How do you pick your next NFT? Community responds

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Since this may be a good time to buy non-fungible tokens (NFTs) as floor prices are low, one Reddit user asked the community what they look for when searching for the next NFT to add to their collection.

In a subreddit, the Redditor has received various answers from the community, including examining the token’s usefulness, finding overhyped projects with low mining fees, and monitoring the data collected by oracles and their NFTs on what they see. It involves basing the investment strategy.

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According to one Redditor, they look for utility when investigating NFTs as it goes beyond being a “digital art piece”. Furthermore, he highlighted that the project’s community should also be scrutinized as they “keep the utility alive and interesting.”

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

Meanwhile, another NFT collector suggested monitoring the real-time NFT data that is collected and provided by Oracle. According to Trader, the metrics within the NFT data platform will be able to help collectors choose their next NFT.

related: What use case for Ethereum could make ETH a $500B market-cap asset? community answer

While traders are looking for their next NFTs, Ethereum founder Vitalik Buterin suggested a “low-tech approach” to making NFT transactions anonymous. Buterin said smart contracts could add a function that lets senders reveal their addresses only to receivers of transactions.

Meanwhile, NFT marketplace OpenSea recently introduced an update to its stolen goods policy to combat NFT piracy. According to the company, it has expanded the use of police reports to verify the authenticity of reports of stolen items, thereby preventing abuse of reporting functions in the marketplace.