With the NFT market exploding in 2021, the amount of new investors in the non-fungible space is likewise growing. These new owners often don’t know how to check the rarity value of your NFT and are unaware they may have minted the non-fungible jackpot.
Knowing the rarity of your NFT means you can make more informed decisions. Most projects now launch with many thousands of tokens in the collection. Some are worth considerably more than others depending on the number of times their traits and properties occur or if they feature notable combinations.
Rarity is also affected by other factors too. Some deflationary projects for example will let you “burn” NFTs to create a new one. Knowing the scarcity of your token will give you a better idea as to whether you continue to hold it or use it for one of these breeding mechanisms, for example. Should your token be particularly rare, you may decide to continue holding and let the token appreciate in value as the original supply dwindles.
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And, for those that are simply collectors, knowing the rarity of your NFT is the same as any other form of collectible. While you may have no desire to sell, knowing you have a one-of-a-kind is exciting and is a source of enjoyment for a lot of people.
While the value and rarity of traditional collectibles are tricky to find out, when it comes to NFTs it’s easy. NFTs use a “rarity score” that is calculated based on the number of tokens with shared traits against the amount within the collection. The most commonly used formula is the following:
[Rarity Score for a Trait Value] = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
The higher the rarity score, the rarer the token.
Below, we’ve listed how to check the rarity value of your NFT collection using 5 of the best tools available.
Rarity Tools (https://rarity.tools/) is the go-to for most collectors to find out how rare an NFT is. It uses real-time data to rank NFTs within collections with filters that can sort by the average price, how many owners a token has had, total sales volume, and, of course, the all-important average price. The UI is simple and not overly cluttered and has become something of a benchmark for other tools, with a trend towards using a similar layout and style as Rarity Tools.
In order to view the rarity of a token with Rarity Tools simply follow these instructions:
- Mouse over “All collections” on the top menu bar.
- Type in the name of your token’s collection in the search box.
- On the left-hand side, type in the ID of your token (found on OpenSea) and press “Lookup”.
- A box will then pop up and show you the rarity score of your token.
The window will show the traits of the asset including the number of other tokens that share that trait. There is also a button to view the token on OpenSea should you wish to do so.
HowRare.is (https://howrare.is/) is an essential tool for those who collect and trade NFTs on the Solana blockchain. Famed for its fast transfer speeds and relatively low fees, Solana’s NFT scene is growing by the day. With the ERC-721 standard still considered the king, however, many projects are choosing to split their collections across both Ethereum and Solana, with the latter used for more heavily traded tokens, incurring smaller overheads.
Just like Rarity Tools, HowRare.is allows users to see stats such s the floor price, how many have previously owned a token and the number of tokens within a collection.
Solana NFT collectors can use HowRare.is as follows:
- Firstly, find your token’s ID from Solana Explorer (https://explorer.solana.com/).
- Then, type in the name of your token’s collection in the search bar at the top of the screen and press enter. If you are on mobile press the “burger menu” on the right and you’ll find the search bar there.
- After locating the collection, type in your token ID in the “IDs” in the filters menu, you can add more than one for comparing NFTs.
- You will then be presented with your NFT(s). Clicking on the preview will present you with its full data, including its ranking.
Rarity Sniffer (https://raritysniffer.com/) uses the metadata from collections on blockchains to quickly identify what’s rare and what isn’t. It is first and foremost a ranking platform that helps investors spot good opportunities. It specializes in organizing the metadata from fresh drops and is considered one of the fastest platforms to identify whether an NFT collection is worth investing in. It can “sniff” roughly 350 NFTs per second so can analyze a 10,000 strong collection in less than 30 seconds.
The site is moving towards a new protocol soon but identifying the rarity of a token remains a simple process:
- Use the main search box at the top of the page or within the submenu to find your collection. (Note: only newer and upcoming collections tend to be listed.)
- In the “Token ID Look Up” search box type the ID of your token.
- In the results page, click the preview of your token.
- In the pop-up you will find the rarity score of your token.
- Scroll down to see the traits of your token and breakdown of how they contribute to the rarity score. The green numbers are its contribution.
Traitsniper (https://www.traitsniper.com/) is a tool for spotting up-and-coming collections and projects that may prove to be the next big thing. With new projects launching every day, this is the best tool for identifying the rarest tokens within collections. The algorithm behind the platform typically analyzes and lists the rarity of NFTs of a collection within 2 minutes. The pro version is useful for professional investors who need instant notification of NFT drops and rarity scores.
With an abundance of information Traitsniper’s UI is not the easiest to navigate. To find the rarity score of an NFT, however, simply do the following:
- Locate the search bar titled “Project Name” and type your collection’s name.
- Once within a project’s page, use the “Search” box to type in the ID of your token.
- After finding your token, click its ID to find the Rarity Rank, and score.
Rarity Sniper (https://raritysniper.com/) is a tool that can compare NFTs from multiple blockchains, including Ethereum, Solana, and Polygon. As well as comparing the scarcity of tokens and their traits, Rarity Sniper is also a great place to keep up to date on what collections are about to hit the minting phase.
While Rarity Sniper is a great tool in itself, its Discord community is also a great place to get additional info should you need it. Not only is the community there knowledgable a great source of information regarding upcoming drops but the built-in rarity bot can check the valuation of tokens for you using the command: !rarity [type the collection here] id/rank [type the token ID here].
To use Rarity Sniper’s website to find a token rarity, follow these steps:
- Locate the search menu on the left or within the burger menu on the top right of your screen.
- After locating your NFT’s ID from OpenSea or Solana Explorer type it into the search box labeled “Check your NFT”.
- The results will show your NFT with a rarity ranking labeled “RANK #”.
- Clicking or tapping the token preview will provide more information including a full rarity score and trait breakdown.
Whichever way you choose to check the rarity value of your NFT, armed with this knowledge you’ll be better prepared to understand the scarcity of your investments.