OpenSea is all set to launch OpenRarity This week
OpenSea announces the development of a rarity protocol called OpenRarity in partnership with icy.tools, Curio, and PROOF. It intends to build an open-source, transparent, math-based rarity ranking system for an enhanced user experience.
The protocol is set to debut on OpenSea this week, although it is now accessible in beta through GitHub.
NFT creators and collections will be free to choose whether or not to participate in OpenRarity. Developers who sign up for OpenRarity will have access to the API, making this data more accessible to a wider audience.
According to the project's developers, the availability of rarity tools and estimates on the market today has made the entire process opaque, complex, and costly for creators.
As a result, OpenRarity aims to standardize rarity estimates and kick off a more extensive discussion about the elements that matter while engaging in the NFT ecosystem.
Every NFT is unique, with numerous properties of varied rarity ranging from standard features seen in hundreds of NFTs in a collection to one-of-one traits seen just once. The rarity score of an NFT is essentially a measure of its uniqueness in contrast to many other NFTs from the same collection.
Each NFT in a collection may be awarded a numerical rarity score that shows its relative scarcity based on the rarity of its many features when combined.
Core Elements of OpenRarity's Methodology:
- It must be simple to grasp for artists, customers, and developers.
- It should be based on objective and mathematical concepts (open-source, introspectable).
- It must be simple to recalculate when the dataset changes (metadata typos, mutable attributes and new mints)
- It must ensure that rarity rankings are uniform and consistent across all publishers.
NFT rarity scores assist NFT owners and potential purchasers in understanding how unique a specific NFT is, hence estimating its worth. Rarity also stimulates demand for NFT projects and diversifies them by offering varying degrees of quality and utility.