Table of Contents:

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

I. Introduction
II. What are NFTs?
III. NFTGo’s Rarity Algorithm
IV. Benefits of GoRarity
V. How GoRarity Works
VI. Conclusion
VII. FAQs
Article:
On March 30, NFTGo announced that it has fully opened source and developed its own rarity algorithm, GoRarity, on Github. This provides Web3 developers and users with a transparent and reasonable rarity model and enriches NFT valuation logic.
What are NFTs?
NFTs, or Non-Fungible Tokens, are digital assets that represent ownership of unique digital items such as art, music, and collectibles. NFTs can be bought, sold, and traded like any other asset, but they have a unique feature that sets them apart. Each NFT is one-of-a-kind and cannot be replicated or duplicated.
NFTGo’s Rarity Algorithm
NFTGo’s GoRarity algorithm is a revolutionary tool that calculates an NFT’s rarity score based on several factors. These factors include the NFT’s attributes, scarcity, and the history of the asset.
GoRarity has been developed with transparency in mind, which means that Web3 developers and users can examine the code on Github and verify the algorithm’s fairness. The algorithm has been updated after collecting feedback from the community, and the developers have even launched a bug bounty program to identify and fix any potential bugs.
Benefits of GoRarity
GoRarity provides several benefits to NFT developers and users. It allows them to identify unique NFTs with high rarity scores, making them more valuable in the marketplace. Additionally, it offers a transparent and reasonable method of calculating an NFT’s value, eliminating the need for subjective valuations.
NFT collectors can use GoRarity’s rarity score to identify potential investments, while NFT creators can use the algorithm to optimize their designs and increase their asset’s long-term value.
How GoRarity Works
The GoRarity algorithm calculates an NFT’s rarity score based on the asset’s attributes, scarcity, and history. The attributes of an NFT are the unique features that make it stand out from other assets. For example, a rare attribute could be a one-of-a-kind color palette or a signature created by the artist.
Scarcity refers to the number of NFTs in circulation. The fewer the number of NFTs, the higher the rarity score.
The history of an NFT refers to the asset’s ownership and the frequency of transactions. If an NFT has been owned by a high-profile individual or has been sold for a large sum of money, it will increase the asset’s rarity score.
Conclusion
NFTGo’s GoRarity algorithm is poised to revolutionize the NFT marketplace by providing a transparent and objective rarity model. The implementation of the GoRarity algorithm will ensure fair valuations of NFT assets for collectors, artists, and investors. The developers are committed to continuously improving the algorithm to deliver a better user experience.
FAQs:
1. How do I use GoRarity to value my NFT assets?
To use GoRarity, simply input your NFT’s attributes, scarcity, and history into the algorithm. The algorithm will assign a rarity score that helps you determine your NFT’s value.
2. Is GoRarity open-source?
Yes, GoRarity has been fully opened source and developed on Github, providing transparency to the algorithm’s calculations.
3. Can I use GoRarity for any NFT asset?
Yes, you can use GoRarity for any NFT asset, making it a universal tool for the NFT marketplace.