Understanding What The OpenRarity Standard Is

When it comes to trading and investing in non-fungible tokens (NFTs), it’s important to understand what you’re dealing with. An NFT is like purchasing a piece of art, but instead of buying the actual painting or sculpture, you’re purchasing what amounts to a certificate of authenticity and proof of ownership in one.

NFTs are usually digital files that contain media like images or videos. When you purchase an NFT, you’re not purchasing an original piece of media that no one else has access to. Instead, you’re staking a claim of ownership over the original file, and even if someone makes a copy of your NFT, you own the actual file as evidenced by your purchase being noted on a blockchain.

Seeking Out Rare NFTs

For many traders and investors, searching for rare NFTs is a popular pastime and a smart investing strategy. Purchasing a rare NFT is much like purchasing a rare piece of art in that the value will likely go up in time due to the scarcity of the NFT.

To find rare NFTs, you might use the OpenRarity standard. This is an open standard used to show the rarity ranking of an NFT in a collection. It is transparent, meaning it provides security in the data OpenRarity delivers. In other words, you can put faith in the ranking data provided through OpenRarity.

How to Find Rarity Rankings?

To find rarity rankings, you’ll want to look for a site using the best NFT Rarity API. This means looking for an API that has been integrated with a site you’re familiar with and that is updated in real-time. The best NFT Rarity API will also utilize OpenRarity instead of a third-party data collection solution.

These kinds of APIs should instill confidence that you’re receiving accurate data that has not been tampered with. Then again, using the OpenRarity standard means it’s very difficult for data to be forged or altered without anyone finding out.

Disclaimer: The above is not investing advice. Always talk with a financial advisor before investing in any type of NFT or cryptocurrency technology.

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