NiftyNoon: OpenSea Updates OpenRarity

For October 19, 2022

Nifty Analysis

• OpenSea’s OpenRarity is an interesting case of centralization in the NFT space. Although rarity can oftentimes be quantified, there is always some level of subjectivity when it comes to valuing certain NFTs over others. For example, the CryptoPunks hoodie trait is much less rare than the CryptoPunks buck teeth trait. Nonetheless, CryptoPunks with hoodies dominate high-end sales. The creation of an official rarity system endorsed by specific teams (such as Proof Collective) was always going to be controversial for people holding NFTs that are valued by the community but perhaps not mathematically rare. It is comforting to see OpenSea and Proof be so receptive to feedback on their rankings with quick corrections to address community concerns. However, the true issue may be more lie intrinsically in the mere existence of a rarity ranking.

• The shift away from Discord centralization has become a hot topic within the Nouns community. The Nouns leaders, a project best known for embracing the decentralized ethos with its nearly 30,000 ETH DAO treasury, have come to decide that an official Discord is inherently too centralized. Although previous projects such as Goblintown have succeeded without official Discords, this was largely seen as a marketing tactic to drive holders to discuss their NFTs publicly on Twitter which creates more awareness. For Nouns, this seems to be a play to shift Nouns discussions to multiple different smaller discords that have curated sub-communities. This approach is largely novel and, if successful, will likely create a new trend for NFT projects going forward.

Project News

• OpenSea announces update to OpenRarity ranking with changes such as trait count factoring into rarity and double sort:

  OpenSea @opensea

  We’re excited to share two methodology improvements that the @openrarity team has made to their ranking based on community feedback! These changes have been built by the working group (of which @opensea is a member) and may change ranks for some collections. Lets dig in ⤵️

  

• Official Nouns Discord shut down announced for end of October 2022:

  The Noun Square ⌐ⓝ°ⓒ @thenounsquare

  ICYMI, @punk4156 joined us on NOC LIVE yesterday to talk about why the founders of @nounsdao will be shutting down their discord server at the end of the month. Here's a short clip, full 4156 interview is on YT 👇 Pls RT, 💜 + Subscribe if you enjoy! youtube.com/watch?v=mjS9zw…

• Zeneca provides update on Zen profile picture detailing intention to not receive venture capital funding:

  Zeneca_33 (🔮,🔥) @Zeneca_33

  PFP Project Update:

  

Community News

• Spencer Ventures founder ignites discussion on OpenSea’s OpenRarity and its impact on above-floor Moonbirds sales:

  Spencer @sgsand1

  Since @openrarity hit @opensea on September 21st there's been almost no above-floor @moonbirds sales. Turns out, putting a big, wrong, "Rank" number on NFTs on the largest marketplace materially impacts value. A 🧵(1/8)

  

• Maaria.eth explains her AIP proposal to fund a $1 million bug bounty program for the $ape staking contract after receiving widespread community backlash:

  maaria.eth @maariabajwa

  Last Thursday I submitted a draft AIP to fund a $1M bug bounty program for the staking contract which is set to go live in a few weeks. My original idea was to fund an ongoing bug bounty program but in the interest of time I decided to narrow the scope to just AIP-21

Quick Stats:

• OpenSea USD Daily Volume: $9.48M (▼ 16.79%)

• OpenSea ETH Daily Volume: 7,204 ETH (▼ 16.02%)

• BTC: $19,192.68 (▼ 1.99%)

• ETH: $1,298.79 (▼ 2.18%)

• Solana: $29.97 (▼ 2.52%)

NFT Daily Winners:

• Clone X: 8.29 ETH (▲ 3.62%)

• Proof Collective: 39.45 ETH (▲ 2.47%)

• Doodles: 7.46 ETH (▲ 2.19%)

• Moonbirds: 9.73 ETH (▲ 1.95%)

• Bored Ape Yacht Club: 73.99 ETH (► 0.00%)

NFT Daily Losers:

• Mutant Ape Yacht Club: 13.76 ETH (▼ 0.04%)

• DigiDaigaku: 11.10 ETH (▼ 0.89%)

• CryptoPunks: 65.50 ETH (▼ 1.62%)

• Azuki: 10.99 ETH (▼ 2.74%)

• VeeFriends: 5.30 ETH (▼ 3.64%)

• Chromie Squiggles: 11.90 ETH (▼ 6.05%)

Notes:

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• Created by @AxuETH, @jpegprez, @SSPxLEO, and @SpeedyGonzale87