Non-Fungible Tokens (NFTs) are taking the world by storm. But it’s not enough to have an NFT that you think looks cool – it needs to be rare as well, which affects the value of each NFT. So, if you are looking to invest in NFTs, you need to use NFT rarity tools to help you find rare NFTs. Here we’ll discuss six of the best NFT rarity tools and what they can do for you!
What Makes an NFT Rare?
NFT rarity is a term coined for ranking NFTs based on their uniqueness. When it comes to NFTs, rarity is a key factor in determining value. Understanding what makes an NFT rare can better identify assets with greater potential value. So, what makes an NFT rare? Here are a few factors:
- Limited supply: If only a few of something is available, it will be more sought after and thus more valuable. This is especially true for digital assets, as they can be copied and reproduced infinitely. To create truly rare NFTs, issuers use NFT rarity tools to track the number of items produced and ensure that only a limited supply is available on marketplaces like OpenSea, Rare Bits or Nifty. NFTs can be worth even more on the open marketplaces by providing rarity and quality together.
- NFT attributes: That is, the NFT’s digital DNA (or collection of coded properties) is unique and identifiable. NFTs with rare attributes will generally be more valuable on the open marketplaces.
- Special uses: NFT issuers can put special rules on their NFT items so that only a certain number of NFT users can receive those benefits. This creates NFTs that are more valuable than others because the number of users who can receive its benefits is lower.
- Inherent demand: Some NFTs are simply more in demand than others. For example, NFTs that represent popular digital assets (like Bitcoin or Ethereum) will be more valuable because people want to own a piece of those cryptocurrencies. NFTs used for gaming purposes may also have higher inherent demand as gamers are always looking for new and unique items to add to their collections. NFTs used for social media purposes may also have higher inherent demand as they will be more desirable to people who want to show off their assets on a particular platform.
- Historical context: Sometimes, an NFT may have a higher value because of its historical context. For example, if there was only one time that someone ever used a particular NFT in a game or on social media, it may be worth more because of its history. NFTs can also have a historical context outside of a game or social media, such as limited edition NFTs based on original artwork.
- Association with a celebrity: NFTs associated with a recent or past celebrity also tend to be more valuable, as they are usually very unique.
How to Calculate an NFTs Rarity
Several formulas help people arrive at the rarity value of their NFTs. Some of these formulas include:
- Trait Rarity Ranking: This compares the rarest traits of each NFT, and the one with the least figure is considered the rarest.
- Average Trait Rarity: This formula calculates the average value of the rare traits found in a given NFT. Assuming an NFT has two traits, one with 20% rarity and the other with 30%, its average trait rarity would result in (20+30)/2 = 25%.
- Statistical Rarity: This formula lets you work out an NFT’s overall rarity by multiplying its trait rarities. Like in the example above, the statistical rarity would be (20% * 30%) = 6%.
- Rarity Score: Rarity score is considered the most accurate calculation for rarity. Unlike trait tarity, which considers only the rarest trait, or statistical rarity and average rarity, which fails to emphasize an NFTs single rare trait, the rarity score gives a detailed yet balanced ranking. It is, therefore, the most commonly used rarity ranking formula in the NFT marketplace.
Here’s how to calculate the rarity of an NFT according to rarity.com;
Rarity Score of a Trait Value = 1 / ([Number of Items With That Trait Value] / [Total Number of Items in Collection]).
Which NFT Rarity Tools Are Best for You?
Knowing the formulas involved in calculating rarity is not enough to accurately help identify how unique your NFT is. That is why you should know some of the best tools to help you run your rarity check. These tools compute all the data for you and give you accurate rankings to know what you are about to purchase.
Here are some of the best NFT rarity tools
Rarity.tools is one of the most popular NFT analysis tools. This tool is best known for ranking the rarity of collectables and art NFTs in real-time. It ranks some high-performing NFTs like Bored Ape Yacht Club, CryptoPunks, and VeeFriends.
