How to buy/sell nft whitelists on OTC
DISCLAIMER
Remember, I am not responsible for any of your actions. If u fall for scam or lose money on OTC this is completely on you.
I just share my experience and knowledge.
TABLE OF CONTENTS
- What is an OTC and why one would use it
- Which OTC markets to use
- How to use an OTC market
- How to use escrow
- How not to be scammed
- Scam examples
- How to find cheapest deal
- How to check a discord account for whitelist
- How to create and secure a telegram account
- How to use multiple discord accounts
- Tips and tricks
- Price analyses
WHAT IS AN OTC AND WHY ONE WOULD USE IT
What is an OTC market? An over-the-counter (OTC) market is a decentralized market in which market participants trade stocks, commodities, currencies, or other instruments directly between two parties and without a central exchange or broker.
What is OTC used for?
It is used for trading various commodities and products that can't be traded on exchanges.
Examples:
- Tokens that are not listed on exchanges
- Social media accounts (Twitter, discord, etc)
- Access to private discord servers ( Discord accounts)
- Whitelists for projects ( Discord accounts)
- Exchange accounts ( binance account with kyc, coinlist accounts )
- Allocation for token sale ( Nym coinlist allocation both funded and nonfunded )
We as nft degens can use otc to trade whitelists or access to nft projects. You can both sell and buy whitelists.
Some examples:
- Zaysan Raptors whitelisted discord account was selling for 500$ ( token price 30 sol ~ 3000$ at the time )
- Okay Bears wl was selling for 200$ ( you all know what happened )
- Trippin Ape Tribe wl was selling for 1000$ ( nft price after sellout 72 sol ~ 3600$ at the time )
WHICH OTC MARKET TO USE?
There are lots of various otcs. I personally use messenger called telegram. There are lots of good telegram groups which serve as otcs.
Remember: Only use OTCs that you trust!
Some good OTCs I personally use:
- https://t.me/doubletop_otc
- https://t.me/tvrn_otc
HOW TO USE OTC?
- Send message that has the following info to the group:
- Whether you are buying or selling (WTS if selling WTB if buying)
- Project or token name
- Price
- Mention escrows you want to use
- Tell how to contact you ( dm usually )
Example:
WTS
Trippin Ape Tribe
1000$
Escrow 2top or Taverna
Dm me - Search for other people (sellers if you are buying, buyers if you are selling) using magnifying glass in the top right corner and dm them your offer.
- Find the best deal but not SCAM
- Decide who texts escrow (usually buyer does this)
- Message escrow if you are the one ( check how to use escrow section for detailed guide ) or enter the group which other person of the deal dmed you (remember to check whether escrow is legit )
- Tell escrow in group what are you buying/selling and what is the price
- Carefully read instructions that escrow sends
- Carefully check wallet and send transaction if you are buyer. Wait for escrow confirmation that he/she received money from buyer.
- Check the account that you got from seller ( check how to check account guide for detailed info ) if you are buying, remember to film the process for proof. Send account data if you are a seller in dms to buyer
- Change password for mail and discord if you are buyer. Send your wallet to receive money if you are seller.
- If there is a problem with the account which you are buying send the proof to the group and decline the deal.
HOW TO USE ESCROW?
Find the best escrow, relying on two factors: trustworthiness and percentage they charge for the deal.
For instance:
2top escrow has 5% commission with the minimum payment of 30$, while taverna has only 3% with the minimum of 5$. Both of them are trustworthy, that is why I personally use taverna, purely because it is cheaper.
How to use escrow if you are the one to dm escrow?
Go to the OTC telegram group description you and the other person of the deal agreed on and dm the escrow you choose the details of the deal. Once the escrow replies that he is willing to go for that deal, he/she will send you the link to the group. Enter the group and share the link to it with the other person of the deal.
How to use escrow if you are NOT the one to dm escrow?
Wait for the other person of the deal to dm escrow, receive the invitation to the group and enter it.
Check the escrow nickname: @Fleecybastard and @FIeecybastard look pretty much the same, except the second one has a capital "i" instead of an l as the second letter.
Ways to check the nickname:
- Go to this website: https://text-compare.com/ and paste the nickname of the escrow in the group and a real one from OTC description
- Have same groups from past deals with this particular escrow
- Have a direct messages with the real escrow and check the one from the group whether you have a direct messages with him/her
Check escrow wallet address. There is always a list of escrow wallets in the group description.
