4 Ways to Determine the Rarity of an NFT

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4 Ways to Determine the Rarity of an NFT
4 Ways to Determine the Rarity of an NFT

As the NFT market exploded in 2021, so did the number of new investors in this irreplaceable space. These new owners often don’t know how to check the rarity value of their NFTs and that they may have minted irreplaceable jackpots.

Understanding the rarity of NFTs can help you make more informed decisions. Most projects now start with thousands of tokens in the collection. Some are much more valuable than others, depending on how often their traits and attributes appear or if they have a significant combination.

When it comes to getting the most out of any collectible market, rarity reigns supreme. Following NFT trends is crucial if you want to make money. Sniping an NFT is the act of buying an NFT that is priced below its value because the seller is unaware of its rarity. Luckily, there are some rare tools, often referred to as rare sniper tools, that can help you.

In this article, we will be discussing the 4 ways to determine the rarity of an NFT.

What is NFT Rarity?

NFT rarity decides how rare an NFT is and, in turn, how valuable it is. Rare NFTs are most highly sought after by collectors, which pushes their prices up. This is why people want to know how rare an NFT in their collection is or whether the one they are planning to buy is a rare piece. Often, the rarest NFTs have the rarest traits, but they can also be rare for other reasons, like a lack of traits altogether.

4 Ways to Determine the Rarity of an NFT

1. Trait rarity ranking

It refers to comparing NFTs by simply contrasting the rarest trait of each non-fungible token. Although it is a simple, straightforward method, it suffers from the weakness that it only considers the rarest trait of each NFT: it doesn’t look at the overall rarity of the NFTs at all, just the rarest trait.

2. Average trait rarity

Another method used to determine NFT rarity is averaging the rarity of traits that exist on the NFT. For example, if an NFT had 2 traits, one with 50% rarity and another with 10% rarity, its average trait rarity is (50+10)/2 = 30%. The method seems good since at least it considers the overall rarity of the traits.

However, the problem with this method is that much weight is put on the overall rarity of every trait so that the single super rare trait is not valued enough and the rarity value gets too ‘diluted’ by the other traits.

3. Statistical rarity

This method determines the overall rarity of an NFT by multiplying all of its trait rarities together. Notice the example below to see how it works.

Imagine an NFT has 2 traits, with 1 trait at 10% and the other trait at 50%. The ‘statistical rarity’ for that NFT would be (10% * 50%) = 5%.

If you try to compare the rarity of some NFTs using these three methods, the results will suggest different rankings. All these methods are currently used in community-made ranking spreadsheets and websites. However, due to different results, ranking the rarity of NFTs is still a problem without an obvious solution. However, the experts have recently come up with a solution and tools to determine the rarity of an NFT.

4. Rarity Score

A Rarity Score is therefore used to calculate the rarity of an NFT. Determining the Rarity Score does not need to be done manually since various rarity tools can do it for you. With the right NFT rarity tool, you can view the results in just a few clicks.

The rarity score is almost like the trait rarity model, but the rarity score is usually calculated fractionally, unlike trait rarity, which is generally in percentage. The rarity score model is one of the simplest and most reliable ways to rate how rare NFTs are. Most NFT sites employ it.

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]).

Best Tools and Calculators to Determine NFT Rarity

1. RarityTools

Overall, rarity.tools is the most popular website, which is designed to find out how rare an NFT is. It ranks NFTs by the rarity of their traits in real-time. Using the tool, you can filter NFTs by average price, total sales volume, owner count, and top collections. Further, it provides information about both existing top collections like CryptoPunks and upcoming projects. Through the simple but attractive interface of rarity tools, finding the rarity of an NFT is simple and fast.

If you are checking rarity.tools to view the rarities of a collection, click all collections on the taskbar and type the name of the collection. Here, you’ll see each NFT with details on all its attributes and Rarity Score. Also, you can check the Rarity Score of an NFT you own by inserting the ID of your NFT under the “project section”. Then, click “Lookup”, and you can see all the properties and Rarity Score of your NFT. The higher the Rarity Score, the higher the NFT rarity. Keep in mind that it is free to use the tool; however, NFT projects have to pay 2 ETH to get listed on the platform.

2. HowRare

This tool is mostly used to check the rarity of Solana NFTs, a blockchain which is devoted to gaming NFT items. 255 Solana NFT collections are listed on the website on the basis of the floor price, the number of items and holders, whether the NFTs are on sale, etc. Similar to Rarity Tools, you can find NFTs based on their rarity in each collection. Under each NFT, you can find their rarity rank, rarity score, and attribute details. The website also provides a sales history section where you can find the details of the recent sales.

Besides, you can check the rarity of the NFT you own using the asset ID. The webpage also provides details on upcoming Solana collections. Although HowRare.is shows the details of future collections, we advise you to do your own research before buying any.

3. Rarity Sniper

Here is another popular tool to find the rarity of NFTs. This webpage features a total of 774 collections across Ethereum, Solana, and more. Using its extremely attractive and user-friendly interface, you can easily see rarity rank, score, and all the traits.

Rarity Sniper also has a 400,000-strong Discord channel that offers the users the chance to find the rarity of NFTs as well. If you wish to check the rarity of an item, simply use the below bot command under rarity-check:

!rarity [collection] id/rank [id]

In this command, collection refers to the name of the collection. Type the ‘id’ of an asset to check the rarity for the specific NFT or ‘rank’ to check the rarity of a particular rank. Then add the asset id (number). Imagine Bored Ape #9606. If you wish to check the rarity of the asset, input the following command:

!rarity boredape id 9606

The reply is so quick on Rarity Sniper. Well, it is a simple means to find the rarity of NFTs. The limitation is that it only provides the rarity of collections supported by Rarity Sniper. Additionally, there are Bot commands to know the gas and floor.

4. Traitsniper

Give it a try on Traitsniper if you are specifically looking for details on new NFT projects. The focus of this tool is entirely on ongoing and upcoming projects. It takes only a few minutes for the Traitsniper bot to analyze the rarity of new NFTs in the market. The web page provides both free and paid versions; however, the paid version offers benefits such as real-time notifications of new reveals and their score.

Many first-time users of the site state that Traitsniper’s site is a bit cluttered and can be difficult to navigate on the first visit. Though, users enjoy using the tool as it simply provides Rarity Score, Rarity Rank, OpenSea Price, and OpenSea Highest Offer of a specific NFT. Users can also check for the individual traits with their corresponding rarity score.

5. OpenSea Rankings

OpenSea, the largest and most popular NFT marketplace, not only facilitates NFT sales but also calculates NFT rankings based on volume, floor price, and other statistics. It orivu=ides the opportunity to find the top collections in the last 24 hours, 7 days, 30 days, or all time. If you are planning to start a new investment in the market, OpenSea is a great means to know what collections are recently trending to make an informed investment decision. You can also keep an eye on NFTs on the Ethereum, Polygon, and Klaytn blockchains.

Conclusion

Rarity is a major factor in NFTs, but the rarity score should not replace your true preferences in NFTs, the most common advice from big collectors to newcomers! The most important reason for collecting NFT should be that you like it, not how much money it can make.