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NFT Marketplace OpenSea Implements New Rarity Ranking Protocol



OpenSea, the nonfungible token (NFT) marketplace, has implemented a new rarity ranking protocol OpenRarity.


It has been reported that according to the community member, putting “rank” in the NFT listing with no mention of “rarity” anywhere could be misleading. Taking the Moonbirds NFT collection as an example, the community member argued that since the collection enabled the OpenRarity ranking protocol, it destroyed its own market-driven rarity structure, making every single NFT a “floor Moonbird.”


However, the NFT collector also called out Kevin Rose, the CEO of Proof, the creators of Moonbird, to turn off the OpenRarity ranking function for the collection. Days after the feedback, the NFT marketplace made some revisions to the ranking system. At the moment, NFT listings now show “rarity rank” instead of just the rank.


The report said that in addition to this, the NFT marketplace has also added a trait count within the ranking methodology and a way to sort items with unique attributes before applying any additional information that elevates its rank.


Likewise, after making the changes, OpenSea announced that it will enable the rarity ranking feature to eligible collections across all chains. The change will be implemented starting October 25.


According to the NFT marketplace, the most consistent feedback that they have received is from people asking how they could get access. To make this access possible for more collections, the marketplace will be implementing the feature to all their supported blockchains.


Thus, the NFT marketplace first launched the NFT ranking protocol on September 21 in an attempt to provide a reliable rarity ranking for collectors. The protocol called OpenRarity is a collaboration between NFT entities and aims to standardize the rarity methodology across NFT platforms.


Source: Cointelegraph

 

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