OpenSea unveils protocol for rarity-based calculations of NFTs

By September 22, 2022NFT
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OpenSea unveils protocol for rarity-based calculations of NFTs
Reportedly, the OpenRarity project was a joint effort between various NFT communities such as Curio, icy.tools, OpenSea and Proof

With the non-fungible token (NFT) industry expected to continue its developments, the problems around finding rare NFTs is believed will not happen anymore. Through a tweet, NFT marketplace OpenSea made the announcement to implement OpenRarity, a protocol which provides verifiable rarity calculations for NFTs within the platform, with the platform reportedly using a mathematical approach towards rarity calculation, as reported by Cointelegraph.

According to Cointelegraph, OpenSea stated that rare NFTs will be given lower numbers such as one or two, while NFTs which have attributes similar to other NFTs will have higher numbers. Through this, the marketplace emphasised that buyers will be able to see a reliable rarity ranking when considering buying NFTs.

On the basis of information by Cointelegraph, the feature will not applicable for all NFT collections on its own. As mentioned by the NFT marketplace, creators will be able to have control even if they choose to not apply the OpenRarity feature to their collections. Reportedly, the OpenRarity project was a joint effort between various NFT communities such as Curio, icy.tools, OpenSea and Proof, with the aim being standardisation of rarity methodology and providing of rarity rankings across all the NFT platforms.

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Moreover, Cointelegraph noted that the NFT marketplace also recently unveiled an initiative for creators to develop their own drop pages to customise with images, videos and highlights. Through this, creators can reveal information about the NFT drop such as minting schedule and a gallery. Furthermore, creators can also ensure the addition of a countdown clock and allow creators to get email alerts with regard to the mint. As per a report published by blockchain analytics firm Chainalysis showed that NFTs are considered to be the biggest cryptocurrency adoption driver in Central, Southern Asia and Oceania (CSAO) region. Insights from the report stated that 58% of web-traffic around cryptocurrency services is NFT related.

(With insights from Cointelegraph)

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