A community member suggested that the market-driven rarity structure for particular NFT collections is destroyed by the new rarity ranking algorithm.
While assigning nonfungible tokens (NFTs) rarity rankings on an online marketplace may aid collectors in deciding whether or not to buy NFTs, some contend that ranking NFTs may cause more harm than good.
An NFT investor raised a number of concerns about OpenRarity, the new rarity ranking system used by NFT marketplace OpenSea, in a tweet. The community member claimed that including “rank” in the NFT listing without mentioning “rarity” anywhere could be misconstrued.
The community member used the Moonbirds NFT collection as an example, claiming that by enabling the OpenRarity ranking mechanism, the collection destroyed its own market-driven rarity structure and turned every NFT into a “floor Moonbird.” The CEO of Proof, the company that made Moonbird, Kevin Rose, was also criticized by the NFT collector for not turning off the OpenRarity rating feature for the collection.
The NFT marketplace made some changes to the ranking algorithm a few days after receiving the input. Currently, NFT listings display “rarity rank” rather than merely the rank. In addition, the NFT marketplace has introduced a trait count to the ranking algorithm and a way to group things according to their distinctive qualities before using any other data to improve their rating.
Following the modifications, OpenSea declared that it will make the rarity rating function available to all chains’ qualified collections. The modification will be put into effect on October 25. The NFT marketplace reports that inquiries about how to gain access are the most frequent kind of feedback they have encountered. The marketplace will add the feature to all of the supported blockchains in order to make this access accessible for additional collections.
To give collectors a trustworthy rarity ranking, the NFT marketplace first introduced the NFT ranking protocol on September 21. A collaboration amongst NFT groups created the OpenRarity protocol, which tries to standardize the rarity technique across NFT platforms.