OpenRarity

While giving rarity ranks to nonfungible tokens (NFTs) on a marketplace may help collectors decide on whether to purchase NFTs or not, some argue that ranking NFTs may do more harm than good.  In a tweet, an NFT investor pointed out several issues surrounding OpenRarity, the new rarity ranking protocol implemented by NFT marketplace OpenSea. According to the community member, putting “rank” in the NFT listing with no mention of “rarity” anywhere could be misleading. Taking the Moonbirds NFT collection as an example, the community member argued that since the collection enabled the OpenRarity ranking protocol, it destroyed its own market-driven rarity structure, making every single NFT a “floor Moonbird.” The NFT collector also called out Kevin Rose, the CEO of Proof, the creators of M...