All the artworks are cartoonist-style apes, while their apparel, skin color, and even expressions, are different. However, NFTs in the same project still fall under one umbrella theme, so they must share a general outline as well.Ī classic example is the Bored Ape Yacht Club (BAYC) NFT project. Since all NFTs are different, digital artists need to come up with different traits for their artworks. However, why are there stark valuation differences within an NFT project? Since all NFTs are unique, and they’re in the same universe, doesn’t it mean they should have the same price? In this article, we’ll explain to you this very concept, and how to use NFT rarity tools to give your NFT a proper valuation. But of course, different NFT projects have varying potential, so a price difference is normal. Akin to physical artwork, you also own a copyright to the NFT, and have exclusive rights to its reproduction.Īs you may know, there are some insanely valuable (or worthless) pieces of digital art in the NFT Marketplace - from a 69 million dollar Beeple to my pal’s scrap work. With your ownership of work set in the blockchain, NFTs are uniquely yours. Of course, trollers can simply “right-click to save” NFTs, but only the NFT holder owns the original. If you are interested in learning more, the YouTube video below explains the theory.Just like humans, all NFTs are unique in their own rights. They believe an NFT’s rarity is rooted in the probability of its traits occurring together. The team behind the protocol opted for a transparent methodology known as ‘Information Content’, which is used to calculate the unlikelihood of something occurring (scarcity, rarity). When researching the protocol, they came to realise that most other platforms and tools (with some deviations) “adopted rarity function to be a rarity score that is a sum of the probability of each trait, and normalized by category distribution (Trait Normalization).” Those NFT collections that elect to use OpenRarity will display a rarity number on both the collection and item pages. For those that opt-in, OpenRarity provides verifiable rarity calculations by using a mathematical approach to calculating rarity. The new protocol is optional for projects on the marketplace. OpenRarity is a new protocol that ranks NFT rarity The goal is to bring more transparency to a previously opaque and confusing space. OpenRarity is a community-built project that aims to provide a transparent, mathematically sound rarity calculation that is entirely open-source and reproducible by anyone. Here lies the problem that OpenRarity wants to address. This causes puzzlement amongst buyers and sellers when using rarity for decisions on purchasing. That said, rankings are not universal across NFT platforms, as different models are used in calculations, for NFTs across marketplaces. NFTs with rarer attributes are usually more expensive and collectible. Therefore, an NFT with rare traits will get a lower scarcity ranking than an NFT with characteristics shared by hundreds of NFTs in the same collection. In the NFT space, rarity rankings are used to illustrate the comparative scarcity of an NFT’s characteristics relative to another in the same digital collection. 1/ Today we are launching on OpenSea! We’re starting with the wonderful and teams, who have opted their collections into OpenRarity – go check them out! □□ /BzXK0PeQHZ- OpenSea SeptemWhat is NFT rarity?
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