OpenSea’s new protocol, OpenRarity, provides verifiable rarity calculations for NFTs to assist curators and collectors alike
OpenSea launches OpenRarity—a new tool designed as the “open, transparent and reproducible standard for rarity rankings across the NFT industry.”
The idea behind OpenRarity is to make hunting down the most valuable digital assets on the NFT marketplace less of a challenge for collectors. Another bonus is for curators to show off their most advantageous assets.
OpenSea took to Twitter to share the good news:
Companies that helped launch the protocol include Curio, Icy.tools, OpenSea, and Proof.
OpenRarity – Everything You Need to Know
Rarity rankings are essential for illustrating the comparative scarcity of an NFT’s characteristics compared to others in the same collection. Thus, an NFT with rare traits will receive a lower scarcity ranking than others with the same features used for hundreds of NFTs in the same NFT project.
The most critical point here is that NFTs with rare attributes are usually more expensive, making them more desirable to collect. Nevertheless, ranking is not always clear on NFT marketplaces and platforms, making purchasing decisions more difficult. Of course, this is where OpenSea comes in to help.
“OpenRarity is a community-built project that aims to provide a transparent, mathematically sound rarity calculation that is entirely open-source and reproducible by anyone. The goal is to bring more transparency to a previously opaque and confusing space,”
says OpenRarity’s official website.
The new protocol is optional. However, OpenSea launches OpenRarity to those that opt for the tool, issuing them with rarity calculations calculated from a mathematical approach. The component then individually highlights rarity numbers on the project’s collection and digital assets.
Look at this Moonbirds #520, for instance. NFT collectors can now see that 3% of the 10,000 NFT collection owls wear Lincoln hats. Therefore, it is a rare NFT collection worth purchasing.
Although OpenSea launches OpenRarity to assist collectors and curators when ranking NFTs, the marketplace is also making other changes, like upgrading NFT drops with ‘immersive minting experiences’ and more.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews and more.
