OpenSea to Rank NFTs Basis Their Rarity Aiming to Assist Collectors

OpenRarity will provide verifiable rarity calculations for NFTs using a mathamatical approach for calculations.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 23 September 2022 13:50 IST

OpenSea to Rank NFTs Basis Their Rarity Aiming to Assist Collectors

Photo Credit: OpenSea

NFTs have been proving to be a lucrative business tool for several big brands

Highlights

NFTs are digital collectibles
OpenSea touched the market cap of over $13 billion earier this year
OpenSea has added Cool Cats NFT among first rare pieces

OpenSea NFT marketplace has enabled a new feature on its site, that will rank NFTs on the basis of their rarity. Named OpenRarity, this feature will enable collectors to find legitimitely rare digital collectibles, that have been drowining in the sea of NFTs out there. OpenRarity will provide verifiable rarity calculations for NFTs using a mathamatical approach for calculations. Rare NFTs will be awarded lower numbers. OpenSea claims to be the world's biggest NFT marketplace that touched the market cap of over $13 billion earier this year.

OpenSea announced the implementation of this protocol to its 1.8 million followers on Twitter.

“Today we are launching @OpenRarity on OpenSea! We're starting with the wonderful @coolcatsnft @pudgypenguins and @moonbirds teams, who have opted their collections into OpenRarity,”the platform wrote in its tweet.

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1/ Today we are launching @OpenRarity on OpenSea! We're starting with the wonderful @coolcatsnft @pudgypenguins and @moonbirds teams, who have opted their collections into OpenRarity – go check them out! :blue_heart::point_down: pic.twitter.com/BzXK0PeQHZ
— OpenSea (@opensea) September 21, 2022

NFT creators will have the control to choose to apply the OpenRarity feature to their pieces.

"OpenRarity is an open collaboration between OpenSea, icy.tools, Curio, and PROOF. On OpenSea, creators have the choice of whether to opt-in to show OpenRarity rarity rankings for their collection," the platform wrote.

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The NFT market will be a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030 and it's too big a business to be ignored, believes, Tarusha Mittal, COO and co-founder of UniFarm said in conversation with Gadgets 360. UniFarm is a multi-token reward staking programme.

Owning NFTs has off-late, become a trend. NFTs have been proving to be a lucrative business tool for several big brands also.

A total of $260 million (roughly Rs. 2,074 crore) has collectively been bagged by high-end luxury brands including Nike, Gucci, Dolce & Gabbana with the sales of their NFT pieces.

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Further reading: Cryptocurrency, NFTs, Non-Fungible Tokens, OpenSea, OpenRarity

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More