OpenSea adopts OpenRarity as a tool for tracking scarcity

    OpenRarity is a scarcity monitoring tool that has been used by OpenSea. This tool gives purchasers the ability to examine the rarity of a certain non-fungible token (NFT).

    Following the acceptance, OpenRarity will lend a hand to OpenSea in clearing up any ambiguity about the rarity of certain characteristics inside an NFT. Additionally, the use of third-party NFT scarcity monitoring technologies will be eradicated entirely as a result of this development.

    Pudgy Penguins, Cool Cats, and Moonbirds are a few examples of further well-known NFT projects that have made use of OpenRarity.

    According to The Block, each of these NFT collections contains between 8,888 and 10,000 NFTs that were made from algorithmically generated images. Furthermore, “some of the features in these NFTs are found within less than 1% of the collection,” such as a robot face for Cool Cats or a pillowcase on its head for Pudgy Penguins. All of these NFT collections can be found here.

    Because it has the ability to influence an item’s price, rarity is an extremely important factor in the NFT industry. Even before the NFT’s purchase history or the identity of the person who now owns it, a prospective buyer in today’s market will typically try to get an understanding of the NFT’s rarity.

    Even before it integrated OpenRarity, OpenSea, the largest venue in the world for trading non-fungible tokens (NFTs), had some of the more unusual qualities that are associated with NFTs. For instance, readers may observe that 3% of owls in the 10,000 NFT collection also wear Lincoln hats if they look at Moonbirds #520. This information can be seen in the case of Moonbirds #520.

    Users were able to learn that Moonbirds #520 is the 7,073rd rarest item in the collection, but this information was not available to them until OpenRarity made it feasible.

    In addition, OpenSea has modified its platform in addition to integrating OpenRarity. These modifications were performed earlier this year.

    After a discussion on NFT royalties, the NFT marketplace decided to make some adjustments to how it augments how it handles airdrops. One of these changes included providing a more visible statement of how much a creator’s charge is. In addition to this, it has promised that after The Merge, it would exclusively allow proof-of-stake NFTs on Ethereum.

    OpenSea is said to have disclosed its new policy on the management of stolen digital artworks and general theft on its platform, as reported by Blockchain.News.

    OpenSea has said that its former policy, which allowed police reports to be applied only to escalated complaints on stolen NFTs, would no longer be in effect. Instead, the company has decided to handle police reports in the same manner with regard to all allegations of thefts using NFTs.

    “We have already contacted to alter portions of how we apply our policy based on the feedback that you have provided. First, the NFT marketplace said that they are going to extend the manner in which they utilise police reports. “We have always used them for escalated disputes, but they will now be used to validate all theft complaints,” the marketplace claimed.

    Latest stories

    - Advertisement - spot_img

    You might also like...