OpenSea Revises NFT Ranking Protocol Following Community Feedback

OpenSea introduced a protocol to rank NFTs based on their unique attributes in September. Now the NFT marketplace has decided to revise its ranking protocol after community members pointed out issues surrounding the feature.

OpenSea Revises NFT Ranking Protocol Following Community Feedback

Last month, the world’s largest non-fungible token marketplace (NFT) launched the ‘OpenRarity’ protocol. The protocol which ranks NFT collections based on their unique attributes was developed with the aim to standardize rarity ranking methodology across marketplaces.

 

 

However, OpenRarity was not taken well by the community, as one NFT investor pointed out several issues surrounding the protocol. The community member who goes by the name Spencer on twitter, said the feature misleads investors by only showing the NFT “rank” with no mentioning of “rarities”. Spencer went on twitter to show an example of how OpenSea affected Proof’s Moonbirds NFTs. Since implementing the protocol, all Moonbirds on OpenSea were shown at their floor pricing, destroying the collection’s own market-driven rarity structure.

 

 

The NFT collector then asked Proof CEO Kevin Rose to turn off OpenRarity for Moonbirds.

 

 

After receiving negative feedback from the community, OpenSea decided to make changes to its raking protocol. The marketplace has now added an additional feature to OpenRarity called ‘trait count’, which sorts NFTs on the basis of unique attributes before adding other information, thus elevating their ranking. OpenSea revealed that it will enable the ranking protocol to all eligible NFT collections across blockchains from October 25.

 

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