OpenSea will Launch New NFT Standard - OpenRarity

2022-09-16, 15:12

TL;DR

Presently, the rarity ranking in the market is generated by closed-source code, which is not open and transparent. In addition, tool providers often charge for rarity ranking, which cannot provide a fair competition environment for smaller budget projects.

The OpenRarity standard is a standard jointly developed by the open cooperation among Curio, icy.tools (QuickNode), OpenSea and PROOF.

OpenRarit now finds a way to provide a unified and consistent rarity ranking on all platforms to help build more trust and transparency in the industry.

It is hoped that OpenRarity can start the standardization process of NFT rarity calculation, so as to actively participate in NFT ecosystem construction and carry out more extensive exploration.

New Standards for OpenSea

On the day of Ethereum Merge, OpenSea also took advantage of this opportunity to announce that it will launch the open standard “OpenRarity” of NFT rarity next week.

OpenSea stated that when the team began to evaluate the rarity of different NFTs on the NFT Marketplace, they realized that the rankings of these tools were different, and the methods of many tools were not transparent, so they hoped to help create a new and unified open standard for the entire NFT community.

Presently, the rarity ranking in the market is generated by closed-source code, which is not open and transparent. In addition, tool providers often charge for rarity ranking, which cannot provide a fair competition environment for smaller budget projects. When the creator selects OpenRarity, developers can access OpenRarity scores and rankings through APIs to make these data more accessible and open.

OpenRarity aims to provide a transparent and mathematically reasonable rarity calculation, making the calculation completely open source, ensuring fairness and transparency. Developers can access OpenRarity scores and rankings through APIs. OpenRarity may not be applicable to some NFT collections, so creators on OpenSea can choose to experience OpenRarity.

This is a step towards our goal of improving transparency and openness in the entire NFT ecosystem.

The Development Team with Win-win Ally

The OpenRarity standard is a standard jointly developed by the open cooperation among Curio, icy.tools (QuickNode), OpenSea and PROOF, and has been reviewed by the NFT creator team of NFT Marketplace Top100.

Curio

Curio uses a variety of data sources to provide analysis tools to help users browse and track NFT data, such as scarcity, floor price, average sales price, quantity, etc. It can also help brands monetize their intellectual property through NFT.

Curio collaborates with celebrities in the entertainment industry to create an officially authorized digital collection to celebrate performances or commemorate important people and moments. Each digital collection is a collection of animation, video and music to ensure authenticity. Based on the Ethereum blockchain, these NFTs are verifiable. Fans can interact with their favorite things in new and different ways through digital fan clubs, souvenirs, etc.

Curio tries to solve the following problems encountered in the current NFT market:

Ways to digitize intellectual property: As a tool, Curio provides large music and media companies with monetization opportunities for intellectual property rights;

Complete industrial chain: Curio provides an end-to-end minting, trading and integrating process, and gains value throughout the NFT life cycle, including trading costs through the secondary market;

Deep "binding" between brands and fans: Curio will digitize analog items and experiences, create a new way for fans to interact with their favorite content, and create a new communication mode between brands and fans.

icy.tools

As one of the necessary tools for playing NFT, icy.tools is an integrated NFT data analysis platform that is very suitable for players. icy.tools is designed to help traders make more informed decisions. Founded in 2021, it has rapidly become the preferred resource for many NFT traders, mainly due to its advanced plan containing real-time charts and data, favorites and the latest trading information.

On icy.tools, you can not only find the latest trending projects being minted, but also view the transaction history and portfolio value of any wallet. Last but not least, we also provide the latest Mint news and wallet alerts about users' concerns.

PROOF

Proof.xyz is an NFT themed podcast created by Kevin Ross, a Silicon Valley venture capitalist, in March 2021. It has more than 30 episodes in total, including interviews with NFT artists, creators, collectors and new tool developers, as well as discussions about NFT market, blockchain games and the metaverse. Proof.xyz is a private community composed of 1000 dedicated NFT collectors and artists.

And Proof Kevin, the founder of Proof.xyz, is a partner of Silicon Valley venture capital firm True Ventures, which has invested $2 billion in early-stage technology startups, including Peloton, Fit Bit and Ring.

What Is OpenRarity

The rarity of NFT is a measure of the rarity of an NFT relative to other collections. Generally speaking, driven by the law of supply and demand, rarity and market value complement each other.

In most PFP projects, rarity comes from the exclusivity of features, or the various building blocks and attributes that make up the final token. Most successful strategies include using trait groups, sub traits and 1/1 traits to construct objective rarity.

With the explosive growth of new series, markets and tools in the NFT ecosystem, it must be realized that the rarity level of NFT projects usually varies among platforms, which may lead to confusion among buyers, sellers and creators as to what kind of NFT is more valuable in scarcity. Therefore, in order to truly begin to explore and reveal the subtle differences between NFT rarity, we must use the rarity tool.

OpenRarit now finds a way to provide a unified and consistent rarity ranking on all platforms to help build more trust and transparency in the industry.

OpenRarity aims to provide a transparent and mathematically reasonable rarity calculation, which is completely open source and can be reproduced by anyone. The goal is to bring more transparency to the opacity and confusion of NFT Marketplace.

This rarity open standard uses Python to implement the OpenRarity protocol to meet this requirement.

OpenRarity Principles

1. It must be easy for creators, consumers and developers to understand;

2. It must be objective and based on mathematical principles (open source and introspective);

3. It must be easy to change the dataset and update statistics immediately (New Mints, metadata errors, volatile attributes);

4. It must provide a consistent rarity rating across all publishers.

Therefore, the current problems faced by NFT are also solved:

Amplify scarcity value: for example, the industry confuses the concepts of scarcity (mathematical scarcity of attributes), creator level and market value, which endow attributes or projects with values independent of scarcity. Although we think these are important, they should be separated.

Reduce divergence: Today's rarity ranking is generated by closed source code and is based on "meta features" (such as feature count) that do not exist "on the chain". This can create disagreements between publishers (tools, markets, etc.). There is no single source of facts.

Provide better creation ecosystem: creators are often charged rare ranking fees by tool providers, which does not provide a fair competition environment for smaller budget projects.

Conclusion

One of the core values of NFT is scarcity value, which is also important for NFT creators and collectors. Moreover, rarity is also a core factor that many people in the NFT ecosystem consider when making transaction decisions and understanding the information of NFT project teams.

For a long time, the existing rare tools and calculations have made this process opaque, confusing and expensive (especially for the emerging NFT creators).

It is hoped that OpenRarity can start the standardization process of NFT rarity calculation, so as to actively participate in NFT ecosystem construction and carry out more extensive exploration.

About this week, OpenRarity, the new NFT rarity open standard launched by OpenSea, will officially open the experience. I believe it has taken an important step towards the goal of improving transparency and openness, which will also help promote the development of the ecosystem in the right direction.

Expect OpenRarity to make NFT better!

Author: Gate.io Observer: Byron B. Translator: Joy Z.

Disclaimer:

* This article represents only the views of the observers and does not constitute any investment suggestions.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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