According to the law of supply and demand, the rarer a product, the more valuable it is. In the NFT market, scarcity is one of the crucial pieces of information that a potential investor is looking for, even before the purchase history of the NFT or the name of its current owner. But in recent months, many collectors have expressed concern about the lack of information that may exist about the availability of a collection. It is to address this problem that the OpenRarity tool was developed.
Openrarity will optimize the use of OpenSea
The leading NFT marketplace, OpenSea, recently announced that it will integrate with its OpenRarity platform. It is a tool of rarity tracking, which allows buyers to check the availability of a specific NFT. Thanks to this tool, OpenSea will help its users to solve the problems of opacity related to the availability of certain characteristics of an NFT. This will also further eliminate the use of third-party NFT scarcity tracking tools. Users of NFT’s flagship market will thus be able to remain exclusively on the platform to do their research, before moving on to a commercial operation.
For information, third-party tools abound on NFT trading platforms. It is believed that many are not legitimate and many buyers have already been duped in this regard.
Popular NFT collections, such as the Pudgy Penguins, Cool Cats, and Moonbirds, are among the first projects to integrate OpenRarity into their commerce page. These collections have between 8,888 and 10,000 NFTs, which should be more than helpful for buyers.
OpenSea displayed some rarity characteristics of an NFT before incorporating OpenRarity. In the case of Moonbirds #520 for example, users can see that 3% of the owls in the 10,000 NFT collection have Lincoln hats.
The feature will not be applied by default to all NFT collections. According to the marketplace, creators will always have the choice whether or not to apply OpenRarity functionality to their collections.
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