apply in this case. For example, you may need to fill in a Google Form, send a message to a Telegram bot, etc.
Final Thoughts
Depending on how well-liked NFTs become, the rivalry for mint may be fierce. So before making any trades, determine the credibility of an NFT initiative.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
NFT whitelisting can be a great chance to enter the market at an ideal time. However, only some creators commit to their projects, so you must be careful.
Previous
New York Passes Bill Proposing a Ban On Carbon-Based Crypto Mining
Next
Yuga Labs Targeted in 3rd Phishing Hack, Loses 200 ETH
Written by
Gianluca Longinotti
@Gianluca
257 posts
More author posts
Banana NFT Goes Live on Telegram After Steam Success
Following the concept's success on Steam, a team of developers has brought the popular Banana Game to Telegram. The "Banana NFT" project introduces a new meta for gamers to earn rewards while playing. This team has also implemented a unique feature. Specifically, users can mine and collect NFTs, with special bonuses for discovering rare bananas. The upcoming giveaway event will attract attention and spread the word about this new game. From Steam to Telegram The Banana NFT team took full…
11 months ago
AeoN-X – A Hybrid Exchange with Proprietary Chain & Earn System Launching Soon
The centralized vs decentralized exchange debate has been ongoing, but what if you could have both on one platform? AeoN-X is introducing a hybrid exchange with a proprietary blockchain and a crypto-earning system. With an experienced team and a complete listing strategy, many Web3 fans are more and more curious about AeoN-X. Let's examine what this AI-based platform offers and how it's rethinking the exchange model. Keep in mind that this project is set to go live through a presale…
11 months ago
Simplified Crypto Trading for Everyone: BYDFi’s Beginner-Friendly Platform
Over recent years, there has been a growing interest in cryptocurrency trading among a wide audience. However, the complexity of the crypto market often deters potential traders, especially beginners. Platforms like BYDFi are dedicated to making crypto trading more accessible and user-friendly for everyone. In this article, we'll explore how BYDFi simplifies crypto trading, making it easier for beginners to navigate the world of Web3. What Is BYDFi? Originally known as BitYard, BYDFi is a leading centralized exchange in the…
1 year ago
Driving the Beat: How Sonorus’ TrendFi Plans to Democratize the Music Industry
Sonorus is working to revolutionize the music industry by bringing fans and artists together. With their innovative TrendFi system, they are creating a space where community engagement drives music trends. Moreover, the project’s ecosystem rewards both fans and artists. Sonorus is more than just a platform. This is a movement set to reshape the way we value and experience music in the digital age. So, how exactly does TrendFi work? Let's dive in and find out. What Is Sonorus? Sonorus…
2 years ago
Spot On Chain – Harnessing AI and On-Chain Analytics for Smarter Crypto Investments
The world of cryptocurrency is an enigmatic labyrinth, full of potential yet rife with complexities. How can one traverse this digital terrain with confidence? A recent project, Spot On Chain (SOC), harnesses AI and on-chain analytics to provide a smarter solution to crypto investments. Today, we'll make sure to look into all the features brought together by this team. From Onchain Signals Newsfeed to Blockchain Personal AI Analyst, the project has a wide offer for the everyday crypto user. What…
2 years ago
The Problems Killing Web3 Projects – How Enflux’s 2-Week Free Solution Can Help
In the rapidly growing burgeoning realm of Web3, projects face unexpected hurdles that threaten their success. One of the primary challenges lies with the market makers: their lack of transparency and collaboration. This article delves into these pressing issues, exploring their implications and unveiling how they stalled growth for numerous projects. We're also shedding light on solutions that could help projects navigate through these murky waters. The Lack of Transparency Among Market Makers The cryptocurrency market, known for its pillars…
2 years ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu 
@bdinu89
@bdinu89
1 year ago 
596 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views