OpenSea implements a new protocol that ranks NFT rarity
The OpenRarity project was a collaborative project between various NFT community entities, including Curio, icy.tools, OpenSea and Proof. With thousands of nonfungible tokens (NFTs) getting minted every single day, trying to find rare pieces can be a challenge for NFT collectors. However, as the industry continues to progress, the hassles in finding rare NFTs may soon become a thing of the past. In a tweet, NFT marketplace OpenSea has announced the implementation of OpenRarity, a protocol that provides verifiable rarity calculations for NFTs, within its platform. The protocol uses a....
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A community member argued that the new rarity ranking protocol destroys the market-driven rarity structure for some NFT collections. 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....
On Tuesday, the leading non-fungible token (NFT) marketplace in terms of all-time sales, Opensea, announced it is migrating to Seaport, an open source Web3 marketplace protocol. Opensea says the Seaport protocol migration from the Wyvern protocol will cut network fees by 35%, and users will no longer have to pay an account initialization fee. Opensea Migrates From Wyvern to Seaport: ‘A Foundation to Empower the Developer Community’ Opensea is moving to the Seaport protocol in order to enhance the NFT marketplace experience for users. The Opensea development team details that....
Despite OpenSea’s massive lead in cumulative settlement volume, popular NFT game Axie Infinity ranks first by user base and total number of trades. OpenSea has become the first nonfungible token (NFT) marketplace to process 11-figures worth of NFT trades.According to NFT data aggregator Dapp Radar, the pioneering marketplace has hosted more than $10.3 billion worth of transactions since launching in December 2017.The platform has seen exponential growth this year, with the platform having processed $2.5 billion worth of trades for the entirety of the first half of 2021.Since the beginning....
OpenSea's NFT empire just got bigger with its latest acquisition, while virtual influencer Rae creates an NFT collection to advance girls' education, and online chess players can now turn memorable matches into NFTs with chess.com. OpenSea buys NFT market aggregator Gem In a Monday Twitter post, OpenSea announced it had acquired NFT marketplace aggregator Gem for an undisclosed price. A blog post by OpenSea chief executive officer Devin Finzer stated that the company made this move to improve the experience of its more seasoned, “pro” users. Gem lets traders buy NFTs across various....
“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” said the platform. Nonfungible token marketplace OpenSea has announced the launch of a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.”In a Friday blog post, OpenSea said the marketplace protocol, dubbed Seaport, will give users the option to obtain NFTs by offering assets other than just payment tokens like Ether (ETH). According to the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in....