New instances are constantly appearing on the market of non-interchangeable tokens. It is not really known how many NFTs are already on the market. The boom that was two more years in relation to NFT is already coming to naught. This is largely due to the fact that the authenticity and rarity of these tokens are increasingly being questioned by users.
A lot of sites advertise NFT in their catalogs as rare and unique. In fact, the number of really rare NFTs on the market is not as large as previously thought. As you know, the value of NFT is largely determined by how rare it is.
It is quite difficult to determine the rarity of non-interchangeable tokens, since in many respects it is based on the subjective criteria of customers who purchase them. But apparently now the problem of determining rarity can be finally solved. It is offered by the OpenSea platform.
What exactly does OpenSea offer
As the site management points out, a special OpenRarity protocol is being implemented. It will ensure the verification of rarity calculations for NFT. For this purpose, a mathematical algorithm will be used, and it will calculate the rarity of a particular token.
So far, it is known that the rarest NFTs will receive special low numbers. And those NFTs whose characteristics coincide with other assets will receive numbers of a higher rank. Representatives of the platform indicate that all customers will have the opportunity to view NFT ratings when they study collections with non-interchangeable tokens.
Will all collections receive a rarity index
At this stage of the implementation of the protocol that will check the rarity of NFT, it will not be used for all token collections yet. The right to connect the verification protocol will be granted to the token creators themselves. Most likely, most will try to use the rarity verification protocol to prove that their collections are really rare and valuable.
But there will certainly be those who prefer to exhibit their NFT collections without using this protocol.
Who helped OpenSea in developing a protocol that will determine the rarity of a particular NFT
In addition to the developers of the trading platform itself, several other companies took part in its development. Among them are Proof, Curio and others. Together, they created a unique protocol that allows you to determine how rare a particular NFT is.
How effective will the protocol that determines the rarity of NFT collections be?
So far, it is difficult to say how effective it will be. But OpenSea believes that after some time, the protocol will help customers fully understand which collections are rare and valuable, and which are nothing more than an imitation. In addition, it will help to some extent clear the NFT market of a large number of tokens that are completely copied from others.
This initiative of the trading platform is also largely due to the fact that a recent Chainalysis report shows that interest in NFT is increasing in South Asia. It is there that games with NFT tokens are developed and implemented as a reward.
Thus, the trading platform is trying to show itself as a legislator in the field of non-interchangeable tokens in general. Perhaps other platforms that host NFT collections will follow the example of the platform. In this case, the market will really be able to get rid of tokens that do not represent any value and uniqueness at all.
