OpenSea launched OpenRarity with Icy.tools, Curio tools and evidence
OpenSea has officially announced OpenRarity, a new NFT rarity protocol for the NFT community. Working together with Web3 analytics experts Icy.tools, Curio Tools, PROOF and others, OpenRarity aims to provide a new standard in the ranking system for NFTs. Currently, there are several high-profile NFT rarity platforms, and each has its own way of determining rarity. Although mostly the same, there will be some differences in how they rank rarities. Unfortunately, this is confusing for NFT buyers looking for rarity and ranking data. OpenRarity will officially launch next week!
What is OpenRarity?
OpenRarity is a brand new NFT rarity protocol with its own platform. Built for the NFT community, it plans to set a new universal standard for ranking the rarity of NFTs in a somewhat confusing market.
Indeed, the OpenSea team, along with Icy.tools, Curio Tools and PROOF, have developed a transparent, mathematically correct, and objective rarity calculation method. Notably, it is completely open source and reproducible by anyone.
Furthermore, to ensure that the OpenRarity protocol works and is easy to understand, it has been validated with creator teams representing several top-100 collections by volume.
“We believe it is important to find a way to have a unified, transparent and consistent set of rare rankings across all platforms to help build more trust in the industry through transparency.”
What problems does OpenRarity solve?
OpenSea seeks to create a transparent, consistent, easy-to-find, simplified, sparse ranking system. To do this, they want to solve three problems. These are:
1. The NFT ranking industry combines the concept of rarity (mathematical scarcity of attributes) with creator ties and market value, which is based on attributes other than scarcity. OpenRarity will offer these in separate rankings.
2. Closed-source code used to determine rankings and uses ‘meta features’ that do not exist on-chain. Meta features, such as feature counts and other hidden values, cause considerable inconsistency in rarefied rankings across markets. OpenRarity will use a fully open-source program for its data and exclude meta features from its ranking system.
3. Many rare tool providers charge NFT projects to list collections on their platforms. OpenRarity wants to create a fair environment for everyone.
OpenSea provides a mathematical solution to the new rarity ranking
OpenRarity will use mathematical theory information content, Also known by this name Information theory, self-information, surprising, or Shannon Information, To determine NFT rarity.
Basically, it is a method that looks at a fundamental quantity derived from the probability of a certain event from a random variable.
Community feedback will play a key role in the OpenRarity protocol
The OpenSea team also plans to use community feedback to improve the OpenRarity protocol. Interestingly, OpenRarity is an opt-in system for creators.
In a long twitter thread, OpenSea discusses its new system and how it will impact the broader NFT rarity market. As the leading NFT marketplace, it will have many eyes on the new system. As the OpenRarity protocol goes live, it will be interesting to see how it affects the industry.
Some high-profile NFT projects are already signing on to use the OpenRarity protocol Yesterday, Cool Cats, the popular pfp project, tweeted, “We’re excited to be one of the first creators to opt-in to the new @openrarity NFT ecosystem at @opensea! Cool Cats are set to launch next week at the new rarity criteria, with Cool Pets soon to follow Stay tuned…”
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