The OpenRarity project, which was the result of a partnership between Curio, Icy.Tools, PROOF, and OpenSea, is officially introduced by OpenSea. The aforementioned collaboration intends to standardize the rarity technique and create consistent NFT rarity rankings across various NFT platforms.
News in a Glimpse:
- OpenRarity, a product of their collaboration with Curio, Icy.Tools, PROOF, and OpenSea, has been officially launched by OpenSea.
- The project aims to address the buyer and collector concerns about the scarcity of NFTs.
- With thousands of NFTs being minted every day, and differences in the methodologies used by some of the rarity tools, there is some confusion.
- This problem is addressed by OpenRarity, which claims to provide a unified and transparent set of rarity rankings.
- The rarity of NFTs is important for increasing their value.
- Rarity tools, such as OpenRarity, provide buyers, sellers, and collectors with the information they need to make an informed decision about a specific NFT project.
NFTs are credited by blockchain analytics company Chainalysis with hastening the uptake of crypto services in the Central and Southern Asia and Oceania (CSAO) areas. Which is corroborated by their data, according to which 58% of web traffic for cryptocurrency services is tied to NFT. These includes music, images, and even games.
As Cointelegraph previously reported, thousands of NFTs are produced every day, proving that the NFT craze is truly expanding. Due to this situation, it is challenging for collectors to locate unusual items. OpenSea, Curio, PROOF and Icy.Tools are working to find a solution to this issue.
Through a tweet, OpenSea announced the addition of OpenRarity to its platform. This project is expected to function as a verifiable rarity protocol for NFTs within the platform that determines an NFT’s rarity using an open-source mathematical formula.
In the NFT market, the term “rarity” refers to the relative scarcity of one NFT’s attributes in comparison to other NFTs in the same collection to which it belongs. Collectors, buyers, and sellers find it difficult to base their purchasing decisions on rarity. Because each NFT platform employs a unique methodology for determining the rarity of an NFT.
OpenRarity, which claims to provide a unified and transparent set of rarity rankings across the OpenSea marketplace, is expected to solve this problem. The rarer an NFT’s attributes, the lower its rarity ranking compared to other NFTs with similar attributes to several other NFTs.
The OpeaSea enables creators to view the rankings of their NFTs. They have the option of displaying the rankings to the public or not. Those who choose to display the ranking of their NFT will see it both on the item page and on the collection page.
When the viewer moves their mouse over the page, the percentage ranking appears. The rarity rankings displayed by OpenRarity are based on the creator’s publicly available attribute data. This is subject to change if the creator modifies any of the item metadata.
Ranking in OpenRarity
There are two ways to look at the ranking of NFTs in the OpenSea. One option is to use the Rarity rank filter, which can be accessed by checking the box on the left side of the screen. The second option is to sort by “most rare,” which can be accomplished by clicking on the menu at the top of the screen.
NFTs should have Ethereum ERC721, string attribute, and attribute information for creators who want to show the rarity of their items in the collection. OpenSea recommends only displaying an item’s rarity if the collection is already complete, so that the metadata does not change.
Changing metadata is not a good thing because it affects the ranking and may confuse users who expected the rarity to remain constant. Once enabled in an NFT collection at OpenSea, the running will be visible throughout the platform and accessible via the OpenSea API.
Importance of Rarity in a NFT
Rarity is critical for an NFT because it determines its value. Many people regard NFT as a good investment strategy because the rarer the piece, the higher the price. There are collectors in the market, just as there are traders and sellers. They are those who enjoy purchasing and collecting rare or unique items on the market.
Advantages of Projects Like OpenRarity
Projects like OpenRarity and other rarity tools are extremely important in the NFT market for the following reasons:
Helps in Buying and Selling Decisions
Rarity tools assist buyers and collectors in learning almost everything they need to know about NFT projects. The information they discover using these tools assists them in making an informed decision.
When compared to a whitepaper, rarity tools present more simplified information about an NFT project. These tools also keep users, particularly collectors, up to date on the latest innovations in the NFT market. These tools can also provide a brief overview of the NFT’s market performance. All of this contributes to making better decisions.