With thousands of non-fungible tokens (NFTs) being minted every day, trying to find rare pieces can be challenging for NFT collectors. However, as the industry moves forward, problems finding rare NFTs could soon be a thing of the past.
In a tweet, the NFT marketplace, OpenSea, ad the implementation of OpenRarity, a protocol that provides verifiable rarity calculations for NFTs within its platform. The protocol uses a transparent mathematical approach to calculate rarity.
OpenSea said that rare NFTs will receive lower numbers, such as 1 or 2, while NFTs that have similar attributes to many other NFTs will have higher numbers. With this, the market highlighted that buyers will be able to see a reliable “rarity ranking” when considering buying NFTs.
The feature will not automatically apply to all NFT collections. According to the NFT marketplace, creators will still be in control of whether or not they want to apply the OpenRarity feature to their collections.
The OpenRarity project was a collaborative effort between various entities in the NFT community, including Curio, icy.tools, OpenSea, and Proof. The goal is to standardize the rarity methodology and provide consistent rarity rankings across all NFT platforms.
The NFT marketplace has also recently launched an initiative that allows creators to create their own NFT pages, which they can customize with images, videos, and highlights. In this way, creators can share information about NFTs, such as the minting calendar and a gallery. Additionally, creators can add a countdown clock and allow collectors to receive email alerts to remind them of the mintage.
Meanwhile, a report published by blockchain analytics firm Chainalysis highlighted that NFTs are the biggest driver of cryptocurrency adoption in the Central, South Asia and Oceania (CSAO) region. According to the report, 58% of web traffic from cryptocurrency services is related to NFTs.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.