In partnership with Curio, icy.tools, and PROOF, OpenSea announced on Twitter the creation of a rarity protocol named OpenRarity to develop a completely transparent, open-source rarity rating system that would benefit artists and consumers. Next week, OpenRarity will debut on OpenSea. 1/ We’re excited to announce that we’ve collaborated with @curiotools, @icy_tools and @proof_xyz to develop @OpenRarity, an open rarity standard for our community.https://t.co/pkr6UbQz9F — OpenSea (@opensea) September 14, 2022 There has been a divergence in rarity rankings across platforms due to the emergence of new markets and NFT technology, which may be deceptive or confusing to buyers and sellers. To help increase industry trust via transparency, OpenSea thinks it’s critical to discover a method for providing a single, transparent, and consistent set of rarity rankings among all platforms. OpenRarity is voluntary, so collections and NFT developers can choose whether to use it. If consumers opt to participate in OpenRarity, developers will have access to the API, increasing user access to this data. OpenSea stated, “We hope that OpenRarity starts the process of demystifying & standardizing rarity calculations and kickstarts a broader conversation about the factors that matter when participating within the NFT space.” Problems Discovered By OpenRarity The notions of rarity and creator tiers or market value, which confer value to traits or good...
