OpenSea – main platform for trading non-fungible tokens (NFTs) – incorporated a rarity tracking tool – OpenRarity – that lets buyers know about the rarity of a NFT specific.
popular collections of NFTssuch as Pudgy Penguins, Cool Cats and Moonbirds, are among the first projects to receive OpenRarity on their respective pages on OpenSea. These collections of NFTs have between 8,888 and 10,000 items, composed of images generated from an algorithm.
Some of the features of these NFTs are found in less than 1% of the collection, as a pillow cover covering the face of one of the Pudgy Penguins, or a robot face in Cool Cats.
More time on OpenSea
The adoption of OpenRarity by OpenSea removes the opacity of how rare certain traits are in NFTsallowing users to remain in the OpenSea and abandon third-party tools for tracking the rarity of NFTs.
The rarity of a non-fungible token is one of the first items a potential buyer notices when examining a NFT – even before reviewing the item’s purchase history or who it currently belongs to.
Before incorporating OpenRarity, OpenSea already made available some rarity characteristics of a non-fungible token.
In the case of Moonbirds #520, for example, users can see that 3% of the collection with 10,000 NFTs have a Lincoln hat. But, it’s because of OpenRarity that users now see that Moonbirds #520 is the 7,073rd rarest in the collection.
In addition to adding data about the rarity of a NFT, OpenSea made additional changes to its platform, such as expanding the way it distributes NFTsadding a more prominent description of what the collection creator fee is looking like, after a copyright debate, and promising to support only NFTs proof-of-stake on Ethereum after “The Merge”, update finalized last week.
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Source: Moneytimes
I am a journalist with over 6 years of experience working in the news industry. I currently work as an author for Global Happenings, and my coverage focuses on Technology news. I have written for various publications, including Reuters, The New York Times and The Guardian.
