How do you pick your next NFT? Community responds

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Since it might be a good time to buy Non-Foldable Tokens (NFTs) due to the low price of the floor, a Reddit user asked the community what they are looking for when searching for the next NFTs to add to their collection.

On the subreddit, the Redditor got various answers from the community including checking utilities for tokens, finding overpriced projects with low railroad fees, monitoring data collected by oracles and basing their NFT investment strategy on what they see.

According to one Redditor, utility is what they look for when checking out NFTs because it goes beyond being a “digital piece of art.” Additionally, they highlighted that the project community should also be scrutinized because it “keeps the tool alive and interesting”.

Another user shared his short and long term investment strategy. According to Redditor 4laman, their short-term strategy is to look for overpriced projects with low mint fees. In the long term, they are looking for collaboration projects between major brands.

Meanwhile, another NFT collector proposed to monitor the real-time NFT data collected and presented by oracles. According to the trader, metrics within the NFT data platforms will be able to help collectors choose how to select their next NFT.

Related Topics: What use case for Ethereum could make ETH an asset with a market cap of $500 billion? Community Answers

As traders look for their next NFTs, Ethereum founder Vitalik Buterin has suggested a “low-tech approach” to making NFT transactions anonymous. Buterin said smart contracts could add functionality that would allow senders to reveal only their addresses to the recipient of a transaction.

Meanwhile, NFT’s OpenSea recently introduced a stolen item policy update to counter NFT theft. According to the company, it has expanded its use of police reports to validate reports of stolen items, preventing the abuse of reporting functions in the marketplace.

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