OpenSea Collaborates to Create NFT Scarcity Protocol – Next Week Launch Kit by DailyCoin

© Reuters. OpenSea Collaborates to Create NFT Rarity Protocol – Next Week’s Launch Kit

OpenSea recently announced on Twitter (NYSE:) that NFT Marketplace has teamed up to create the OpenRarity protocol. The new protocol is a math-based NFT classification algorithm. The feature has been revealed to be launched on the OpenSea Market next week.

NFT rarity score criterion

According to the project’s website, OpenRarity is a community-based protocol that aims to provide transparent, mathematically sound, rarefied, completely open source, and replicable computation by anyone.

The OpenRarity protocol is the result of a collaboration between OpenSea, PROOF Collective, Icy Tools and Curio Tools.

“While we were evaluating the various existing rare methodologies for OpenSea, we realized that ranking varied among these tools, many of which had methodologies that were not transparent. We wanted to help create an open standard for the entire NFT community,” Market claimed in a tweet.

OpenSea will implement OpenRarity as a subscription trial for OpenSea creators, as it may not be applicable to some NFT suites.

The market also plans to give developers access to and categorize OpenRarity results via the OpenSea API, making the data more accessible to more users.

“This is one step towards our goal of promoting transparency and openness across the NFT ecosystem,” OpenSea wrote.

More transparency

As mentioned by the developers of the project, the rare tools and computations available in the market today have made the process murky, confusing and expensive, especially for budding creators. As a result, OpenRarity was created with the goal of uniting rare accounts and starting a broader conversation about what factors matter when participating in the NFT space.

Each NFT is unique, and consists of several traits of varying rarity, from traits common to hundreds of NFTs in a group, to unique traits that appear once. Basically, the degree of NFT rarity is a measure of its uniqueness compared to other NFTs in the same group.

Each NFT in a group can be assigned a numerical rarity which reflects the relative rarity of each NFT based on how rare their various characteristics are when combined.

Feedback from the community

The community responded immediately after the initial announcement. One of the first NFT projects to implement OpenRarity is “CoolCats”.

“We are delighted to be one of the first creators to choose to subscribe to the new OpenRarity NFT ecosystem on OpenSea. Cool Cats with the new rarity standard is due to be released next week, with Cool Pets to follow soon,” the project wrote on Twitter.

The launch of OpenRarity was received positively by the community in general, congratulating the NFT market on the massive modernization of its ecosystem.

on the flip side

  • Current rarity ratings are produced by closed source code, and based on ‘descriptive attributes’ that are not ‘on-chain’; This leads to inconsistency among publishers, and tool providers often charge producers for rare ratings. A standard NFT rarity system can make a huge difference in the industry.

Why should you care

NFT rarity scores are important because they help NFT owners and potential buyers understand how unique an individual NFT is, and thus provide an idea of ​​its value. Scarcity also drives demand in NFT projects, diversifying them by providing varying amounts of qualities and facilities.

Read more about OpenSea sales dropping during the crypto winter:

NFT volume drops to yearly low on OpenSea

Domain name sales increased. Find out more:

Sales of Ethereum Skyrocket Domain Names on OpenSea before the merger

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