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Do You Have a Rare NFT? How to Check the Rarity of an NFT
When it comes to a large NFT collection or ones with multiple characters, how do you classify ones that are more “desirable” or “valuable”? These types of NFT collections usually separate their tokens’ value with features/attributes and you get what’s called a rarity score. Do you have a rare one? Let’s find out how to check the rarity of an NFT.
What is the Rarity of an NFT?
NFT rarity is how rare the NFT is depending on the rare traits it possesses. Let’s say an NFT collection has 500 cute bunnies wearing scarves, but only 10 of them also have hats, and only 1 out of the 500 has mittens. You can then tell that the trait values of the hats and mittens are worth more than the scarves, which will make those NFTs more valuable and expensive.
How to Find NFT Rarity
There are a few ways to find the rarity rank of an NFT. Other than using rarity tools, you need to know the rarity score. Let’s check out a few ways to find NFT rarity ranking.
Rarest Trait Value
Each digital asset will have at least one trait, although there are some that have none, and that is considered highly rare. The collection should state somewhere on the website or within Discord the NFT rarity rank of each trait.
One way to check NFT rarity is to compare the rarest trait an NFT possesses. You would ignore the overall rarity score with all attributes combined and only look at the rarest ones.
Statistical Rarity
The statistical rarity of an NFT multiplies the rarity percentage of all the traits together. This isn’t always the best way because it could undervalue an NFT. For example, if it has the rarest trait in the entire collection, it could be offset by also possessing one of the more common ones.
Average Trait Rarity
The average NFT trait rarity is the opposite of ranking the rarity score by the rarest attribute. For this method, you would need to take all the trait rarities into account. It does have some math involved, but there are helpful tools that do it for you.
How to Calculate NFT Rarity
There is an equation that helps you calculate rarity scores. If you’re not a fan of math, then we’d suggest opting for one of the NFT rarity tool platforms down below.
The formula if you want to manually find an NFT’s rarity would be:
{The rarity score for a trait value} = 1/{how many NFTs have that trait}/total number of NFTs in the collection}.
Best NFT Rarity Tools to Use
We can bypass all of the numbers and calculations with NFT tools.
Our first one is Rarity.Tools. It has to be one of the most popular tools used before making NFT investments. It is efficient at NFT analysis and the platform ranks the rarity of an NFT’s traits. You can filter through the search results in multiple ways such as by average price in order to find the collection you’re looking for.
The NFT tool is very intuitive and user-friendly. In the NFT world rarity reigns supreme, and Rarity.Tools will make sure your token is not undervalued.
Nansen is another big one to find an NFT’s rarity rank. It is perhaps the longest-reigning platform that analyzes market trends and NFT prices – all in real time. NFT collectors would use the rarity tool to monitor the most profitable wallets out there and see how much money has been made from NFT sales.
If you’re looking for something a little more basic, then NFT Stats is the right NFT rarity tool for you. The site gives you an overview of collections with information such as the rarity score and even the sales volume. You will also be able to filter through the collections and their sales over the last day, week or month.
We know what you’re thinking, but OpenSea is more than just a popular NFT marketplace. It is seeking to branch out in the NFT market to also become a useful tool. You can find NFT rarity rankings for NFT projects on the platform as well. You can find NFT rarity rankings based on floor prices and sales volume. Individual trait rarity is also available, but as of now, there is no average rarity feature.
What limits this tool is that it is limited to Ethereum. It tracks all Ethereum-based coins. More was added to the website’s capability such as info about NFT minting, prices and distribution as well.
Right when you enter the site, you can see the top trending collections. You will find all sorts of info about the collections featured such as average price and the sales volume. It is one of the best NFT tools for monitoring the wallets of the top buyers and sellers to help you make investment decisions. You get even more with the Icy Premium package that includes price charts and other detailed info about each collection.
A lot of NFT organizations work with TraitSniper, making it one of the most trusted NFT rarity tools. Guess what? You will not only get info on existing NFT collections, but also NFT drops as well! Calculating the rarity ranking takes just a few minutes. The Trait Sniper bot will check the rare attributes of each NFT. You can also see a rarity score based on each trait after you figure out how to navigate the platform.
HowRare.is is dedicated to Solana NFT collections. As of now, there are over 250 different collections on the Solana blockchain listed on the site. Out of all the NFT rarity tools, HowRare.is is one of the easiest to use. You can also search for individual token rarity within NFT collections.
Not only can you find an NFT’s rarity rank, but you will also have access to information about its features, the rarity rank and score, and more. There is also a section just for upcoming Solana collections.
Common Mistakes About NFT Rarity
Rarity tools are very practical in the NFT market. It’s also easy to check NFT rarity when you find a site you can trust. However, there are common misconceptions people have when they check NFT rarity.
Don’t assume that a collection or NFT is not valuable just because you can’t find it on rarity tools. Why is this incorrect? Take HowRare.is for example.
This site is dedicated to Solana NFTs, so if you can’t find your Algorand NFT collection on here, it doesn’t mean it isn’t worth anything. Some NFT collections built on different blockchains can only be found on that blockchain or a marketplace like OpenSea.
Another troubling misconception is that any NFT can sell for a high value. Because there are stories out there of rare NFTs that go for millions (BAYC and CryptoPunks), people think that it is highly possible to make hundreds of thousands or millions from NFT sales.
While we won’t rule out the possibility, whether or not it happens depends on a variety of factors such as the market demand for your NFT and the overall rarity value or value of the rarest traits.
Another thing to keep in mind is due diligence. Overall trait rarities or rarity based on a single attribute don’t mean anything if someone isn’t willing to pay for it. Don’t take the numbers on a website as gospel and do your own research as well.
How to Use NFT Rarity Tools
Depending on what info a rarity tool provides, the process will be different. We’re going to take Rarity.Tools, our number one choice for example.
When you open the app, find the “All Collections” tab and give it a click. You can use the search bar to find the project you’re looking for if it doesn’t appear in the “Top Projects” section.
If you cannot find your project, it could be because it hasn’t been listed yet, so wait a few more days before trying again.
When you find your collection, click on it and you will be taken to a page with all of the NFTs in that collection organized based on rarity. You can filter through the results and organize them by rarity, price, and more.
If you already have an asset from a collection and are wondering about its rarity, you can find the asset ID from a platform like OpenSea, and paste it into the ID box in the “Project” tab to reveal its info.
Conclusion
Now you know how to check the rarity of an NFT. All you have to do is use one of the advanced rarity-checking tools available online. Having this information will help you make moves in the NFT space and find non-fungible tokens worth the investment. Just be aware that nothing is for sure, and the value of an asset is greatly tied to market demand.
