Whitelists — Everything You Need to Know and How to Join
Hello Seedify Community,
At Seedify we are passionate about the mainstream adoption of crypto, NFTs, and all aspects of Web3. An important step to bridge the gap between Web2 and Web3 is education. Most of our community is well versed in Web3 terminology and has a great understanding of how blockchain technology operates.
However, we are aware that there are many people out there who are interested in buying their first NFT but are altogether confused by simple terms or phrases degens use every day. This article is aimed at both non-native and Web3 natives to inform you on what whitelists are, and how to join them.
What is a Whitelist?
A whitelist is a list of registered and approved investors who have been authorized to receive early access to an upcoming sale or event.
The term whitelist has different meanings depending on where it is being used. Generally, we can say that it is a list of allowed institutions, people, or computer systems. Since the slight differences vary depending on the context, they can be redefined according to a particular program, event, or material.
In the crypto world, a whitelist is a list of potential buyers pre-registering for the sale or mint of a new token or NFT. Even if you are not included in the whitelist, it is still possible to participate during the official sales period. However, being a part of the whitelist allows you to participate in the pre-sale period, avoid demand-related delays, and invest by using the advantages of pre-sale, such as discounts.
Whitelist vs Non-Whitelist
The most common use of a whitelist within crypto currently is for the launch of a new NFT collection. Whitelists allow users to “mint” an NFT before the rest of the collection is released to the public. For example, a collection of 10,000 NFTs may have 2,000 reserved for the whitelist.
Whitelists have become a very important part of NFTs and have proven to be the secret to acquiring an NFT at a price most can afford or getting your hands on one at all. Prime examples of this are the Azuki NFTs which sold out in a matter of minutes and Bored Ape Yacht Club (BAYC) NFTs which sold out in approximately 12 hours.
Not all but often whitelists are used by traders to “flip” NFTs. This is a term used when individuals are fortunate enough to receive a whitelist spot, mint an NFT at a low price, (e.g 0.05 ETH), and sell during the early hype of an NFT for a profit.
According to Chainalysis’ 2021 NFT Market Report:
“Users who make the whitelist and later sell their newly-minted NFT gain a profit 75.7% of the time, versus just 20.8% for users who do so without being whitelisted.”
The chart below shows the difference in ROI (return on investment) between those who bought on OpenSea during minting compared to those who did so without being whitelisted.
Source: Chainalysis 2021 NFT Market Report
It is important to note that not all whitelists will bring investors profits and not all whitelists are used to create opportunities to flip NFTs. Whitelists are also a great opportunity for people to acquire NFTs with amazing future utilities.
Utility-based NFTs have grown immensely in popularity recently and we have seen a rise in so-called PfP (profile picture) NFT projects now providing or promising future utility for their holders. For example, in the upcoming NFT drop from Seedify The AVATARS, The 2D avatar NFTs will also act as game-ready 3D avatars in the Seedify metaverse but also transferable across multiple metaverses.
How to Gain A Whitelist Spot
When projects offer investors a whitelist phase before the public sale of their NFTs, there are often certain procedures that willing investors must complete. These are set by the project and can include a range of tasks such as:
- Aiding with promotion on social media
- Contributing to a Discord community
- Writing blog posts
- Creating marketing material
- Investing in the project’s tokens
- Holding a specific NFT
- Get lucky by winning a competition
An important step to gaining a whitelist spot is to be part of a community in its infancy. Being passionate about the project and believing in its future goals are great ways to help you gain whitelist. After all, you are more likely to take part in conversations, create memes, and write interesting informative posts about something you actually care about, over someone who is simply out to make a quick buck.
More and more projects are now dipping their toe into NFTs, and many projects that at first were pure token projects, now have released NFTs or intend to do so. This is very much the case for ourselves at Seedify as we have been initially focussing on IGOs (initial game offerings) and providing utilities to our two tokens $SFUND and $SNFTS. However, we are on the brink of releasing our genesis NFT collection, The AVATARS.
How To Join The Avatar Whitelist
In case you missed the announcement, The AVATARS are a collection of 10,000 NFTs that will be packed with future utility and will be your key to The Seedify Metaverse.
For a more detailed account of the collection, please refer to our article: Seedify’s Avatar Collection & The Journey Towards the Metaverse
As explained above, the best way to increase your chances, and not miss out, is to gain a whitelist spot. The total allocation of the 10,000 NFTs for the whitelist will be 4,500 and the first snapshot will be taken on September 26th.
To be included in the 1st snapshot you need to do one of the following:
- Stake 500k $SNFTS
- Farm 250k $SNFTS with $SFUND pair
This will get you one raffle ticket each month for 2 months and you will be able to win a maximum of 1 Seedify Avatar per wallet during these snapshot phases (the 2nd snapshot will be announced in October).
For more information on how to start staking and farming $SNFTS please refer to our article: A Practical Guide to $SNFTS — The Tokenomics, Staking and How to Claim.
Helpful Links:
Buy $SNFTS on PancakeSwap
About Seedify
Seedify is a Blockchain Gaming and Metaverse incubator and launchpad, as well as an NFT launchpad, empowering innovators and project developers with access to funding, community building, marketing, and high caliber partnership network, with a full support system to help bring premier games, NFTs and Metaverse projects to our community.
To learn more about Seedify, please refer to the following links:
