The world’s largest NFT marketplace, OpenSea, has announced the launch of its new protocol called “OpenRarity” for performing NFT rarity calculations.
We have seen how each NFT collection that is launched to the market has different characteristics, in addition to having a diversity of colors, designs, accessories in each character, among other issues, what determines all these qualities as a whole is the attribute called “Rarity”.
As a way to find a solution to the problems that exist for NFT buyers seeking information regarding rarity and classification, OpenSea has collaborated with several web3 experts such as PROOF, Curio Tools, among others, to create this new feature. Through the new platform protocol, OpenRarity will aim to provide a new standard in methods for classifying NFTs.
Through OpenSea’s official Twitter account, they announced that, on the launch date of the new protocol, they have started with well-known collections such as Coolcats, PudgyPenguins, Moonbirds, and many more. These collections took the initiative to introduce themselves to the OpenRarity protocol.
MORE ABOUT OPENRARITY
It is a protocol created by the community in conjunction with OpenSea, and aims at calculating rarity in a transparent and mathematically sound manner, which is open source, and can be reproduced by anyone.
It is built for the entire worldwide community of the NFT field and seeks to set a new universal standard for the rarity classification of NFT collections.
As they state on their official site, OpenSea is going to implement OpenRarity as an optional experience, which will be available to creators in OpenSea, as it applies to certain collections, and there are others where it will not. They also plan to provide developers with access to OpenRarity scores and rarity ranks for use through an OpenSea API, making the data more accessible to everyone.
The marketplace announced that the rarest NFTs will get the lowest numbers, such as 1 or 2, and those with fairly common and similar attributes to others will have higher numbers.
In addition, OpenSea recently announced that they will be providing services through their platform for NFT creators to launch their non-fungible tokens directly through their website, whereby they will be able to publish the mining date, galleries, even a countdown to the launch date.
HOW DOES THE RARITY ARISE?
Rarity is generally measured in percentages, and what it determines in a nutshell is how common the NFT in question is. An NFT with a higher percentage of rarity implies a higher degree of difficulty in obtaining that NFT. On the other hand, if it has a lower percentage, it is because it is a fairly common token.
This percentage of rarity, is established in the source code that is found in the smart contract origin of the “mint” of the collection, whose percentages are distributed in a certain way. At the time of minting to obtain a NFT from the collection, the rarity is left to randomness, so we can get a fairly common NFT, or we can be lucky enough to get a fairly rare one, so it will have a higher value than the others.
However, these NFTs can be obtained after mining, in different marketplaces where they are published for sale. In this case, there is no such randomness and we find each NFT perfectly determined, so the consequence is that there will be price differences, since all the qualities of the NFT to be acquired are known.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express