On Sept. 21, the NFT marketplace first implemented the OpenRarity protocol, a rarity ranking protocol for NFT collectors. NFT platforms have collaborated to standardize the OpenRarity protocol, which is a standard rarity methodology.
Some believe that giving rarity ranks to nonfungible tokens (NFTs) on a marketplace could help collectors decide whether to purchase NFTs or not, but others argue that ranking NFTs might do more harm than good.
An NFT investor pointed out several issues around OpenRarity, the new rarity ranking protocol implemented by NFT marketplace OpenSea. According to the concerned party, using the phrase “rank” in the NFT listing without referring to “rarity” anywhere may be misleading.
The community member compared the Moonbirds NFT collection to the NFTs of other community members and argued that, because of OpenRarity, it destroyed its market-driven rarity structure. The NFT collector also requested that Proof, the creators of Moonbird, turn off the OpenRarity ranking functionality.
After receiving feedback, the NFT marketplace made some adjustments to the ranking system. Currently, “rarity rank” is displayed rather than just the rank, in addition to adding trait count to the ranking procedure and sorting items with unique attributes before applying any additional information that boosts its rank.
To make the necessary changes, OpenSea announced that rarity ranking would soon be enabled for all chain eligible collections. Beginning on Oct. 25, the feature would be applied to all chain eligible collections. The NFT marketplace received the most significant amount of inquiries on how to access it. To make access possible to more collections, the feature would be applied to all supported blockchains.
On September 21, the NFT marketplace first implemented the OpenRarity protocol, which aims to standardize the rarity method across NFT platforms. In order to provide a reliable rarity ranking, the NFT marketplace first launched the NFT ranking protocol on Sept. 21.