28 February, 2024

OpenSea Launches Feature to Calculate Rarity of NFTs

1 year ago

12 Dec, 2023

Non-Fungible Tokens (NFTs) are rapidly growing in numbers every day. Rare, invaluable pieces can be difficult to find in the sea of NFTs for NFT collectors. The members of the NFT community have recognized this issue, and have tried to tackle it for a while now.

OpenSea, a popular NFT marketplace has announced a new feature, OpenRarity, which enables users to calculate the rarity of an NFT directly on their platform. OpenRarity uses a transparent algorithm to show the rarity of the NFT.

NFT community groups like Curio, icy.tools, Proof, and OpenSea collaborated to bring this feature into existence. Their aim was to have a standardized ranking system for rarity in the NFT marketplace for buyers across platforms tackling the problem many NFT collectors have been facing.

This feature is pivotal to facilitating the functions of NFT collectors. OpenSea claims that the rarer NFTs will be ranked as 1 or 2, and lower ranks for less rare NFTs. This will allow NFT collectors to easily sift through the marketplace to find verifiable rare NFT suiting their needs.

OpenRarity will only be applied to all NFT collections with permission. NFT creators have the liberty to choose to not have an OpenRarity ranking for their collection.

The NFT marketplace has also allowed creators to own a personalized NFT drop page. This will allow creators to customize their drop page with images, videos, and other things to attract potential customers. This page will allow creators to announce information about upcoming NFTs and a gallery. The creator can also put a countdown on their page for NFT drops to increase anticipation and send email notifications to subscribers.

Chainalysis, a blockchain analytics firm has revealed in their report that NFTs are the biggest reason for crypto adoption in the CSAO region. Up to 58% of crypto-related web traffic in this region is due to NFTs.



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