SNEAK PEEK
- A NFT community member points out some flaws in OpenSea’s NFT rarity ranking protocol.
- OpenSea makes some changes showing “rarity rank” instead of just the rank.
- OpenSea made an announcement that it will be enabling the rarity ranking feature across all chains starting in October.
Although it is believed that giving rarity ranks to NFTs can help users and investors decide on profitable NFTs to make profitable investments, some community members have pointed out that it’s more harmful than beneficial for investment.
In a recent tweet, an NFT investor bought to the communities’ notice critical issues pertaining to OpenRarity, which is implemented by NFT marketplace OpenSea as the new rarity ranking protocol. According to a member of the community, allotting “rank” in the NFT listing without mentioning the word “ranking” over there could only be misleading, and should be removed to clear the confusion among investors.
We want to share an update on OpenSea’s rarity ranking:
On Tuesday, Oct 25, we will adopt the @openrarity ranking methodology for eligible collections across all chains. This is a meaningful change and we want to share our rationale & next steps. 🧵⤵️ pic.twitter.com/eq51Z4w7Gh— OpenSea (@opensea) October 20, 2022
The Moonbirds NFT collection, for example, enabled the OpenRarity ranking protocol, only to witness it destroy its own market-driven rarity structure, making each NFT a “floor Moonbird.” The NFT collector reached out to the CEO of Proof, the creators of Moonbird, to disable the OpenRarity ranking function for the collection.
After the feedback, the marketplace made revisions to the ranking system. For now, NFT listings will show “rarity rank” rather than the rank alone. They’ve also added a trait count within the ranking system and found a way to sort items with unique attributes before adding information that elevates its rank.
After making these alterations, OpenSea finally announced that starting Oct, it will enable the rarity ranking feature to some reputed collections across all chains.