HOW NOT TO BE SCAMMED?
- Use trusted escrow services.
- Check escrow nickname. U can find real escrow nicknames in the group description.
- Check escrow wallets. U can find real escrow wallets in the group description.
- Carefully check accounts and film the process of checking as a proof
SCAM EXAMPLES
- Person suggests you not to use escrow. This is a 100% scam signal. Remember! Always use escrow. U would better pay some fees for escrow than give the money to some dude from the internet.
- Person suggests you to use some unknown escrow group.
- Fake escrows. Person creates a fake escrow account. Telegram nicknames can be very sneaky. @crypto_man and @crytpo_man look kind of same, except for pt letters. Always check whether escrow account is real.
- Price is much lower than the market one. This is not a 100% scam signal, but can be a red flag.
- Fake OTC groups. Scammers create a clone of a real OTC and add you to the group. Follow How to secure a telegram account guide in order to prevent that.
HOW TO FIND A CHEAPEST DEAL?
Direct message many people and try to bargain. I personally tell sellers that I have a lot of offers below their price and they lower it sometimes.
Remember! If the offer is significantly below the average market price it is most likely a scam.
HOW TO CHECK THE DISCORD ACCOUNT FOR WHITELIST?
- Check whether account is in necessary discord server.
- Check whether server is not fake (compare it to the server on your account).
- Check whether account has whitelisted role or whatever it is called
- Check if account used bot to get whitelisted ( It is not always a pain, but some projects ban bots) U can check this by going through the message history
- Check if wallet hasn't been submitted
- Check if account is not new and has some discord activity, otherwise it can be just banned by discord sooner than the mint date approaches.
HOW TO CREATE AND SECURE A TELEGRAM ACCOUNT?
Use this guide to create a telegram account: https://www.youtube.com/watch?v=QWSwgzYqdf0
How to secure a telegram account?
Never use your real name as a name of account
Go to Settings -> Privacy and Security and do the following steps:
Choose Phone Number section and allow only your contacts to see your phone number
Choose Groups & channels section and allow only your contacts to add you to groups
( This one is crucial, so scammers can't add you to a clone of a real OTC )
HOW TO USE MULTIPLE DISCORD ACCOUNTS
Having multiple discord accounts on one ip address can get some of them banned.
In order to secure a discord account follow this steps:
1 Install Brave browser on your computer. This will allow you to make multiple profile for multiple discord accounts. https://brave.com/download/
2 Create a new profile for each discord account and name it same as discord nickname or mail. You might want to setup a shortcut on your desktop for every account, so they are easy accessible
3 Download Proxy SwitchyOmega extension. https://chrome.google.com/webstore/detail/proxy-switchyomega/padekgcemlokbadohgkifijomclgjgif/related?hl=uk
4 Buy proxy ipv4 for every discord account
5 Add your proxy to the SwitchyOmega and activate it.
Here is a guide on how to setup SwitchyOmega: https://www.youtube.com/watch?v=ZDcQ2mc67wY
7 Feel free to use your accounts
TIPS AND TRICKS
- Try to buy whitelist early. Usually the price is much lower
- Read the rules of OTC before using it
- Person, who has no nickname in telegram is most likely a scammer
- Most of the OTCs have a client review channel link in the description, so you can check reviews of a person before dealing with him/her
- Person, who rushes the deal is most likely a scammer
- Try to dm as many sellers/buyers as possible to find the cheapest deal
- Always use escrow service. This is the only way to stay safe
- Remember to change password for both mail and discord and enable 2FA on discord to secure account you bought.
- Remember to use proxy for discord account and use account carefully so it doesn't get banned by discord
- Never send any discord data, including discord nickname when selling whitelisted account, because many project restrict selling wls, this is why u can get your role removed instead of selling your account
PRICE ANALYSES
Almost every hyped project was profitable for those, who purchased whitelist from OTC and either sold nft after mint or wl token before mint.
Profit after mint was calculated using one of these formulas:
Profit after mint = Nft price after mint*(1 - commision) - wl price - mint price
Profit after mint = Wl token price *0,98 - wl price
