Have you recently become interested in NFTs? Possible that your friends, colleagues, and peers are all talking about it to each other. Digital networks are more widespread than physical ones. For example, message forwards and endless replications of the same message. Hence, our digital lives allow developments in technology to proliferate across the world. No wonder then, NFTs boomed like anything in 2021. We’re on the cusp of new technologies taking over the world. 2022 is no different. After doing some research, you decide to buy your first NFT. Great! You can follow the below steps to understand basic terminologies about NFTs like ‘whitelist’ and ‘gas fees’. So let’s begin
Step 1: Find NFT projects
You live online. So do NFT projects and the people building them. How do you find them? Follow the below points and start away.
- Twitter and Discord are the best places to find interesting NFT projects. You can use choice words like ‘NFT’ on Twitter, browse through what other people are saying and hit the click button. You will find discord links from the project’s Twitter page.
- Hang around Discord, Twitter and Telegram communities and listen to what people are saying. People are willing to help you find what you need
- Browse through marketplaces like NFTically who curate the projects they create and launch
Step 2: Create your crypto Wallet
If you haven’t already created a cryptocurrency wallet to explore the web 3 world and buy tokens or NFTs, then start as soon as possible. There are multiple cryptocurrency wallets out there. We’ll sort out the confusion for you. Read below.
- There are different blockchains out there that host different decentralized apps. Ethereum, Cosmos, Avalanche, Solana, Harmony, Cardano, Fantom are a few of them
- NFT projects choose one or more blockchains to release. So far, a majority of the NFT action is on Ethereum. Hence, you need a crypto wallet that is compatible with the Ethereum blockchain.
- MetaMask is the most popular wallet out there for the Ethereum ecosystem of apps and NFT projects
- Similarly, there are other wallets that let you buy and sell NFTs and tokens from other blockchains. But for now, MetaMask will be sufficient.
Step 3: Be early and active contributors to NFT projects
Web 3 is an open world. As community members, you can reach out to the founding team of the project and help them spread the word in exchange for rewards and perks. As mentioned in Step 1, find NFT projects you like. With time, you will become good at spotting NFT projects that have just launched or are soon to be launched. This is your opportunity.
Every NFT project’s popularity is directly proportional to the strength of its community. Hence, if you find a good NFT project, talk about it. Spread the word. Find the project’s future plans by being active on Twitter and Discord. When you are early to the project’s launch, you get the opportunity to avoid ‘gas wars’ and ace your chances to get NFTs by being on the whitelist.
What are ‘gas wars’ and ‘whitelist’? Read ahead.
Step 4: Avoid Gas Wars
At the end of the day, most of us are opportunists and want to make the most for ourselves. No matter how much you love the NFT project you’ve discovered, you want to buy it for as low as possible, so that when the time comes you can make nice gains. Thus, you get rewarded for your patience and contributions.
First, what are Gas Wars? The below points explain.
- In 2021, NFTs skyrocketed in popularity. There was a mania. Hordes of users started to congest the Ethereum network because all of them wanted to mint, buy and sell NFTs as fast as possible. Of course, this led to a problem called the ‘gas wars’
- To process every transaction, users must pay gas fees, which is simply the cost of verifying that your transaction has taken place. Once done, your NFT will be visible in your wallet. Since there were so many users clogging the network, gas fees skyrocketed. But why did gas fees skyrocket?
- Some users are in a hurry to mint their NFTs. So, they don’t mind paying more gas fees to ensure that their transactions get verified first. This led to users paying thousands of dollars at a time. Hence, many deserving users got priced out of buying NFTs just because they could not afford gas fees. This is unfair.
The solution? Whitelisting.
Step 5: Be a part of an NFT project’s whitelist? Follow the below steps!
- Whitelisting means to reward the early contributors of an NFT project by reserving a spot for them to mint their NFTs.
- Since minting times are spread across the day or a few days depending on the number of users a project shortlists, users are spared the dreaded gas wars
- To be a part of an NFT project’s whitelist, you simply need to follow the instructions set by the team that’s developing the NFT project
- You may be asked to get your friends into the project’s Discord server. You may be tasked with tweeting about the project. Or maybe you are skilled enough to contribute in some way. It can be anything that’s relevant to the future success of the project.
Every NFT project depends on its community members to become a success. Hence, to increase your chances of finding great NFT projects, all you need to do is simply be active on the project’s social networks. Once you find them, you need to ensure your contributions are noticed by both the community and the project’s team. This will help you get in on the whitelist, avoid the gas wars and mint the NFT you deserve. That’s about it for today.
NFTically is a B2B saas organization that helps brands, creators, and enterprises to create and launch their NFT marketplaces. For further information, you can connect with the NFTically team on Discord and Telegram.
This blog is for NFT beginners. This provides a short introduction and resources for additional learning and research. New investors may not know how to save their valuables securely from hackers and other malicious individuals….
- June 25, 2022
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