Recently OpenSea introduced a new rarity ranking protocol called OpenRarity. With the help of this protocol OpenSea attempted to provide a reliable rarity ranking for collectors. OpenRarity is a collaboration between NFT entities and aims to standardise the rarity methodology across NFT platforms.
However, a month later an NFT investor pointed out several issues surrounding the new protocol as putting “rank” in the NFT listing with no mention of “rarity” anywhere could be misleading.
Since @openrarity hit @opensea on September 21st there's been almost no above-floor @moonbirds sales. Turns out, putting a big, wrong, "Rank" number on NFTs on the largest marketplace materially impacts value. A 🧵(1/8) pic.twitter.com/XlNPMDstcd
— Spencer (@sgsand1) October 17, 2022
The investor took the Moonbirds collection as an example and argued that since the collection enabled the OpenRarity protocol, it destroyed its own market-driven rarity structure, making every NFT a “floor Moonbird.” This feedback actually made OpenSea revise the protocol. NFT listings now show “rarity rank” instead of just the rank. They has also added a trait count and a way to sort items with unique attributes.
Later on OpenSea announced that it will enable the rarity ranking feature to eligible collections across all chains starting October 25. According to the NFT marketplace, the most consistent feedback was received from people asking how they could get access. To make more collections accessible, the marketplace will be implementing the feature to all supported blockchains.
It’s great news that OpenSea can process feedback. We continue to observe.
This is an update to this update.
