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New Algorithm add By Open Sea NFT Platform to Rank NFT Rarity

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In the midst of thousands of tokens that are non-fungible (NFTs) getting minted each day, finding rare items can be difficult for collectors of NFTs. But, as the field advances it is likely that the difficulty of finding rare NFTs (NFT Rarity) could soon be an issue of the past.

In an announcement on Twitter, NFT marketplace OpenSea announced the introduction of OpenRarity, an open source protocol that allows verified numbers of rarity for NFTs on its platform. The protocol employs an unambiguous mathematical approach for the calculation of rarity.

OpenSea stated that the rare NFTs will be given less numbers, like 1, or 2. NFTs with attributes that are similar to other NFTs will receive greater numbers. This is why the market pointed out that buyers will be able to see an accurate “rarity ranking” when considering buying NFTs.

The feature won’t apply automatically for every NFT collections. Based on the NFT marketplace the creators will be in the option to to implement this OpenRarity function to their collection, or not.

The OpenRarity project was a cooperative effort by a variety of NFT community organizations, such as Curio, icy.tools, OpenSea and Proof. The aim is standardizing the methodology for rarity and to provide consistent rarity ratings over every NFT platforms.

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The NFT marketplace has also announced an initiative that allows creators to design personal NFT drop pages, which they can personalize with videos, images and highlights. Creators are able to communicate information about what happens at the NFT drop, including the minting schedule as well as galleries. In addition creators are also able to add an countdown clock, and permit collectors to receive alerts via email for reminders of when the date of the mint.

A report released by blockchain analytics company Chainalysis revealed it as the most important driver of cryptocurrency adoption across the Central, Southern Asia and Oceania (CSAO) region. Based on the findings of the report 58% of all internet traffic to crypto-related services is attributed to NFTs.

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