- The biggest NFT marketplace OpenSea has recently announced its partnership with Icy.tools, PROOF, and Curio to develop OpenRarity.
- OpenSea intends to stretch a helping hand in creating an open standard for the entire NFT community.
- The platforms are working towards making OpenRarity an opt-in experience for creators on OpenSea.
In a recent announcement, it has been revealed that OpenSea, the biggest NFT marketplace, has collaborated with Curio, PROOF, and Icy.tools in order to develop OpenRarity, an open standard for their community.
1/ Today we’re excited to publicly launch OpenRarity!— openrarity (@openrarity) September 14, 2022
This project is the product of many teams within the NFT ecosystem building a better system together. Below, we’ll share more about our motivations, methodology and why this all matters.https://t.co/1d2j2Jds5B
The platform did carry out an evaluation process considering different existing rarity methodologies for OpenSea and found out that ranking varied between these rarity tools. In addition, the evaluation helped in finding out that many had methodologies that were not transparent.
OpenSea intends to help in the creation of an open standard for the entire NFT community. However, they are fully aware of the fact that OpenRarity may not apply to some NFT collections, so they are making it an opt-in experience for creators on OpenSea.
What’s more to the key takeaways is the fact that they are also planning to give developers access to OpenRarity scores and rank through their API when creators have opted into OpenRarity, making this data more attainable and open.
This marks a step closer to their goal of promoting openness and transparency across the entire NFT ecosystem.
As for OpenRarity, it is a project that can be considered a product of several teams lying within the NFT ecosystem and contributing to building a better system collaboratively. The major goal of this rarity calculation standard is to build a reproducible, transparent, and objective ranking system.
The project is aimed at eliminating confusion for the creators as well as the collectors in relation to rarity scores across measurement tools. While working with other marketplaces and creators, the team managed to land on a brand new calculation method called the Information Content, along with a set of principles they believe to be a better starting point.
In order to ensure that their new calculation standard is mathematically grounded and understandable, the team is publishing their implementation via GitHub. In addition to this, it was revealed that Pudgy Penguins, PROOF, and Cool Cats NFT are going to be the first creators to opt in.