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OpenSea implements a new protocol that rates NFT rarity

by SuperiorInvest

With thousands non-fungible tokens (NFTs) minted every day, trying to find rare pieces can be a challenge for NFT collectors. However, as the industry continues to progress, the difficulty of finding rare NFTs may soon become a thing of the past.

In a tweet, NFT marketplace OpenSea he announced implementation of OpenRarity, a protocol that provides verifiable rarity calculations for NFTs within its platform. The protocol uses a transparent mathematical approach to calculate rarity.

OpenSea stated that rare NFTs will be valued at lower numbers such as 1 or 2, while NFTs that have attributes similar to many other NFTs will be valued at higher numbers. With this, the market emphasized that buyers will be able to view a reliable “rarity ranking” when considering buying an NFT.

This feature will not be automatically applied to all NFT collections. According to the NFT market, creators will still have control over whether they choose to apply the OpenRarity feature to their collections or not.

The OpenRarity project was a collaboration between various entities in the NFT community, including Curio, icy.tools, OpenSea, and Proof. The goal is to standardize rarity methodology and provide consistent rarity ratings across all NFT platforms.

Related: Non-Fungible Tokens: How to Get Started with NFTs

Recently also the NFT market started the initiative which allows creators to create their own NFT pages that they can customize with images, videos and highlights. This allows creators to share information about the NFT drop, such as the minting schedule and gallery. In addition, creators can also add countdown clocks and allow collectors to receive email alerts to remind them of the mint.

Meanwhile, a report published by blockchain analytics firm Chainalysis highlighted that NFTs are the the biggest driving force in cryptocurrency adoption in the Central, South Asia and Oceania (CSAO) region. According to the report, 58% of web traffic to crypto services is related to NFTs.

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