What should be the strategy before NFT purchase

Data from Cointelegraph said that Vitalik Buterin, founder, Ethereum, suggested that a low-technology approach should be used to make NFT transactions

What should be the strategy before NFT purchase
Based on Cointelegraph’s official website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology trends

As it is considered the time to buy non-fungible tokens (NFTs) due to floor prices being low, a Reddit user has asked the community regarding the kind of characteristics to take into account while buying NFTs, according to Cointelegraph. 

Based on information by Cointelegraph, through a subreddit, the specific Redditor got various answers from the community which includes examination of utilities of tokens, exploring overhyped projects with low minting fees and monitoring data collected by oracles, in order to base their NFT strategy on what they are able to perceive. 

As stated by Cointelegraph, while one Redditor shared that utility is what the person searches for when doing the purchase of NFTs, another Reddior shared that the person’s short-term strategy is to look for low minting fees based over-hyped projects and long-term strategy is to look for those projects which have collaborations with big brands. However, a NFT collector suggested that one should monitor real-time NFT data that are collected and provided by oracles. The trader also suggested that metrics with the NFT data platforms can help collectors choose regarding how they want to select their next NFT. 

Data from Cointelegraph said that Vitalik Buterin, founder, Ethereum, suggested that a low-technology approach should be used to make NFT transactions anonymous, and also said that smart contracts can add a feature to allow senders reveal their addresses only to the receivers of the transaction. 

Based on Cointelegraph’s official website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team believes in the deliverance of up-to-date news from both the decentralised and centralised worlds. With technology breakthroughs occurring in fields such as artificial intelligence (AI), virtual reality (VR), nanotech, quantum computing, and an increasing number of businesses, entrepreneurs and consumers adopting blockchain technology in everyday life, the publication aims to inform, educate, and share information with its readers.

(With insights from Cointelegraph)

Also read: OpenSea unveils protective measure against NFT crimes

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