Every other day, new non-fungible token (NFT) collections appear. This gives collectors the chance to be the first buyers of NFT – a process called “minting.”
Using minting in NFTs navigation can be confusing because it can refer to both a collection becoming part of the blockchain and a collector purchasing an item from that collection.
Investors can buy into NFT collections at the earliest opportunity, one of the significant benefits of minting them. Investors have the best chance to make a profit if the NFT portfolio continues to rise in value after it is listed on secondary NFT marketplaces such as OpenSea.
High rewards can come with high risk, and NFTs don’t disappoint. You may find your investments in non-fungible assets less liquid (making it more difficult to cash out) than if you invested in fungible currencies like bitcoin. You can sell bitcoin on various platforms, including mobile apps, brokerage platforms, and exchanges. However, NFTs are limited to a few marketplaces that have qualified buyers.
NFT sales trends are rapidly changing
Bored Ape Yacht Club has the world’s most expensive NFT collection. It currently sells for 100 Ethereum (around $270,000 as of writing). The collection’s public mint took place in April 2021 and lasted for several days. The first line made the NFTs available for purchase at 0.08ETH ($217) per piece.
There wasn’t much competition for minting NFTs before the sector’s boom in 2021. The minting process evolved as the NFT market expanded and changed.
Many NFT projects are now available through a two-tiered market. Projects might launch through a presale instead of launching via a public sale. If you want to get a head start and anticipate collections, the best way to know about upcoming NFT projects is through a source that provides a projects calendar. We recommend checking out NFT Drops Zone in this case.
Get whitelisted for presale
A whitelist spot is the holy grail of NFT mints. These allow you to access the presale, held either a few hours or a few days before the main public sale.
Whitelists are highly sought-after not only because of their low price but also because they can be resold at a lower price. Prices for presale mint items are usually lower than those sold in public sales. A guaranteed slot to mint an NFT removes the pressure from competing to mint the collection during a public auction.
NFT projects have different requirements for whitelist eligibility. These will usually be included in the Discord channel’s “announcements,” The link to join the Discord channel will also be shared on the project’s Twitter feed or directly on the website (if such exists).
NFT projects love a buzz and reward active members who contribute to it. Typical metrics include friend invitations and chat frequency. Projects will typically give out whitelist spots based upon engagement on Discord.
Being in a whitelist is also very helpful. Not all upcoming NFT mints are publicly disclosed like in the case of AdRunner metaverse advertising platform. You would have to be a whitelist member of an active community participant in order to get an immediate notification regarding the minting date.
Whitelists may be called by different names for different projects, such as “pregame” and “star list.” The idea is the same.
There’s always a catch with crypto investments that promise a high return on investment. Recent whitelist requirements have become so complex and time-consuming many NFT traders refer to it as “grinding.”
Congratulations if you’ve been selected for the whitelist! By going to the project website, connecting your cryptocurrency wallet, and clicking “mint,” you will be able to mint an NFT during the presale.
Be cautious, however, because scammers claiming to be presale NFT launches are pretty common on Discord. While project administrators won’t privately message you with a link to a mint, scammers will.
Minting should be viewed as a lottery draw. It is often impossible to choose the artwork that you will mint. This means you can’t control the rarity of the pieces you receive. The so-called “reveal” may occur after the public sale when the entire collection is minted.
Secondary markets like OpenSea are open for trading immediately after the presale. This means that you can either sell or purchase an unrevealed NFT before the public sale if you want to make a quick profit.
Gas wars and public sales
Public sales work in a similar way to presales. You connect your crypto wallet to the mint, and then you can mint an NFT. However, you might not be able to make enough demand to create an NFT. A lot of demand can cause Ethereum gas prices to soar.
Public sales operate on a first-come-first-served basis. NFT skilled traders will offer higher tips to miners to be the first to be served. This is in the hopes that their transactions will be processed quicker than those of other minters.
The blockchain does not issue refunds. Even if your transaction is unsuccessful, you will still have to pay gas fees. This makes matters even worse.
When all is said and done, remember that your NFT may not be worth more than its presale or public prices if you attempt to sell it on the secondary market.