Not all non-fungible tokens (NFTs) are the same. Some bear unique characteristics that are not widely shared. Sometimes, collectors stumble upon such gems and would want the value to reflect such. But it’s been hard to separate the rare from your regular NFT.
Now, non-fungible token rankings are being made easier on OpenSea thanks to the launch of a new tool called “OpenRarity.” The American marketplace described their new idea as “rarity”, a method that standardizes unique digital images.
NFTs for the particular collector
“We use ‘rarity’ ranking to describe the relative scarcity of one non-fungible token’s attributes compared to another in the same collection,” OpenSea elaborated, in a blog post.
“An NFT with rare attributes will have a lower rarity ranking (such as 1 or 2) than an NFT that shares attributes with thousands of others in the collection,” it added.
Rarity is strongly correlated with value. That’s the reason exclusivity is important for NFT collectors. It has been hard to put a finger on the exclusivity of the features of one NFT piece against the other in the absence of a standardized ranking mechanism.
The result has been chaos, says OpenSea. “When rarity rankings vary across platforms and use different methodologies, it can cause confusion for buyers and sellers and make it difficult to use rarity for purchase and sale decisions,” it said.
The plan is to build “a unified, open, transparent and reproducible standard for rarity rankings
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