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September 15, 2022

OpenSea will launch OpenRarity next week

OpenSea has made the announcement that they have created a rare protocol that goes by the name OpenRarity. The purpose of this protocol is to produce a math-based rarity ranking mechanism that is entirely transparent, open-source, and user-friendly. innovation as well as patronage. The introduction of OpenRarity on the NFT platform is scheduled for the following week.

OpenRarity is the name of the new rarity standard that OpenSea has introduced for its user community. A new rarity approach has been developed via a collaboration between OpenSea, PROOF Collective, Icy Tools, and Curio Tools. “verifiable, consistent, and mathematically-grounded method to rarity estimations” is what OpenRarity offers as its service to users.

Because participation in OpenRarity is voluntary, those who create collections and NFTs will have the ability to choose whether or not to participate. When developers opt into OpenRarity, they will have access to the API, which will result in this data being available to a greater number of consumers.

The next week will see the introduction of OpenRarity on this NFT marketplace.

In today’s world, the concepts of rarity and creator tiers or market value, which provide worth to characteristics or items regardless of their availability, are sometimes mistaken with one another. The rarity rankings used today are produced using closed-source code, and they often vary from one publisher to the next. It is common practice for tool providers to charge producers for rarity rankings, which makes it difficult for projects with fewer budgets to compete on an equal footing.

Because using OpenRarity is completely optional, developers of collections and NFTs are free to decide whether or not to implement it. If users choose to join in OpenRarity, developers will be granted access to the application programming interface (API), which will result in increased user access to this data.

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