When it comes to ranking, rarity.tools assigns each NFT trait its rarity score. All rarity scores are then summed up to get the overall rarity score. This makes it easy for you to navigate and quickly verify scores for any listed NFTs.
It’s also straightforward to list generative art and collectable NFTs on rarity.tools. Creators pay a 2 ETH flat rate to list an NFT, but all users get free analysis services. Besides that, this tool offers insights on upcoming NFT sales and keeps you posted on what’s trending in the marketplace.
However, despite being the best NFT rarity tool, rarity.tools has a few downsides. Firstly, the 2 ETH fee for creators is rather steep. Secondly, even though the site has a simple layout, it lacks navigational tabs, making it hard for first-time users to search for recent and high-ranking NFTs.
Cryptoslam is a data aggregator for NFTs. It displays global indexes, fan tokens, blockchain sales, all-time NFT project rankings, and the best sales for NFT collectables according to their volume, making it a great NFT tool. Whatsmore, it displays all this in one landing page, making it easy for beginners to run their analysis with great ease. With this tool, you will also get the information you need about a particular NFT, including price, unique features, and rarity rankings.
Additionally, the tool also gives you insights on NBA Top Shot. You can easily search for videos from your favorite teams or players, check for the names of the people who own them, and get their wallet addresses should you want to buy. These features make Cryptslam worth a shot if you are looking for a simple NFT tool.
Opensea is the most popular marketplace for NFTs in the world. It features a vast digital asset collection from Polygon, Ethereum and Klaytn blockchains. It utilizes smart contracts to manage NFT ownership and provides functionality that lets people track, curate, and trade NFTs in one convenient platform; Providing real-time information on all that is happening within Opensea’s market.
Openseas’ NFT ranking functionality gives users NFT rankings by volume and other statistical considerations like floor price. So, although you can view NFT traits and each trait’s rarity, the site may not be able to tell an NFTs rarity score or even its overall rarity rank.
NFT rarity has never been as easy to track as on Rarity Sniper. This renowned tool is home to over 870 NFT collections from major blockchains like Solana and Ethereum. Rarity Sniper comes with a friendly user interface that lets you see all of your token’s traits, rarity scores and ranks.
Another major perk of using Rarity Sniper is that you can also rely on its Discord channels to discover the rarity of your NFT. This is a more simplified way to run your rarity-check. Unfortunately, it limits you to only the NFT collections supported by Rarity Sniper.
Moby is a real-time NFT analytic tool that offers a straightforward and basic rarity ranking. It gives you an array of rankings, from NFT traits, markets, and mints. All these are carefully listed at the top of the landing page, making navigation easy. For 0.1 ETH, Moby gives you six-months worth of access to real-time data, alerts for wallet and popular mints, a collection of historical data and live graphs that run real-time updates.
Moby also shows you all the transactions happening including presales. Knowing an NFTs presale performance is a good way to gauge its popularity, and determine whether it’s worth buying. However, despite these benefits, Moby.gg fails in one key aspect, displaying data. On the site, data isn’t displayed on your screen all at once. While such a layout debulks the page, it also proves cumbersome having to search multiple pages for small bits of information.
Traitsniper is another great rarity tool that offers the latest information on upcoming NFT projects. As soon as a new project comes up, Traitsniper uses a bot to compute the rarity of the NFT. The tool comes with a free version and a paid one too. The paid one ensures you get real-time updates for different NFTs as soon as they hit the market.
You may, however, be discouraged by how congested the site is. For new users especially, Traitsniper can be challenging to navigate. Even so, you can click on a given NFT, and its Rarity Rank and score will pop up. You will also see the NFTs price and the highest offer it has received on Opensea.
Get Your NFT Rarity Ratings Right Before Investing
Investing in NFTs can be a lucrative and exciting endeavour. Remember, rarity reigns supreme when it comes down to value for your money in any collectable market! The rarer an item is, the higher its worth will be on the secondary market. So if you’re looking for a way to get started investing in NFTs, these NFT rarity tools will help you get the best rare NFTs in the market.