An NFT investor raised various concerns about OpenRarity, the new rarity ranking protocol used by NFT marketplace OpenSea, in a tweet.
According to the community member, including “rank” in the NFT listing but not including “rarity” anywhere could be deceptive.
Using the Moonbirds NFT collection as an example, the community member contended that by enabling the OpenRarity ranking protocol, the collection destroyed its own market-driven rarity structure, rendering every single NFT a “floor Moonbird.”
The NFT collector also requested that Kevin Rose, the CEO of Proof, the makers of Moonbird, turn down the collection’s OpenRarity rating function.
The NFT marketplace revised the ranking mechanism a few days after receiving input. Currently, NFT listings display “rarity rank” rather than merely the rank.
Furthermore, the NFT marketplace has included characteristic count within the ranking algorithm, as well as a mechanism to categorize things with distinctive attributes before applying any additional information that enhances their rating.
Following the revisions, OpenSea announced that the rarity rating function will be available to qualifying collections across all chains. The adjustment will go into effect on October 25.
As per to the NFT marketplace, the most constant comment has been from users inquiring how they may gain access. To expand access to more collections, the marketplace will integrate the capability across all supported blockchains.
On September 21, the NFT marketplace debuted the NFT ranking protocol in an attempt to give collectors with a credible rarity ranking.
The protocol named OpenRarity is a collaboration between NFT companies and tries to standardize the rarity technique across NFT platforms.