OpenSea Collaborates to Create NFT Rarity Protocol – Next Week Launch Kit of DailyCoin
© Reuters. OpenSea is collaborating to create the NFT Rarity Protocol – Launch Kit for next weekOpenSea recently announced on Twitter (NYSE: ) that the NFT marketplace has partnered to create the OpenRarity protocol. The new protocol is a math-based, NFT rarity ranking algorithm. The feature was revealed to be launched on the OpenSea marketplace next week.
NFT Rarity Score Standard
According to the project’s website, OpenRarity is a community-built protocol that aims to provide a transparent, mathematically sound, rarity calculation that is completely open source and reproducible by anyone.
The OpenRarity protocol is the result of a collaboration between OpenSea, PROOF Collective, Icy Tools and Curio Tools.
“When we evaluated various existing rarity methodologies for OpenSea, we realized that the ranking varied between these tools, and many had methodologies that were not transparent. We wanted to help create an open standard for the entire NFT community,” the marketplace claimed in a tweet.
OpenSea will implement OpenRarity as an opt-in experience for creators on OpenSea, as it may not be applicable for some NFT collections.
The marketplace also plans to give developers access to OpenRarity points and rankings via OpenSea’s API, making the data available to more users.
“This is one step towards our goal of promoting openness and transparency across the NFT ecosystem,” OpenSea wrote.
More transparency
As stated by the project’s developers, the rarity tools and metrics available on the market today have made the process opaque, confusing and expensive, especially for new creators. As a result, OpenRarity was created with the goal of standardizing rarity calculations and kick-starting a broader conversation about the factors that matter when participating in the NFT space.
Each NFT is unique, consisting of several attributes of varying rarity, ranging from common features found in hundreds of NFTs in a collection, to one-of-a-kind features that appear once. Essentially, an NFT’s rarity score is a measure of its uniqueness compared to other NFTs in the same collection.
Each NFT in a collection can be assigned a numerical rarity score that reflects the relative scarcity of each NFT based on how rare its various qualities are when combined.
Reactions from the community
The community reacted immediately after the initial announcement. One of the first NFT projects to implement OpenRarity is ‘CoolCats’.
“We are excited to be one of the first creators to sign up for the new OpenRarity NFT ecosystem on OpenSea. Cool Cats are set to launch on the new rarity standard next week, with Cool Pets soon to follow,” the project wrote on his Twitter.
The community has generally greeted the launch of OpenRarity positively, congratulating the NFT market on the huge update to the ecosystem.
We’re excited to be one of the first creators to sign up for the new @openrarity NFT ecosystem at @opensea! Cool Cats are set to launch on the new rarity standard next week, with Cool Pets soon to follow. Stay tuned… https://t.co/0CI1TQ4ypN
— Cool Cats (@coolcatsnft) September 15, 2022
I WAS JUST ABOUT TO TWEET ABOUT PUSHING FOR SOMETHING LIKE THISLETS FUCKIN GOOOOOOO
— wab.eth ❁ (@wabdoteth) September 14, 2022
On the other side
- Current rarity rankings are produced from closed source code, and based on “metatraits” that do not exist “on-chain”; this leads to inconsistency among publishers, and tool providers often charge producers for rarity rankings. A standardized NFT rarity system could potentially involve major changes in the industry.
Why you should care
NFT rarity points are important because they help NFT owners and potential buyers understand how unique an individual NFT is, thus giving an idea of its value. Rarity also drives demand in NFT projects, diversifying them by offering varying amounts of qualities and utility.
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