Thursday, October 6, 2022
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OpenSea launches NFT Rarity Protocol

Finding rare non fungible tokens (NFTs) can be difficult for NFT collectors because so many NFTs are being produced every day. But as the market develops, the difficulties in locating rare NFTs might soon become a thing of the past.

OpenSea, an NFT marketplace, announced the implementation of OpenRarity, in partnership with Curio, Icy Tools, and PROOF. To calculate rarity, the protocol employs a transparent mathematical approach.

By going to the OpenSea settings page, creators can now opt their collections into OpenRarity. The feature will not be applied to all NFT collections automatically. According to the NFT marketplace, creators will retain control over whether or not the OpenRarity feature is applied to their collections.

The OpenRarity project was a collaborative effort between members of the NFT community, including Curio, icy.tools, OpenSea, and Proof. The goal is to standardise the rarity methodology so that rarity rankings are consistent across all NFT platforms.

 

 

 What is OpenRarity?

OpenRarity is a completely new NFT rarity protocol with its own platform. It was created for the NFT community with the intention of establishing a new universal standard for ranking the rarity of NFTs in a somewhat confusing market.

In fact, the OpenSea team, in collaboration with Icy.tools, Curio Tools, and PROOF, has created a transparent, mathematically sound, and objective rarity calculation method. Notably, this is entirely open-source and reproducible by anyone.

Furthermore, to ensure that the OpenRarity protocol works and is simple to understand, it has been tested with creator teams representing several top-100 collections by volume.

What problems  are solved by OpenRarity?

The concept of rarity (mathematical scarcity of attributes) is combined in the NFT ranking industry with creator ties and market value, which bases value on characteristics other than scarcity. These will be available on OpenRarity in different rankings.

 Rankings are determined using closed-source code and meta traits’ that don’t exist on-chain. There are significant variations in the rarity rankings across the market due to meta traits like trait count and other hidden values. For its data, OpenRarity will only use open-source software, and its ranking algorithm will not take into account meta traits.

 A lot of vendors of rarity tools charge NFT initiatives to list collections on their websites. All parties should be treated fairly, according to OpenRarity.

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