Community Feedback Exposes Challenges With OpenSea OpenRarity

OpenRarity, a new rarity ranking protocol implemented by the Non-fungible token (NFT) marketplace OpenSea has been discovered to have its own challenges. According to a community member, the OpenRarity serves as a destruction tool to the market-driven rarity structure of some other NFT collections. 

Adding rarity ranks on the NFT listings on a marketplace seems to be the appropriate measure to take as a way of helping collectors decide on the NFT to choose. However, many community members argue that this will be more harmful. A community member stated that putting ‘rank’ to an NFT listing without mentioning the rarity is rather misleading.

To enumerate, Moonbird which sold its NFTs for 350 Ethereum (ETH) a week after it was launched, was picked as an illustration for rarity mention. The community member argued that putting up the OpenRarity ranking protocol for the Moonbird NFT collection caused its own market-driven rarity structure to be destroyed.

At the end of the day, this left every single Moonbird NFT as a ‘floor Moonbird’. Consequently, Kevin Rose, the Chief Executive Officer of Proof, and creator of Moonbird were advised to turn off the OpenRarity ranking protocol function of its collection.

OpenSea Adjust Marketplace NFT Rarity Listing

Taking all the community feedback into consideration, OpenSea made a few adjustments to the rarity listing a few days later. Currently, the NFT listings display the rarity alongside the ranking of the NFT, instead of just the rank. Also, an additional feature ‘trait count’ was made within the ranking methodology. 

Notably, this is a means of sorting items that have been discovered to portray unique attributes before applying any additional information that boosts their rank. 

As of October 25th, eligible collections across all chains will have their rarity feature enabled by OpenSea. In other to provide access to more collections, the NFT marketplace will introduce the feature on all supported blockchains for those collectors seeking permission. 

The OpenRarity ranking protocol was first implemented in September in an attempt to offer a reliable rarity ranking for collectors and since then, many NFT entities have contributed to standardizing the rarity methodology across NFT platforms.