The OpenSea NFT Marketplace has enabled a new feature on its site, which will rank NFTs based on their rarity. Named OpenRarity, this feature will allow collectors to find legitimately rare digital collectibles that have drowned in the sea of NFTs. OpenRarity will provide verifiable rarity calculations for NFTs using a mathematical approach to the calculations. Rare NFTs will be assigned lower numbers. OpenSea claims to be the largest NFT marketplace in the world which reached the market capitalization of over $13 billion earlier this year.
OpenSea announced the implementation of this protocol to its 1.8 million Twitter followers.
“Today we are launching @OpenRarity on OpenSea! We are starting with the wonderful teams @coolcatsnft @pudgypenguins and @moonbirds, who have opted for their collections in OpenRarity,” the platform wrote in its tweet.
NFT creators will have control over whether to apply OpenRarity functionality to their coins.
“OpenRarity is an open collaboration between OpenSea, icy.tools, Curio, and PROOF. On OpenSea, creators have the choice whether or not to display OpenRarity rarity ratings for their collection,” the platform wrote.
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 ignore, believes Tarusha Mittal, COO and co-founder of UniFarm during a conversation with Gadgets 360. UniFarm is a multi-token rewards staking program.
Owning NFTs has become a trend. NFTs have also proven to be a lucrative business tool for several big brands.
A total of $260 million (about Rs. 2,074 crore) has been collectively pocketed by high-end luxury brands such as Nike, Gucci, Dolce & Gabbana with the sales of their NFT pieces.