NFTs cemented their spot in cryptocurrency during the 2021 bull run. During this period, the NFT space experienced unprecedented growth and adoption. Therefore, NFT rarity became crucial to determine their value. An NFT holder must consider the asset's unique characteristics that differentiate it from other NFTs in the collection to determine its rarity. Some features that could differentiate the NFT include accessories, skins, and backgrounds.
Take Pudgy Penguins, for example. The NFT rarity level of each Pudgy Penguin in the collection provides vital data for determining their floor price. Their price varies on their rarity and traits. For instance, due to their rarity, Pudgy Penguins with a blue kimono body sell for considerably more than the floor price of Pudgy Penguins.
What exactly is NFT rarity?
An NFT's traits play a significant role in determining its price, again highlighting the importance of rarity analysis when purchasing NFTs. NFT generators such as Quantum, Autoglyphs, and Lost Poets assign unique qualities to NFTs, all determined by predefined parameters. Those with less common traits have a higher NFT rarity score and are usually worth more. Besides the traits, the in-game functions of certain NFTs can also assess their rarity. Although developers can set the functions of NFTs, most game developers randomize this process.
Measuring NFT rarity
Many tools use sophisticated algorithms to determine the rarity score of an NFT. These tools assess the rarity of specific traits, the mean or average rarity, or other statistical measures of NFT rarity. The most effective NFT rarity tools use various rarity measurement formulas to calculate and provide rarity scores for NFTs.
The benefits of using NFT rarity tools
NFT rarities give you a good idea of how much an NFT is worth. By understanding rarity metrics, NFT holders can quickly spot and profit off the opportunities missed by less informed market participants. It is therefore essential to be aware of the traits within an NFT collection. The traits ultimately decide how much an NFT is worth and drive the desire to own certain NFTs.
The top 7 NFT rarity tools
Rarity.tools
Rarity.tools rank NFTs live according to the uniqueness of their traits. It's one of the most commonly used tools for checking the rarity of an NFT. The platform presents NFT analytical data in a simple, user-friendly interface. It offers important filters like sales volume, owners count, average price, and the highest-ranking collections. It also provides direct insights into the most popular collections in the NFT market, such as CryptoPunks and BAYC. Besides these, you can find upcoming projects and explore the attributes of NFTs in each collection.
To find the rarity score of a specific NFT or NFT collection, users must input and search for the name of any NFT collection into rarity.tool's search bar. Once the appropriate logo pops up, select the collection and click on the NFTs to view the rarity score. The score displays all the attributes that make that specific NFT rare.
NFTinit.com
NFTinit is a ranking website and trading-focused rarity estimator that provides rarity ranking for NFTs. The platform is highly user-friendly and easy to navigate. The platform offers several features that could help its users make better-informed decisions when purchasing an NFT. Using the analytics dashboard on NFTinit.com, for example, you can see the performance of a collection and how it compares to other popular projects. NFTinnit.com's homepage provides users with a list of the top-ranking NFT collections. The platform currently tracks over 300 NFT collections over multiple blockchains.
Raritysniper.com
Raritysniper.com is another easy-to-use platform that lets its users assess the rarity of NFTs to gain an insight into the top-performing collections. The platform presents rarity metrics for several NFT collections. It also gives a detailed breakdown of the rarity attributes accounted for in the overall rarity score of each NFT. You can search for collections by their name and select specific NFTs. Doing this helps you find information about the NFT type, value, score, and occurrence of rarity traits. In addition to the rarity sniper website, they also have a discord channel where users can use bot commands to verify their NFT rarity score.
Icy.tools
Icy.tools use powerful analytics to track the rarity of NFTs across marketplaces and help NFT traders make better-informed decisions. Although it's more complex than the other tools we have looked at, Icy.tools offer clear guidelines. It's easy to understand and provides a clear walk-through for all features and functionalities. Using Icy.tools, users can access detailed charts showing the floor price, volume, and latest trends of an NFT collection. You can also create a custom watchlist for up to 20 wallets and set alerts. It's also worth noting that Icy.tools offer additional advanced tools starting at $35 per month.
Consider NFT rarity when dealing with NFTs
NFT rarity is one of the most fundamental concepts in digital assets. It helps you compare, understand and get the best out of any NFT collection. Maximizing NFT Investments is crucial for traders interested in flipping, holding, trading, or minting NFTs. A sufficient NFT rarity estimator that provides a correct score can better execute such profit-seeking transactions. Feel free to use any of the seven tools mentioned in this article if you ever need to find out the rarity of your NFT for any reason.
FAQs
What are rarity tools used for?
To determine the rarity of an NFT. Each NFT possesses unique characteristics, some rarer than others. The rarer the trait, the higher the value of the NFT. It is therefore crucial to use an NFT rarity tool if you wish to purchase an NFT.
Are rarity tools only for ETH?
No. Rarity tools can track NFTs on any blockchain. All of the examples within this article provide information on NFTs across multiple blockchains. Due to its decentralized nature, accessing information regarding NFT projects is relatively straightforward for these platforms.
Are rarity tools accurate?
A rarity tool's accuracy depends on factors translated into the math and algorithm used to ascertain the rarity. But you can use rarity tools to say that one NFT is rarer than another in the same or different collections.
Disclaimer:
THIS ARTICLE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE OR SELL OR HOLD DIGITAL ASSETS. DIGITAL ASSET HOLDINGS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.
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