NFTGo Open Sources GoRarity Algorithm for NFT Valuation

On March 30, according to official news, NFTGo recently announced that it has fully opened source and developed its own rarity algorithm, GoRarity, on Github, to provide Web3 developers and users with a transparent and reasonable rarity model and enrich NFT valuation logic.

NFTGo officially launched the NFT rarity model, GoRarity, and opened up core algorithms

On March 30, NFTGo announced that it has fully opened sourced GoRarity, its rarity algorithm on Github, to provide developers and users with a transparent and reasonable rarity model as well as to enrich NFT valuation logic.

What is NFTGo and GoRarity?

NFTGo is an NFT (non-fungible token) platform that is built to support the creation, exchange, and management of NFTs. NFTs have become increasingly popular in recent times, with digital assets such as artwork, music, collectibles, and even tweets being sold as NFTs for high prices.
To value these NFTs appropriately, NFT platforms use rarity algorithms that evaluate the rarity of the digital assets that are uploaded onto their platform and assign a corresponding value. GoRarity is NFTGo’s rarity algorithm that provides a framework for valuing NFTs on its platform.

The significance of GoRarity being Open Sourced

As NFTs continue to grow in popularity, the demand for transparency and consistency in NFT valuation is increasing. A transparent rarity algorithm is crucial in ensuring that NFTs are valued fairly, which is a primary concern for NFTGo.
GoRarity being open sourced also means that developers and users can now access and assess the algorithm, helping to build trust in the platform. Furthermore, open-sourcing the algorithm can lead to improvements, modifications and evolution of the GoRarity algorithm, which ultimately benefits the entire NFT ecosystem.

Benefits of using GoRarity for NFT Valuation

Using GoRarity as an NFT valuation model has several benefits. Firstly, it provides a framework for NFT valuations that is based on transparency and reasonability, ensuring that NFTs’ value reflects their rarity.
Secondly, GoRarity uses a hybrid system that combines the traditional rarity models with on-chain data to ensure fairness and accuracy in NFT valuation. The algorithm analyses the supply and demand dynamics of the NFT market, checks the uniqueness of the asset, and assesses its overall rarity.
Lastly, GoRarity provides insight for NFT sellers, buyers, and creators by providing a transparent valuation of the NFTs. It helps creators understand how to maximise the value of their digital assets and helps buyers understand what they are purchasing.

Conclusion

The announcement of GoRarity being fully opened sourced is a significant step taken by NFTGo in addressing concerns around the transparency and fairness of NFT valuations. The GoRarity algorithm provides a reasonable and transparent rarity model that is significant in determining the value of NFTs.
GoRarity combines traditional rarity models with on-chain data analysis to ensure that NFTs are valued correctly. Ultimately this transparency is good for the entire NFT ecosystem, as it provides trust between creators, buyers, and sellers and encourages the evolution of the NFT market.

FAQs

Q: What is an NFT platform?
A: An NFT platform is a digital marketplace for the creation, exchange, and management of NFTs.
Q: Why is transparency important in NFT valuation?
A: Transparency in NFT valuation is crucial in ensuring that NFTs are valued fairly, which is a primary concern for NFT platforms.
Q: What is GoRarity?
A: GoRarity is NFTGo’s rarity algorithm that provides a framework for valuing NFTs on its platform.