How to Participate in Solana NFT Minting: From Whitelist to Mint

Minting is the process where NFTs are first issued on the blockchain. By participating in the minting of a new project, you can acquire NFTs at pre-market prices, which attracts many collectors and traders. This guide provides a detailed look at the entire process of Solana NFT minting.

Understanding Minting

Minting is the process of converting digital assets into NFTs and recording them on the blockchain. The artwork and metadata prepared by the project team are issued as NFTs through smart contracts. Minters pay the minting price and become the first owners of the NFTs.

Most NFT minting on Solana uses the Metaplex standard. A smart contract called Candy Machine automates the minting process. This enables fair and efficient minting.

The appeal of minting comes from the potential profit between the initial price and the subsequent market price. NFTs from popular projects can see their floor price become several times the minting price immediately after mint. Of course, many also fall below the minting price, so careful judgment is necessary.

Finding Good Projects

The first step to successful minting is finding good projects. Since new projects emerge daily in the Solana NFT ecosystem, you need to know how to obtain information.

Twitter (X) is the primary communication channel for NFT projects. Following Solana NFT-related accounts will keep you informed about new projects. Check the follower count of official project accounts, post engagement, and community reactions.

Discord is the center of project communities. Most NFT projects operate Discord servers. You can directly observe community activity, team communication styles, and member reactions.

Also utilize NFT calendars and information sites. There are sites that aggregate upcoming minting schedules. However, not all projects are listed, so use them only as reference.

Obtaining Whitelist

Many projects operate a whitelist (WL) or allowlist (AL) system. Wallets registered on the whitelist can mint before public minting or mint at a discounted price.

Methods to obtain whitelist vary by project. Here are common approaches.

First is community activity. Active participation in Discord and sharing helpful information can earn you whitelist spots. Some projects operate level-up or point systems.

Second are art contests or meme contests. Winners who submit project-related creations receive whitelist spots.

Third are raffles. Whitelist spots are distributed through random drawings. Often, drawings are conducted among those who meet specific conditions.

Fourth is collaboration. Some projects provide whitelist spots to holders of other NFT projects.

Once you receive whitelist, you usually need to submit your wallet address. Enter the wallet address you’ll use for minting accurately. Submitting the wrong address means you won’t be able to use your whitelist spot.

Preparing for Minting

As the minting date approaches, thorough preparation is necessary.

First, prepare sufficient SOL. In addition to the minting price, include network fees and a buffer. If the minting price is 0.5 SOL, we recommend at least 0.6 SOL.

Verify the official minting link in advance. The minting site URL must only be confirmed through official project channels (Discord announcements, Twitter, etc.). Be cautious as there are many phishing sites.

Know the exact minting time. Convert to your local time to avoid confusion about time zones. Setting an alarm or adding it to your calendar is recommended.

Update your browser and wallet to the latest versions. Older versions may have compatibility issues.

Proceeding with Minting

When minting time arrives, access the prepared link.

Connect your wallet. Approve the wallet connection requested by the site. At this point, only approve the connection and check if there are no additional transaction approval requests.

Click the mint button. For whitelist minting, the mint button will be activated if your wallet is registered on the whitelist.

Approve the transaction. In Phantom wallet, review the minting price and estimated fees before approving.

When the transaction succeeds, the NFT enters your wallet. You can check the minted NFT in your wallet’s collectibles tab.

Increasing Minting Success Rate

Public minting for popular projects is highly competitive. Here are some tips to increase success rate.

Access on time. Visit the site a few minutes before minting starts to prepare. Refresh to see the mint button become active.

Approve quickly. Click the mint button and quickly approve in your wallet. Hesitation may cost you the opportunity to others.

Check network status. If the Solana network is congested, transactions may fail. Even if it fails, trying multiple times often succeeds.

Don’t open multiple tabs. Sending multiple transactions simultaneously with the same wallet can cause conflicts.

Actions After Minting

After successful minting, consider the next steps.

Wait for the reveal. Many projects don’t show the NFT’s final appearance at minting time. The actual artwork and attributes are revealed after the reveal.

Check rarity. After reveal, you can use rarity tools to check how rare your NFT is.

Decide to hold or sell. If you’re confident in the project’s long-term prospects, hold it. If you want to realize profits, sell it on the marketplace.

Precautions

Minting is an investment and carries risks.

Not all projects succeed. Many projects fall below minting price. Only invest amounts you can afford to lose.

Beware of scam projects. Avoid projects with unclear team information or unrealistic promises.

Beware of phishing sites. Only verify minting links through official channels. Links from DMs are mostly scams.

Don’t be swayed by FOMO. Hasty decisions can lead to regret. Research thoroughly and decide carefully.

In the next guide, we’ll learn how to sell minted or purchased NFTs.