Owning NFTs is more than just the assets that come with them. They are seen as a sign of status these days. Finding and owning the best NFT is the motive of almost every person. To get the best of the best NFTs on the market, you can go through a number of things such as the website of the project, community, utilities, and so on. There is one aspect known as NFT rarity which adds up to the value of an NFT. NFT rarity is a criterion that by a small amount determines the value of an NFT. It might not have a huge impact on the value but will assuredly help you get your hands on the right NFT.
As in a project, there are a lot of NFTs which are the product of a mixture of various traits. So finding one which has the most unique and rare traits yourself is a hard task. But don’t worry, the NFT space has got Rarity tools which can all be used to find the rarest NFT in a collection.
So, what are Rarity Tools and how do we use them? Well, we’ve got everything covered in this article to make it easy for you.
What is NFT rarity?
NFT rarity is tell us how rare an NFT is out of all the others in the collection. The higher the rarity is, the higher its value will be. So, if you land a rare NFT in a collection then you will fetch yourself some high prices when you sell it.
In PFP NFT projects, the exclusivity of characteristics, or the many components and attributes that make up the final token, determines the rarity of the NFTs. The most effective methods for producing objective rarity use trait groups, sub-traits, and 1/1 traits.
Let’s see Bored Ape Yacht Club as an example.
The Bored Ape Yacht Club is the most popular PFP NFT project in the NFT space. They are carefully curated and the NFT art is magnificent. The NFTs of this project are also made by a mixture of various traits, and some NFTs are rare than others. BAYC has seven different attribute groups, as seen on OpenSea: background, attire, earrings, eyes, fur, hat, and mouth. Each character has a number of sub-traits that, depending on how frequently they occur in the collection as a whole, bear varying degrees of rarity. Additionally, the entire number of traits can be taken into consideration, as it is in BAYC, increasing the total number of “sub-traits” to eight.
Limited availability can produce rarity and scarcity in 1/1 or limited edition artwork, which in turn increases its value and demand. In addition to all this, if an NFT has matching traits or even fewer traits, it might come off as valuable in the community. Trait count is a community-specific characteristic in BAYC, where all Apes have between four and seven traits. Only 254 Apes have all four qualities, which increases their rarity and intrinsic worth.
What are rarity tools?
Rarity tools can be understood as software to determine the rarity of NFTs and rank them accordingly. Imagine it as a database where users can look up specific tokens or NFTs to see how rare they are compared to other tokens in their collection. It will also detail the specific criteria that go into determining an NFT’s rarity score. With this knowledge, collectors can quickly compare the value and rarity of various NFTs within a single collection to make more informed purchases.
Although the real rarity rankings are the same across platforms, it’s crucial to keep in mind that each rarity tool platform has its own proprietary scoring methodology, thus the rarity score will probably vary. With this knowledge, collectors may compare the value and rarity of specific NFTs within the same collection with ease.
How is NFT rarity calculated?
As rarity has been a crucial aspect within the NFT community, collectors want to get their hands on a rare NFT to secure high value in the market. So, knowing which NFTs are rare in a collection is significant. To make it easy for the collectors there are three ways to calculate rarity: trait rarity ranking, average trait rarity, and statistical rarity. There is an additional way to calculate rarity which was introduced by the founder of rarity.tools and is proven to be the best way to calculate rarity. The formula for the calculation goes as follows:
[Rarity Score for a Trait Value] = 1/([Number of Items with that Trait Value]/[Total Number of Items in Collection])
The total Rarity Score for an NFT is the sum of the Rarity Score of all its trait values
With this formula, all the problems related to the other methods to calculate rarity are tackled.
Trait Rarity ranking ranks only the rarest trait.
Statistical rarity multiplies all the trait rarities together.
Average Trait rarity averages the rarity of all traits together.
Rarity.tools even showed in their blog titled Ranking Rarity: Understanding Rarity Calculation Methods the problems with other methods of calculating rarity. It suggests that three separate comparison techniques would yield three very different outcomes when used to compare three apes. Rarity Score soon emerges as the ideal compromise between average and statistical rarity, which doesn’t place enough focus on rare features, and trait rarity ranking, which gives too much weight to rare traits.
