• OpenSea adds a new mechanism for determining NFT rarity

  • The OpenRarity project was a collaboration of several NFT community entities, including Curio, icy.tools, OpenSea, and Proof.

    With thousands of nonfungible tokens (NFTs) being created every day, it can be difficult for NFT collectors to identify unique pieces. However, as the industry progresses, the difficulties in locating uncommon NFTs may soon become a thing of the past.

    OpenSea, an NFT marketplace, announced the adoption of OpenRarity, a protocol that enables verifiable rarity estimations for NFTs on its platform, in a tweet. To calculate rarity, the protocol employs a straightforward mathematical approach.

    According to OpenSea, unusual NFTs will be assigned lower numbers such as 1 or 2, but NFTs with characteristics comparable to many other NFTs will be assigned higher numbers. When considering acquiring NFTs, customers will be able to check a credible “rarity ranking,” according to the marketplace.

    The feature will not be introduced to all NFT collections immediately. According to the NFT marketplace, creators will retain control over whether or not the OpenRarity functionality is applied to their collections.

    The OpenRarity project was a joint effort involving members of the NFT community, including Curio, icy.tools, OpenSea, and Proof. The purpose is to standardize the rarity approach so that rarity rankings are consistent across all NFT platforms.

    In addition, the NFT marketplace recently announced an initiative that allows producers to create their own NFT drop sites that can be customized with photographs, videos, and highlights. Creators can use this to publish information regarding the NFT drop, such as the minting timetable and a gallery. Aside from these, designers might include a countdown clock and enable collectors to receive email alerts to remind them of the mint.

    Meanwhile, according to a report issued by blockchain analytics firm Chainalysis, NFTs are the most important driver of crypto adoption in the Central, Southern Asia, and Oceania (CSAO) area. According to the research, 58% of web traffic to cryptocurrency services is tied to NFTs.

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