February 25, 2024

People across the globe are minting thousands of NFTs regularly. Thus, attempting to pursue rare pieces counts as a difficult task for the collectors of non-fungible tokens. Nonetheless, with the gradually increasing advancement of the industry, the difficulty in seeking rare non-fungible tokens may shortly become a past.

OpenSea Declares OpenRarity’s Implementation for Rarity Calculations for Non-Fungible Tokens

OpenSea, an NFT marketplace, declared in a Twitter post to implement OpenRarity – known as a protocol to offer confirmable rarity calculations in the case of the NFTs existing in the platform. A clear mathematical approach is followed by the protocol for the calculation of rarity.

The NFT marketplace stated that lower numbers such as 1,2 will be awarded to rare non-fungible tokens whereas the NFTs having the characteristics analogous to several other non-fungible tokens will be given higher numbers.

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In this way, the marketplace described, the purchasers would have the capability to see a dependable rarity ranking while intending to buy NFTs. The respective characteristic will not be by default applied to the entirety of the collections of non-fungible tokens.

According to the marketplace of non-fungible tokens, the creators will even then have the choice in deciding if they intend to apply the feature of OpenRarity to the collections thereof.

The project OpenRarity was carried out collaboratively by several organizations within the community of non-fungible tokens, taking into account Proof, OpenSea, icy.tools, and Curio. The target is the standardization of the rarity methodology as well as to offer dependable rarity rankings throughout the NFT venues.

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In addition to this, the NFT marketplace has also undertaken an initiative to enable the creators to create pages for their drops of non-fungible tokens.

NFT Creators to Be Allowed to Add Pages Related to NFT Drops

Such pages take into account a gallery and a minting schedule. Along with this, the creators also can incorporate a countdown clock as well as permit the collectors to get email alerts to be reminded about the mint. In the meantime, Chainalysis – a company dealing with blockchain analytics – published a report.

The venue brought to the front that the non-fungible tokens count as the biggest driving force in the case of the wider adoption of crypto assets across the region of Central, Southern Asia, and Oceania (CSAO). As per the report, a fifty-eight percent proportion of the crypto-related traffic deals with non-fungible tokens.

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