We all have come across many NFTs and collectables. However, most of them don’t know the rarity of their NFT. In this article, we will explain everything you need to know about the rarity of an NFT and the tools that can help you to check the rarity of an NFT.
What is NFT Rarity?
NFT Rarity is an important factor while determining the value of an NFT. As NFTs are very popular among crypto investors, there are many issues that are arising in the world of NFTs. How do you check the rarity of an NFT? Then, what determines an NFT’s value? Why do some NFTs sell for millions of dollars while some others—sometimes, even from the same collection—sell for much less? The answer to all of these questions is Rarity.
How to calculate Rarity?
Just like in real life, Rarity is determined by checking the supply of the element. For instance Diamond being very rare is sold at a very high rate as compared to iron that is cheap and easily available. Similarly, Crypto Punks, an NFT collection consists of 10,000 NFTs and is divided into 5 different types. The type “Alien” contains only 9 NFTs while the type “Male” contains 6039 NFTs. Thus, the Alien type is more expensive than the Male ones.
The formula to calculate the Rarity Score of a trait value is as follows:
Rarity Score for a Trait Value = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
Tools to determine NFT Rarity
Rarity.tools is the most famous tool to check NFT Rarity. Each trait of an individual NFT is assigned a Rarity score. Then the Rarity scores are added up, and the overall NFT Rarity is obtained, according to which the NFTs are ranked. Furthermore, Rarity.tools keeps track of updates and adds new features, and rearranges old NFT objects from one collection.
2) Rarity Sniper
Rarity Sniper is another popular tool to find the rarity of NFTs. It features a total of 774 collections across Ethereum, Solana, and more. It has an extremely attractive and user-friendly interface where you can see rarity rank, score, and all the traits.
OpenSea, as you know, is the largest and most popular platform for all NFT users. You can see the price of any NFT, find out who bought it and when, the history behind it, and so on. Every investor uses it. Further, it also has its own algorithm that calculates the uniqueness of NFT. And for the initial inspection – this is quite a suitable tool.
4) Etherscan Token Tracker
According to developers, Etherscan is not only a block browser but is also a token tracker for all Ethereum-based coins as well as an entry point for ERC-721 token contracts. Recently, more functionality was added to the NFT tools set, including information about NFT minting, distribution, transfers, and prices. Many of the applications in this article use the Etherscan APIs and further analyze the data to deliver more valuable insights to the user.
5) Rarity Sniffer
As its name implies, Rarity Sniffer provides the most up-to-date NFT rankings of new NFT projects based on how rare they are. Only the most recent collections are available in their free version, along with NFT drops and sniffed upcoming NFT projects.
NFT Rarity is quite difficult to track for beginners as it requires some experience to do so. However, these Rarity tools can help the beginners to easily check the rarity of their NFTs. These platforms are quite user friendly and provide much more information about the NFTs other than their rarity.