Currently, all platforms for rarity tools have incorporated their own versions of Rarity Score, which offer the same precise ranking results across all platforms even though the algorithm may not be precisely the same.
How to use rarity tools?
All the prominent rarity tools that exist in the NFT space are extremely easy to use.
Rarity Sniper is one of the rarity tools which is among the most used rarity tools by collectors. Let’s use that for an instance.
The first thing you have to do is to think of a collection to invest in or just simply go through it. Then go to Rarity Sniper Find the search bar and enter the collection you want to look for. For this regard, let’s use Bored Apes again.
After you are done searching and selecting the collection, you will be taken to a separate collection page that includes a display of the whole collection ranked from most to least rare along with important characteristics like total supply, unique owners, floor price, and volume.
On the left sidebar, you can sort the collection by price, NFT ID, ascending or descending ranking, and other factors. Additionally, there is a “Traits” switch that shows a comprehensive list of all trait types, subcategories, and occurrence rates.
If you want to find out the rarity of a specific NFT then all you need to do is locate the token ID in the details section of a single NFT listing on OpenSea (or any other marketplace), as illustrated in the image below, in order to obtain the rating of that particular token.
Then all you have to do is type the Token ID in the “Check Your NFT” space and proceed with “Check.”
Then your specific token will appear after the search is complete. When you click it, a detailed analysis of each trait’s rarity in the collection, the token’s given rarity score, and its ranking will all be revealed.
Rarity Tools You Should Be Aware Of
Rarity.tools might be the Rarity tool with the easiest user interface. Using it is extremely simple as Rarity Sniper. Although, as with Rarity Sniper, which only provides a single Rarity Score, rarity.tools allow collectors to filter by all four calculation methods. It also allows users to investigate specific attributes that platforms such as Rarity Sniper do not provide. While rarity.tools are one of the most popular tools among enthusiasts, the UI is clunkier and more difficult to use.
This Rarity tool has also been praised by collectors. Swaggy Z, a collector, acknowledges that Rarity Tools. He finds that its clarity has improved his understanding of the most important buying chances in particular collections. He goes on to say: “While there are other trading analysis tools with more features, Rarity Tools is perfect for users who are only focused on rarity information. It does exactly what it needs to do.”
Trait Sniper is another Rarity Tools that comes on the top tier. It calls itself “The Ultimate NFT Trading Platform.” The tool’s bot immediately reveals and offers complete rarity rankings within 30 seconds after detecting art. Users can filter by trait, rank, and price while configuring the parameters for bulk bidding. Additionally, Trait Sniper offers a Chrome extension that enables users to search OpenSea for rankings and floor pricing. Passes for lifetime access are available for purchase on OpenSea’s secondary market.
Mikio Crosby, the founder of the NFT Buy-Now Pay-Later platform Cyan, has praised Trait Sniper. He now frequently goes to Trait Sniper to determine rarity, ranking, and other factors. After experimenting with a variety of tools available on the market, Trait Sniper’s user interface might be the best.
Icy.tool is a comprehensive rarity tool that is developed with the goal to assist traders in making more intelligent decisions. In part because of its subscription plan with real-time charts and data, preferences, and firehose feeds, it immediately became the go-to resource for many serious traders after its establishment in 2021.
According to Crosby, using Icy.tools depends on the preferences of the user and what they want. “Icy.tools have the most appealing UI, though it gatekeeps a lot of useful features. Trait Sniper has the best comprehensive analytics but is slightly harder to use without clicking around. NFTScan has the best top-down market overview but lacks screening for wash trading. CryptoSlam does a better job of this but is not always up to date.”
The rarity of an NFT is important to some extent as it tells a lot about the value of the NFT. Therefore NFT tools mentioned here are all to help you know about the rarity of your NFT. You can also use them to be aware of the rarities of the NFTs you want. Although, rarity is not the only aspect that makes an NFT valuable. It might impact a little but the true value lies in the utilities that the project offers with the NFT. If the utilities are great then even the NFT with common rarities becomes valuable. With the Rarity Tools, you can find the desired NFT you wish for. Although, rarity is not the only aspect you should be researching.