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OpenSea – OpenRarity – CryptoShrypto

OpenSea – OpenRarity – CryptoShrypto

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A rare find non-exchangeable tokens (NFT) can be difficult for NFT collectors because so many NFTs are produced daily. But as the market evolves, the difficulty of finding rare NFTs may soon be a thing of the past.

The main, an NFT Marketplace, announced the launch of OpenRarity in collaboration with Curio, Icy Tools and PROOF. To calculate the rarity, the protocol uses a transparent mathematical approach.

By going to OpenSea’s settings page, creators can now enable their collection on OpenRarity. The feature is not automatically applied to all NFT collections. According to the NFT marketplace, content creators can decide whether to use the OpenRarity feature for their collections.

The OpenRarity project was a collaboration between members of the NFT community, including Curio, icy.tools, OpenSea and Proof. The goal is to standardize rarity methods so that rarity ratings are consistent across all NFT platforms.

What is OpenRarity?

OpenRarity is a completely new NFT rarity protocol on its own platform. It was created for the NFT community to create a new common standard for classifying rare NFTs in a somewhat confusing market.

In fact, the OpenSea team, in collaboration with Icy.tools, Curio Tools and PROOF, has created a transparent, mathematically reliable and objective rarity calculation method. Notably, this is completely open source and anyone can reproduce it.

In addition, to ensure the functionality and simplicity of the OpenRarity protocol, it has been tested with creator teams representing several of the top 100 collections by volume.

What problems does OpenRarity solve?

The concept of rarity (mathematical scarcity of attributes) is associated in the NFT investment industry with creator ties and market value, which bases value on attributes other than scarcity. These are available on OpenRarity in different rankings.

Rankings are determined using closed source code and meta properties that do not exist on the chain. Rarity rankings vary significantly across markets due to meta-characteristics such as number of traits and other hidden values. OpenRarity uses only open source software in its data, and its ranking algorithm does not take into account meta features.

Many rarity tool vendors charge NFT initiatives to list collections on their websites. According to OpenRarity, all parties should be treated fairly.

Read more about Cryptoshrypto:

Stellar adds new features for XLM and USDC transfer

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