In recent years, we have witnessed the exponential development of the NFT sector. When it comes to buying NFTs, investors usually wonder how to check rarity of NFT. The rarity of an NFT is a crucial element in determining its value.
But what is NFT rarity, and why is it so important? Today we are going to find this out as well as review some of the best NFT rarity tools. Let’s get started!
How to Assess the Value of an NFT?
If you are going to buy an NFT, then you probably wondered why it is so expensive and whether it is possible to buy an NFT cheaper. Of course, you can. For example, if the listing of NFTs is still in progress, or if you are buying NFTs from a collection, there is an option to purchase one of the first crypto arts during the mint.
The value of an NFT is determined by three key criteria: utility, tangibility, and rarity. Useful NFTs are those that can be applied to the physical or digital world without the emphasis on art. For example, game artifacts, land plots, or real tickets for a match.
Tangibility is more about art. For example, when a museum digitizes the rights to property or its paintings and then publishes these tokens on the stock exchange. For many investors, it is insanely exciting and profitable to buy 1/100 of the Mona Lisa. And, of course, the price of such NFTs is quite high.
The third indicator, rarity, can be made up of various components — its quantity, creator, history, and rare characteristics. In this article, we will talk specifically about rarity and tell you how to check NFT rarity.
What Is NFT Rarity?
What factors are driving the value of NFTs amid the multitude of new cryptocurrencies entering the market? Why do some NFTs sell for millions of dollars while others, sometimes from the same collection, sell for a few dollars? The answer to this question lies in NFT rarity. Simply put, the rarity of an NFT determines how rare it is and, therefore, its value. Investors are most interested in rare NFTs, which increases their price. That’s why collectors usually look for rare NFTs and wonder how to check the rarity of an NFT asset.
How to Check NFT Rarity?
When we talk about Beeple crypto art, there are no questions about rarity — he does not release large crypto collections of thousands of NFTs but publishes a specific artwork in one single copy. Therefore, the rarity of such artworks can be estimated in one expression — very rare and expensive. But it’s a little more complicated with art from crypto collections.
Let’s take top NFT collections like CryptoPunks as an example. The collection includes 10,000 NFTs divided into five different punk types. While the rarest type is ‘Alien,’ with only nine punks in circulation, the least rare type is ‘Male’ with 6039 NFTs in existence. In addition, each type has its own set of characteristics or qualities with a different rarity. For example, ‘Beanie’ and ‘Choker’ are rather unusual attributes; they are worn by only 44 and 48 punks, respectively. On the other hand, attributes such as ‘Earring’ and ‘Cigarette’ are more common.
With such a large variety, even in the same collection, the question of how to find rarity of NFT arises. The total rarity of a particular NFT can be calculated in various ways. Calculating the rarity of an NFT based on the rarest trait, taking the average rarity of a trait, or statistically estimating rarity are just a few examples. However, all of these methods focus on the general features of NFTs rather than one specific feature. As a result, Rarity Tools developed a method known as Rarity Score.
According to Rarity Tools, ‘the overall rarity score for an NFT is the sum of the rarity score of all its characteristic values.’ Below is the formula used to calculate the rarity score of a trait value:
[Rarity Score for a trait value] = [Total number of items in a collection] / [Number of Items with that trait value].
For example, if an attribute is found in just 10 NFTs out of a collection of 1000 items (i.e., 1%), its score will equal 1000/10=100.
The score takes into account both the individual NFT stat and the overall rarity of the traits. As a result, the rarity rating has become the industry standard for NFT rarity ratings on many websites.
How to Check the Rarity of an NFT: Best NFT Rarity Tools
So, how to find NFT rarity? Obviously, no one wants to calculate the rarity of every NFT they are looking for on their own. Do not worry — several investment tools will do all the work in a few clicks. Let’s take a look at some of the best options!
The most common method for determining NFT rarity is Rarity Tools. It ranks NFTs by their feature rarity in real-time. You can filter NFTs by their average price, total sales, number of owners, and top collections on the site. In addition, you can find information about existing popular collections such as BAYC and CryptoPunks, as well as upcoming projects. Moreover, the website has a user-friendly interface that makes it easy to determine the rarity of an NFT.
Thus, NFTs with a lower rarity value will have a more common rarity type and vice versa. For example, CryptoPunk #8348, which is #1 on the site, has a rarity rating of 10342.68. CryptoPunk #7804 has a score of 2329.18, which is the second highest NFT rarity rating on the site. While the tool is free to use, NFT projects must pay 2 ETH as listing fees to be listed on the platform.
If you’re wondering how to check rarity of NFT from Solana, then HowRare.is service is your best bet and one of the best NFT rarity tools. The site listed 255 Solana NFT collections based on a floor price and a number of items and holders. You can find NFTs belonging to a collection based on their rarity in each collection. The rating and score of each NFT are displayed below its title, as well as attribute data.
You can find out about your NFT’s rarity using its asset ID. If you are looking for information about upcoming Solana collections, you have come to the right place! However, they are not reviewed by HowRare.is, so be sure to do your own research before buying anything.
Rarity Sniper is Another example of one of the best NFT rarity tools. It has 774 collections on Ethereum, Solana, and other platforms and can boast a user-friendly interface displaying rarity rank, scores, and all traits.
There is also a Discord community of 400,000 users. Surprisingly, you can also check the rarity of NFTs here. To do this, simply use a ‘rarity-check’ bot command, and the bot will display the result. This is a simple method for determining NFT’s rarity. However, you will only be able to check the rarity of Rarity Sniper collections.
If you’re looking for information about new NFT projects, Sniper is a good place to start. The tool is fully focused on current and upcoming projects. When a project is announced, the Traits Sniper bot takes less than two minutes to analyze the rarity of NFTs. There are both free and premium versions, with the latter providing features such as real-time notifications of new revealings and their scores.
OpenSea is the largest and best-known NFT marketplace. How to check rarity of NFT on OpenSea? Well, the marketplace tracks volume, floor price, and other metrics to provide NFT ranks. You can see the most popular collections from the previous 24 hours, 7 days, 30 days, or all time. This is a great way to figure out which collections are trending so you can make a wise financial decision. This is how to check NFT rarity OpenSea — it’s easy as A, B, C.
There is no single way to determine the overall NFT value rating or NFT rarity score. Still, you can see the traits and their rarity for each NFT. Regardless, having a marketplace and real-time ranking makes it very easy to choose which NFT is right for you.
Finally, investing in NFTs comes with a number of risks. While investment tools are quite useful in determining the rarity of an NFT, rarity should not be the only consideration when buying an NFT. Before buying, it is extremely important to do your own research and have a complete understanding of the market.
How to see rarity of NFT? What other rarity tools do you know? Feel free to share them in the comments below!
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