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Gungun Bhatia
Sep 15, 2022
by Gungun Bhatia

OpenSea To Release NFT Rarity Protocol OpenRarity Next Week

OpenRarity

Table of contents

  1. Problems Discovered By OpenRarity
  2. Principles Of OpenRarity
In partnership with Curio, icy.tools, and PROOF, OpenSea announced on Twitter the creation of a rarity protocol named OpenRarity to develop a completely transparent, open-source rarity rating system that would benefit artists and consumers. Next week, OpenRarity will debut on OpenSea.

There has been a divergence in rarity rankings across platforms due to the emergence of new markets and NFT technology, which may be deceptive or confusing to buyers and sellers. To help increase industry trust via transparency, OpenSea thinks it's critical to discover a method for providing a single, transparent, and consistent set of rarity rankings among all platforms.

OpenRarity is voluntary, so collections and NFT developers can choose whether to use it. If consumers opt to participate in OpenRarity, developers will have access to the API, increasing user access to this data.

OpenSea stated,

"We hope that OpenRarity starts the process of demystifying & standardizing rarity calculations and kickstarts a broader conversation about the factors that matter when participating within the NFT space."

Problems Discovered By OpenRarity

The notions of rarity and creator tiers or market value, which confer value to traits or goods irrespective of scarcity, are confused in our society. Today's rarity rankings are generated by closed-source code, and they often differ between publishers. Tool providers frequently charge creators for rarity rankings, which doesn't provide lower-budget projects a level playing field.

Principles Of OpenRarity

The following are the basic concepts of the OpenRarity methodology:

  • It must be simple to grasp for developers, users, and producers.

  • It needs to be unbiased and based on mathematical concepts (open-source, introspectable).

  • It must be simple to re-calculate when the dataset updates (new mints, metadata typos, mutable attributes).

  • It must offer uniform rarity rankings for all publishers.

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    Gungun Bhatia
    Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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