NFTs are rated by OpenSea as their rarity is trying to assist collectors

NFTs are rated by OpenSea as their rarity is trying to assist collectors ...

OpenSea''s NFT marketplace has provided a new feature on its site that will rank NFTs on the basis of their rarity. OpenRarity will enable collectors to discover legitimately rare digital collectibles, which have been drowining in the sea of NFTs out there. This feature will use a mathematical algorithm to characterize rare NFTs. This year, the world''s largest NFT marketplace received a market cap of over $13 billion.

On Twitter, OpenSea has announced the implementation of this protocol to its 1.8 million followers.

On OpenSea, today we''re starting with the amazing @coolcatsnft @pudgypenguins and @moonbirds teams, who have chosen their collections into OpenRarity, according to the platform.

1/ Today we''re starting with the @coolcatsnft @pudgypenguins and @moonbirds teams, who have chosen their collections into OpenRarity, go check them out! :blue_heart::point_down: pic.twitter.com/BzXK0PeQHZ

The creators of NFT will have the option to use the OpenRarity feature to their pieces.

"OpenRarity is an open collaboration between OpenSea, icy.tools, Curio, and PROOF. On OpenSea, designers may opt-in to show OpenRarity rarity rankings for their collection," the platform stated.

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In a conversation with Gadgets 360, the NFT market will reach a $231 billion (roughly Rs. 18,41,300 crore) behemoth. It''s too big a business to be ignored, according to Tarusha Mittal, the COO and co-founder of UniFarm. UniFarm is a multi-token reward staking program.

Owning NFTs has become a trend. Moreover, NFTs have dubbed a lucrative business tool for several large corporations.

A total of $260 million (roughly Rs. 2,074 crore) has been bundled with high-end luxury brands including Nike, Gucci, Dolce, and Gabbana in the wake of the sales of their NFT components.