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Following Community Feedback, OpenSea Modifies NFT Rarity Ranking Protocol

Following_Community_Feedback,_OpenSea_Modifies_NFT_Rarity_Ranking

A member of the community said that the new protocol for ranking rarity breaks the way that some NFT collections’ rarity is based on the market.

Giving nonfungible tokens (NFTs) on a marketplace a rank for how rare they are might help collectors decide whether or not to buy NFTs, but some people say that ranking NFTs might do more harm than good.

In a tweet, an NFT investor brought up numerous problems with OpenRarity, the new protocol for ranking rareness that NFT marketplace OpenSea is using. The community member said that putting “rank” in the NFT list without saying anything about “rarity” could be confusing.

The community member used the Moonbirds NFT collection as an example, claiming that by enabling the OpenRarity ranking mechanism, the collection destroyed its own market-driven rarity structure and turned every NFT into a “floor Moonbird.” The CEO of Proof, the company that made Moonbird, Kevin Rose, was also criticized by the NFT collector for not turning off the OpenRarity rating feature for the collection.

A few days just after feedback, the NFT marketplace changed the way it ranks items. Right now, NFT listings show the “rarity rank” as well as the rank. In addition to this, the NFT marketplace has added trait count to its ranking system and a way to sort items with unique traits before using any other information that raises its rank.

After completing the changes, OpenSea said it would turn on the rarity ranking feature for all eligible collections. The change will take place on October 25. The NFT marketplace says that the most common feedback they get is from people who want to know how they can get access. To give this kind of access to more collections, the marketplace will add this feature to all the blockchains it works with.

On September 21, the NFT marketplace started using the NFT ranking protocol to try to give collectors a reliable way to rank how rare something is. OpenRarity is a protocol that was made by NFT entities working together. Its goal is to make the rarity method the same on all NFT platforms.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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