What is an NFT whitelist? - Blog Article By Blockgems NFT Trading
Posted 08/12/2022 by Blockgems NFT Trading

What is an NFT whitelist?

What is an NFT whitelist?

Before searching for NFT trading near me you should first know about the whitelist of NFT. An NFT whitelist is a list of non-fungible tokens (NFTs) that are authorized for trade on a specific platform. In other words, the whitelist determines whether an NFT should be allowed to transfer or not.  The whitelist is managed by the developers of the DApp  (short for decentralized application) and can be modified at any time.

The main reason for using a whitelist is to prevent users from being scammed into purchasing fake NFTs. Because NFTs are so valuable, they must be traded securely. If there were no whitelist, anyone could sell any kind of item as an NFT, even if it had nothing to do with blockchain-based assets.

Process of getting an NFT whitelist

To trade, you need to be whitelisted by the exchange first. This process ensures that only legitimate participants can access its platform and participate in trading activities with no risk of fraud or theft. 

NFT whitelisting is a process that allows for the creation of tokens on top of the NFT platform. The process is relatively straightforward. It requires you to submit your application, which will then be reviewed by the responsible team.

There are three main steps to getting an NFT whitelist:

  1. Create an account on the National Futures Association website and submit your initial information;

  2. Complete the NFA's Member Application Form, which is also available on their website. Once you complete this form, you will receive an email with a link to submit it electronically;

  3. Answer any questions that arise during the application process and submit your application package electronically. You must provide a government ID, passport, or driver’s license for verification purposes only. You will also be asked for some personal information about yourself so that they can make sure that you are not a scammer or user who wants to abuse the platform in any way possible.

If your application is approved, they will send you an email with instructions on how to create your token on the NFT platform. If your application has been rejected, they will let you know why it was rejected and provide feedback on ways you can improve your application for future submissions.

Another term for this process is known as undergoing a Know-Your-Customer (KYC) process, designed to verify the identity of those participating in trading activities. If you’re looking to have control over your limited token supply or even just make a small contribution to the NFT space, this is a decent way to get started. It has proven itself sufficiently capable in the world of non-fungible tokens and could help more creators enter the scene.

Just because NFT trading has to follow its own set of rules does not make it an inferior platform. In reality, if done correctly, these demands could further establish the NFT as one of the premier blockchain applications out there. Note that well-designed and useful templates for individuals will also go a long way to introduce more users to the platform. Ultimately, this will in turn improve craigslist and other platforms through healthy competition.

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