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OpenRarity, a protocol by OpenSea to set a new rarity standard

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The level of frustration that comes with rarity traits is well understood by those who trade non-fungible tokens. Lack of set standard leads to different results by different rarity tools. To access an accurate rarity list, one has no other option than visiting a number of websites. 

Quite often, tool providers require creators to pay for rarity rankings, something unfavorable for projects with less budget.

Here comes OpenRarity 

To overcome the mess, on September 15, OpenSea announced creating a rarity protocol, OpenRarity, with an aim to develop a transparent, open-source unique rating system for customers and artists. OpenSea’s debut is in collaboration with icy.tools, Curio and PROOF

The emergence of NFT technology and new markets has led to the divergence in rarity rankings throughout all platforms, which causes confusion for sellers and buyers. OpenSea believes that it is important to enhance trust in the industry through transparency, which is why it is crucial to have a solution that offers a single and regular set of rarity rankings. 

An open-source project, OpenRarity strives to better the way rarity traits are organized to eventually offer consistent rarity ranks. 

As OpenSea is voluntary, NFT developers and collections can decide about using it. In case consumers want to take part in OpenRarity, developers can access the API which will enhance access of users to the particular data. 

OpenSea, in a statement, 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.

Fundamentals of OpenRarity

Below are listed the principles of the OpenRarity methodology:

  1. It has to be easy to grasp for users, developers as well as producers.
  2. It must be impartial and associated with mathematical concepts.
  3. It has to be easy to recalculate when the dataset is updated.
  4. It should provide uniform rarity rankings for each and every publisher.

Utmost transparency

Rarity tools and calculations present in the market have nothing else than making the process confusing, blurred, and costly. OpenRarity has been created to standardize rarity calculations and initiate a wider interaction about the aspects that play a role while being a part of the NFT world.

Every non-fungible token is rare and has various attributes of different rarity that vary from usual to unique characteristics that appear one time. The rarity score of an NFT refers to its uniqueness as compared to other non-fungible tokens belonging to the same collection.

Every NFT has a numerical rarity score which shows its scarcity in terms of how unique its qualities are when they are combined.

Response from the community

Soon after the announcement was made, the community came forward with reactions. CoolCats is among the first projects to implement OpenRarity.

The project accepted OpenRarity very well. 

Pudgy Penguins and PROOF are also in the queue to implement OpenRarity.

Kevin Rose about OpenRarity

Kevin Rose shared his overview on his podcast while interacting with Arran Schlosberg, VP of Engineering at PROOF, who has made a major contribution in developing the mathematical algorithm as well as Aadil Mamujee, Product Lead at OpenSea.

Future plans

As of now, certain cases won’t be supported by OpenRarity and will be implemented in the future. These cases are-

  • Number-themed traits will be addressed later
  • Conditional probabilities of traits are set for future
  • Trait Counts have not been planned to count rarity in the standard

Why does OpenRarity matter? 

NFT rarity scores help owners of NFTs, as well as potential buyers, to understand the uniqueness of an individual NFT, which helps to estimate its value. Rarity is directly related to the demand of the projects besides diversifying them on the basis of varying percentages of utility and qualities.

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  • Source: https://www.todaynftnews.com/openrarity-a-protocol-by-opensea-to-set-a-new-rarity-standard/
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