Since it may be a good time to buy non-fungible tokens (NFTs), as the minimum prices are even lower, A Reddit user asked the community what they look for when looking for the next NFTs to add to their collection.
On a subreddit, a user has gotten various responses from the community, including examining token utilities, finding oversized projects with low mintage rates, and reviewing data collected by oracles and basing their NFT investment strategy on what they know. see.
According to a Redditor, utility is what they look for when considering an NFT because it goes beyond being a “piece of digital art.” In addition, they stressed that the project’s community should also be examined, as it “keeps the utility alive and interesting.”
Another user shared his short-term and long-term investment strategy. According to redditor 4laman, his short-term strategy is to look for projects with a lot of noise and low mint rates. In the long term, look for projects that are collaborations between big brands.
Meanwhile, another NFT collector suggested monitoring the real-time NFT data that oracles collect and provide. According to the user, metrics within NFT data platforms will be able to help collectors determine how to pick their next NFT.
As users search for their next NFTs, Ethereum co-founder Vitalik Buterin suggested a “low-tech approach” to anonymizing NFT transactions. Buterin said smart contracts can add a feature that allows senders to reveal their addresses only to the receiver of the transaction.
For its part, NFT marketplace OpenSea recently introduced an update to its stolen item policy to counter the sale of stolen NFTs. According to the company, it has expanded the use of police reports to verify the authenticity of stolen goods sales complaints, thereby preventing the misuse of reporting features in the marketplace.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.