Non-fungible tokens (NFTs) have become a craze among the cryptocurrency community. NFTs are digital assets that exist on blockchain and have their own unique identity. They are not fungible, which means that each token has a different value.
Although NFTs are a relatively new concept in the world of blockchain, they are quickly becoming popular due to their great potential. Many blockchain enthusiasts believe that NFTs will revolutionize the industry by allowing for the creation of unique digital assets that can be traded and sold in the marketplace.
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In this article, we’ll explain what is NFT whitelisting, use of NFT whitelisting, how do you know if an NFT is whitelisted, benefits of NFT whitelisting, and how to get your NFT project whitelisted.
What is NFT Whitelisting?
NFT whitelisting is a method of locking crypto assets to a specific account. This can be used in lots of ways, but the most common use is to prove that you do actually hold specific crypto assets.
The NFT whitelist system eliminates the need for gas limit values and prevents users from accidentally sending tokens to an address that does not support the ERC721 standard.
Whitelisting also allows projects to restrict who can receive specific tokens. For instance, if an ICO were to run out of tokens for their airdrop campaign and people were still trying to claim their tokens, then the project could then just whitelist the user’s account address and give them the rest of the tokens.
How do you know if an NFT is whitelisted?
The simplest way to know if an NFT is whitelisted is by looking at its smart contract code. Alternatively, you can look at its website or listing page on an exchange and see whether it’s smart contract is listed as one of the “approved” contracts. Some NFTs also display their whitelisting status as text on their websites or in their listing pages.
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You can also see a few NFTs listed on the exchanges with a ticker or name that includes a word like “whitelist” or “pre-mine,” but you can’t always count on that. To find out for sure, look for the NFT’s contract address on nftgamef.com and check for a “whitelist” property.
What is NFT Whitelisting used for?
NFT Whitelisting is used to prevent the issuing of new NFTs by a single user. If you whitelist the address, then the user will be able to produce and trade NFTs. If you blacklist the address, then the user will not be able to produce and trade NFTs.
Besides this, NFT Whitelisting is also used to –
- prevent spam from the non-whitelisted addresses
- prevent mass accounts registration from the non-whitelisted addresses; and
- prevent non-whitelisted email addresses from receiving emails with notifications about new posts on the forums
In simple words, NFT whitelisting is used to provide a level of quality assurance for NFTs and their creators. It allows users’ to know that the NFT and its owners are reputable, have good standing, and are committed to the evolving NFT ecosystem.
Benefits of NFT Whitelisting
Whitelisting is an important part of the NFT ecosystem as it adds a layer of security to the blockchain as well as increases efficiency and transparency. NFT whitelist has been designed to reduce the risk of fraudulent activities and high-value token losses among other things.
Here are some of the benefits of using NFTs on a whitelisted blockchain:
The NFTs and the ERC-721 tokens on the blockchain are easily verifiable. This is because all NFTs have their own blockchain addresses making them easy to track.
The blockchain does not allow users to post their unique NFT cards even if they wanted to, thanks to the fact that all transactions are verified and confirmed before they can be verified by the network. This, therefore, keeps users from sending out their unique cards in the wrong hands.
Since users need to whitelist their accounts before being able to trade on the chain, there is a reduced risk of fraud. For example, a user cannot send out an item in exchange for another item worth a lot more than it is supposed to be as it will require a corresponding trade on the blockchain.
With only verified users allowed into the chain, there is increased efficiency since each transaction will be completed faster compared to other blockchains where anyone can access it at any time.
Reduced Transaction Fees
Since all transactions will be initiated by only verified accounts, there are lower transaction fees involved compared to other exchanges that accept any type of transaction from any user at any time.
How to get your NFT Project Whitelisted?
Whitelisting your project will ensure you get access to the new function of the NFT Registry and that your tokens are recognised as NFT. To be eligible for whitelisting, NFT projects should meet all of the following criteria:
- The project should be an open source, decentralized application that runs on a public chain
- The project should have a working product and at least one live, publicly accessible dApp on the mainnet. The network and product should be functional and complete
- The project must have a clear and transparent codebase, with a well-documented whitepaper
- The project should have been publicly available on Github and/or mainnet for at least 1 month
- The project should have a minimum of 5 active nodes (masternodes) running on its network
Once all the above criteria are met, an NFT project can be whitelisted. Listed here are different ways following which you can get your NFT project whitelisted easily and efficiently.
- The most common way is to use the Ethereum Name Service (ENS) to register the assets using a subdomain name. For example, you can use ENS to create a token called “myAwesomeToken”, and then have your token automatically accepted by any contract that accepts tokens with that name
- You can also whitelist your tokens via other whitelisting services such as 0xProject, who have created a standard way of listing tokens on the Ethereum blockchain
- You can whitelist your NFTs when listing them for sale on marketplaces such as OpenSea or Rarebits using their whitelisting feature. This ensures that only verified users are able to bid on your NFT
It is quite evident that NFTs are here to stay. The promise of a new form of blockchain technology, combined with the idea of being able to own and trade off-chain assets, has proven to be extremely attractive to the crypto community.
As per many crypto enthusiasts, NFTs are not only going to take over the gaming industry with a new dimension of experience, they will also pave the way for a new class of applications in the corporate world in the near future.
So what are you waiting for? Use Appy Pie NFT generator to create an NFT collection of 1000 NFTs in minutes, get it whitelisted, and start making money with these unique digital assets.