OpenSea uses the Scarcity Tracking Tool OpenRarity
OpenSea has adopted OpenRarity – a scarcity tracking tool that allows buyers to check the rarity of a specific non-fungible token (NFT).
After its adoption, OpenRarity will help OpenSea remove opacity about how rare certain features in an NFT are. It will also further eliminate the use of third-party NFT scarcity tracking tools.
Other popular NFT projects that have used OpenRarity are Pudgy Penguins, Cool Cats and Moonbirds.
All of these NFT collections have between 8,888 to 10,000 NFTs in their collection made from algorithmically generated images, according to The Block, and “some of the features of these NFTs are found within less than 1% of the collection, such as a pillowcases on the head in the case of Pudgy Penguins or a robot face for Cool Cats.”
Rarity plays an important role in the NFT sector as it can dictate the value of the item. A potential buyer these days usually seeks to understand the rarity of an NFT even before the NFT’s purchase history or who it is currently owned by.
Before OpenRarity was incorporated, OpenSea – the world’s largest trading venue for NFTs – had shown some rare characteristics of an NFT, to be sure. For example, in the case of Moonbirds #520, users can see that 3% of the owls in the 10,000 NFT collection also have Lincoln hats.
But only through OpenRarity was it possible for users to now know that Moonbirds #520 is the 7,073 rarest of the collection.
In addition, OpenSea has also made changes to the platform, apart from adopting OpenRarity.
The NFT marketplace has made changes to increase how it does airdrops, such as adding a more prominent description of how much a creator’s fee is following a debate over NFT royalties. It has also promised to only support proof-of-stake NFTs Ethereum after The Merge.
According to Blockchain.News, OpenSea has also revealed its new policy for dealing with stolen digital art and general theft on the platform.
OpenSea said that its previous permission to use police reports only on escalated reports of stolen NFTs will no longer be the case, but that the police reports will be treated equally for all reports of NFT thefts respectively.
“Based on your input, we have already called to adjust elements of how we implement our policy. First, we are expanding the ways we use police reports: we have always used them for escalated disputes, but they will now be used to confirm all theft reports, says the NFT market.
Image source: Shutterstock
