Premint - How Does It Work?
With gas wars limiting the fair exchange of NFTs, Premint is ideally the best way to ensure inclusive participation.
When NFTs go on public sale, gas fees increase as customers scramble to purchase the tokens. Invariably, newer NFT collectors who can't afford the exorbitant gas fees get excluded.
Read on to discover what Premint is, how it works, the benefits of allowlists, and whether the concept is gathering widespread attention in the NFT world and beyond.
What is Premint?
It is a non-fungible token service for NFT creators and collectors to compile allowlists for their NFT projects.
An allowlist is the opposite of a blocklist. It is a strategy that approves a specific list of email addresses, IP addresses, domain names, or applications for a particular service.
By compiling allowlists, buyers can easily access their favourite projects. This reduces time-wasting while hunting for NFT projects on Twitter or joining Discord channels. It also helps you track all minting dates.
Benefits of compiling allowlists
Premint allows non-fungible token creators to define eligibility for their list and weed out bots and less-than-ideal customers. It establishes its baselines by asking for proof of the following; the wallet address' minimum ETH balance, Twitter authentication, Discord membership, and NFT ownership.
Creators determine the set of characteristics they want in their buyers.
When users who meet the criteria register on the platform, the service automatically lists the available allowlists so that the user can apply for the list. Additionally, you can use the service to track mint dates and jump in on relevant NFT projects early.
Already, the service has become the household name for allowlists. So far, more than 29,000 projects have used the platform. These projects have attracted 3,410,000 collectors seeking to register for lists, and one million have obtained approval to join lists.
Author: Ejiofor Francis
Ejiofor Francis is tech-savvy. He’s a tech writer and researcher with over six years of experience. His current focus is on blockchain, tech and agriculture. Francis loves helping both startups and mid-sized companies to develop great content and marketing strategy that sets them on the right track.