OpenSea Reviews OpenRarity Protocol to Represent Current Market Dynamics

The protocol has been reviewed to reflect the rarity of NFTs and other features, and the change will be effective Oct 25.

Oct 24, 2022
by Michael
OpenSea Reviews OpenRarity Protocol to Represent Current Market Dynamics
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OpenRarity will now Display NFT Rarity

OpenSea has reviewed some parts of its OpenRarity protocol after getting feedback from the community. This platform was launched on Sept 21 to allow users to find ranking NFTs.

However, they discovered some errors in the protocol, which they said compromised the rarity structure for NFT collections. NFT collections issue NFTs based on some elements which determine their rarity. For example, in the Cryptopunks NFT collections, Punks have monkeys=, alien and human faces. Aliens are the rarest and most expensive NFTs, while those with human faces are the most common.

There are other elements that determine the rarity and cost of some NFTs within the same collection. Nonetheless, the whole collection has a single floor price, the lowest price a collector will pay to join the community. OpenRarity protocol initially ranked NFTs without considering their rarity, which was noticed by an investor. Spencer said, 

"On OpenSea, it just displays as a number in the collection view (#), then in the individual listing, it just says "Rank x/x). Not Rarity, but Rank. It doesn't say rarity anywhere."

Some NFTs did not pass the Floor Price, but it has been fixed

Spencer used Kevin Rose's Moonbirds collection as another example, saying that the collection price has not passed the floor since it was introduced, an error that is detrimental to the protocol's purpose. However, OpenSea has reviewed the protocol and now displays NFTs and their rarity, as well as the rarity count. In addition, the NFT marketplace also announced releasing the OpenRarity protocol to work on supported blockchains.

OpenSea said, 

“We want to share an update on OpenSea's rarity ranking… On Tuesday, Oct 25, we will adopt the @openrarity ranking methodology for eligible collections across all chains. This is a meaningful change and we want to share our rationale & next steps.”

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