OpenSea adopts NFT scarcity tracking tool OpenRarity

Quick Take

  • OpenSea users can see just now rare an NFT is on the Cool Cats, Pudgy Penguins and Moonbirds collections. 
  • OpenRarity’s addition forgoes a user’s need to use third-party scarcity tracking tools so that they can assert an NFT’s value in the marketplace. 
  • The move is a part of additional improvements to OpenSea, such as augmenting airdrops and making creator’s fees more prominent. 

OpenSea has incorporated the scarcity tracking tool OpenRarity, which lets buyers know about the rarity of a particular NFT.

The popular NFT projects Pudgy Penguins, Cool Cats and Moonbirds are among the first projects to have OpenRarity on its commerce page. These NFT collections have between 8,888 to 10,000 NFTs within their collection made from algorithmically generated images.

Some of the features in these NFTs are found within less that 1% of the collection, such as a pillow case on its head in the case of Pudgy Penguins or a robot face for Cool Cats. 

OpenSea adopting OpenRarity removes opacity as to how rare certain features in an NFT are, allowing users to remain on OpenSea and forgo using third-party NFT scarcity tracking tools. 

The rarity of an NFT is now one of the first pieces of information a potential buyer sees when perusing an NFT — before even the NFT’s purchase history or who it’s currently owned by. 

To be sure, OpenSea displayed some rarity characteristics of an NFT before incorporating OpenRarity. In the case of Moonbirds #520, for instance, users can see that 3% of owls in the 10,000 NFT collection also have Lincoln hats.

But it’s because of OpenRarity that users now know that Moonbirds #520 is the 7,073 rarest of the collection. 

Aside from adding rarity data, OpenSea has made additional changes to its platform as well, such as augmenting how it does airdrops, adding a more prominent description of how much a creator's fee is following a debate of NFT royalties, and vowing to only support proof-of-stake NFTs on Ethereum following The Merge


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University's Science, Health, and Environmental Reporting Program (SHERP).