OpenSea is a marquis name in the NFT space and the largest online marketplace for NFTs. It’s got loads of nifty features, including hiding your NFTs if you don’t want them seen by other prospective buyers or a seller from whom you’re trying to buy. OpenSea hosts all the most popular NFT collections, including the Bored Ape Yacht Club, CryptoPunks, etc. If you want your NFT collection to have credibility, starting it on OpenSea is a good move.
Although OpenSea is great, there are still many confusing aspects of the platform, even for NFT veterans. Most understand NFT properties (I.e., eyes = blue, clothes = denim jacket, hat = cowboy hat), but levels are a little trickier. They’re an additional way beyond properties to differentiate items in NFT collections. Below I’ll explain and show some examples of how popular NFT collections have used levels. Let’s get to what they are first.
What are ‘levels’ on OpenSea?
Levels represent the strength or weakness of certain qualities with the NFT item in question. Think about a card game with characters that can battle like Magic: The Gathering or Pokemon or Dungeons and Dragons. For instance, in Dungeons & Dragons, the ‘Barbarian’ character’s primary attribute is his strength. In Pokemon, the Charizard has an ‘HP’ of 120 and makes attacks that deal 100 damage points. Some cards, like baseball cards, don’t have any statistics about a player’s ability. So some cards have these levels while others don’t.
It’s no different with NFTs- some NFTs have levels, and others don’t. If you’re an NFT collection creator, you 100% have the option not to have levels in your collection. If you’re an NFT collector, you can pay attention to levels the same way as NFT properties and their rarity. The more rare a trait the NFT has, the more valuable it is (and the higher it will likely sell for).
If you’re an NFT collection creator, I’d only focus on levels if you’re building something where different items are meant to interact together. An excellent example of using levels is with Neo Tokyo Identities, one of my favorite NFT projects (That I cannot afford- not even close.) Neo Tokyo aims to be a video game in the future, where NFT holders will possibly have rights to royalties from future sales.
For instance, if you were to make an NFT collection with player cards for all the players in the FIFA video game, you could use their FIFA football skill area categories as their levels.
That’s my take on levels. Levels are filterable on OpenSea. So in the above example with Neo Tokyo identities, I could filter if I only wanted characters with tech skills > 90.
The prices for these items are much higher than the price floor because levels these high are presumably rare in the collection. So what’s OpenSea’s take? They honestly don’t say much about the matter. OpenSea mentions it’s something you can filter the collection on.
“Properties and levels make it easier for buyers to filter your work when exploring your collection, so add them where relevant. An example of a property would be ‘Year of creation’ – ‘2022’. These fields are all case-sensitive, so be careful with spelling if you’re trying to add the same attribute to multiple NFTs.”
What levels mean for the price
Levels likely have an impact on the price of an NFT. Much the same way properties do, albeit not as much as properties. It depends on the rarity of that level. Let’s say you have a handful of items in a collection that have god-level levels (strong, intelligent, high skills, attractive, fill in the blank), while the rest of the thousands of items in the collection are average. The NFTs with the god-level levels would likely have more value and sell higher. It’s an additional way beyond properties to differentiate items in an NFT collection.
Properties vs. levels
As you might know, NFT properties are the primary discriminating factor for the price an NFT sells. Bored Apes are expensive, but the Bored Apes with rare properties are ultra-expensive. OpenSea has the nice little ‘properties’ box next to an NFT, which shows the relative rarity of all the traits of that NFT. As a rule, I always look for the NFTs with the highest number of single-digit percentage (<10%) rarity in properties.
Levels are a nifty little feature, but I don’t see them as powerful as traits when discriminating factors between NFTs. In the event of a tie, I think levels could make a difference. Otherwise, buyers will focus on the properties of your NFT collection and their relative rarity.
My definitive guide for using NFT rarity checkers is here.
The take here is that levels make sense for some NFT collections but don’t make sense for most. Most NFT collections released are simple artwork in different forms (I.e., an elephant with a purple background and another with a blue background). It does make sense if the collection has a cast of characters or elements that could interact with each other in a game or with an athlete or something that can have detailed relative strengths (I.e., ‘pitching ability = 80’). OpenSea is a hot platform. It’s young, it’s making a shit ton of money, and more and more features are adding up to continue to entice NFT collection creators to list their collections on OpenSea’s platform.