not all irreplaceable Tokens (NFTs) are the same. Some have unique characteristics that are not widely shared. From time to time collectors come across such gems and want to reflect their value. However, it was difficult to distinguish between Rare and his regular NFT.
Ranking non-fungible tokens is now easier high seas Thanks to the launch of a new tool called “OpenRarity”. The American market described their new idea as “rarity.”This is how you standardize unique digital images.
NFT for a specific collector
“We use ‘rarity’ rankings to describe the relative rarity of attributes of one non-fungible token compared to another token in the same collection,” OpenSea elaborated. blog post.
“NFTs with rarity attributes have lower rarity rankings (such as 1 or 2) than NFTs that share attributes with thousands of other attributes in the collection,” he added.
rarity is strong correlation valuable. This is why exclusivity is important for NFT collectors. Due to the lack of a standardized ranking mechanism, it was difficult to compare the feature exclusivity of one NFT piece to another.
The result, OpenSea says, was chaos. “When rarity rankings differ across platforms and use different methodologies, it can cause confusion for buyers and sellers and make it difficult to use rarity in buying and selling decisions.
The plan is to build a “uniform, open, transparent, and reproducible standard for rarity ranking across the NFT industry.”
Why We Rank NFTs
OpenRarity is a joint venture of OpenSea, icy.tools, Curio and PROOF. Users have the option to view if their collection is rarity. Collections that opt-in must display a rarity ranking number on item and collection pages.
OpenSea said classification is important in an interoperable marketplace where different NFTs can be exchanged.
“Hovering over a number reveals a percentage ranking. OpenRarity’s rarity ranking is a direct reflection of the attribute data published by creators, and when creators change an item’s metadata, it changes over time. It may change over time,” OpenSea elaborates.
One of the earliest NFT collections on OpenRarity, Pudgy Penguins registered 8,888 non-fungible tokens of various attributes. Pudgys “embodies love, empathy and compassion,” according to the Rarity Tools collection description.
They say, “A beacon of good vibes and positivity for everyone. Each owner receives exclusive access to experiences, events, IP licensing opportunities, and more.”
Pudgy Penguin’s lowest price averaged 3.8 ETH, or about $4,900, on Friday, up 2.7% on the day. According to the collection, it has sold 66 ETH (around $86,000) in the last 24 hours, down 30% from the previous day. data From NFT lowest price.
Another collection, Cool Cats, has 9,999 non-fungible tokens randomly generated with OpenRarity. The concept is that NFT holders will be able to participate in exclusive events such as her NFT claims, raffles and community giveaways.
At the time of writing, Cool Cats sold The average price was 2.95 ETH (~ $3,800) each, up 7.2% over the last 24 hours, with a volume of 96.89 ETH (~ $126,000).
Scarcity is not a magic potion
however, Recent research Stevens Institute of Technology has found that scarcity may not be the magic bullet for NFTs. He said there are some potential downsides.
Cognitive scientist Jordan Suzhou, who led the study, warned that the buzz around scarce, non-fungible tokens could create boredom on the part of collectors and should be managed.
“Because NFT transaction records are public, they provide a great opportunity to explore why people perceive certain things as valuable and how those change over time. said Suchow.
Sucho studied the collector of boredom monkey The Yacht Club has observed a decline in interest in NFTs over time.
Accessorized apes are considered rare compared to plain-clothed apes.Suzhou said this might be interesting in the early days, but as the collection continues to grow, the apes may eventually end. appear like the same thing.
“It’s a bit like stamp collecting. Stamps all look the same, so if there are printing errors or other rare features that distinguish stamps, people will pay much more for it.” he explained.
“Today, newcomers to the Bored Ape trade see these rare apes everywhere and perceive them to be far more common than they actually are.”
Continuing, Suchow said:
“If a person wants to know what a dog is, he can do it by going to a dog park and looking at a variety of common animals. Only looking at them distorts their perception of the category and the value of a particular dog.”
Scientists conclude that it can be self-defeating, as scarcity discourages trade in the regular works that make up the bulk of the market.
not a new concept
Scarcity is not a new concept. Some traditional arts and music are so-called “collector’s items” that are not produced for the mass market.
hip hop Group Wu Tang Clan sold Their album “Once Upon a Time in Shaolin” was gifted to the NFT cryptocurrency group worth about $4 million. The content of the album has not yet been accessed by the mass market.
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