This year, we witnessed the exponential growth of NFTs. NFTs, or non-fungible tokens, have become so mainstream that it was even selected as Collins Dictionary’s “2021 word of the year”! As the NFT wave sweeps the digital world, there is one question that investors ask frequently—how to check the rarity of an NFT? NFT rarity is an extremely important factor (probably, the most important) when evaluating NFTs.
But, what exactly is rarity and why is it so important?
What is NFT rarity?
Amid a flurry of NFTs hitting the market, what determines an NFT’s value? Why do some NFTs sell for millions of dollars while some others—sometimes, even from the same collection—sell for much less? The answer to both the questions is rarity.
Put simply, NFT rarity decides how rare an NFT is and in turn, how valuable it is. Rare NFTs are most highly sought after by collectors, which pushes their price up. This is why people want to know how rare an NFT in their collection is or whether the one they are planning to buy is a rare piece.
How is NFT rarity calculated?
Now, what exactly makes an NFT rare? One is a 1/1 NFT from an acclaimed crypto artist like Fewocious or celebrities like Paris Hilton or Snoop Dogg. These are of course, easy to determine. But, when it comes to NFT collections with hundreds of NFTs, it’s the rarity of each trait within an NFT that decides its overall rarity.
Take hit NFT collectibles, CryptoPunks for example. The collection consists of 10,000 NFTs divided into five different ‘Punk types’. While ‘Alien’, with only nine in supply, is the rarest type, ‘Male’, is the least rare type with 6039 NFTs in all. Furthermore, each type comes with different attributes or traits with varying rarities. For instance, ‘Beanie’ and ‘Choker’ are extremely rare attributes with only 44 and 48 Punks featuring them, respectively. On the other hand, traits like ‘earring’ and ‘cigarette’ are more common.
This gives rise to many questions: What combination of rare traits makes an NFT rare? How do you find the overall rarity of a single NFT? How rare is an NFT compared to others? And many more.
There are several methods to calculate the overall rarity of a single NFT. This includes calculating the rarity based on the rarest trait, taking the average rarity of traits, or statistically assessing rarities. But all these methods focus on the overall traits of an NFT rather than a single trait. Thus, Rarity Tools came up with a method called a “rarity score”.
According to Rarity Tools, “The total Rarity Score for an NFT is the sum of the Rarity Score of all of its trait values.”
The formula to calculate the Rarity Score of a trait value is as follows:
Rarity Score for a Trait Value = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
Here, the score takes into account the single trait of an NFT as well as the overall trait rarities. Hence, Rarity Score has now become the standard for NFT rarity ranking for many sites.
How to check the rarity of an NFT
Obviously, no one would really want to do all that math themselves to find the rarity of every single NFT they want. Don’t worry; there are several investment tools that will help you find the rarity score in just a few clicks. Let’s take a look at some of the top ones!
Rarity Tools is the most popular tool to find out how rare an NFT is. It ranks NFTs by the rarity of their traits in real-time. Here, you can filter NFTs by average price, total sales volume, owner count, and top collections. Moreover, you can find information about both existing top collections like BAYC and CryptoPunks as well as upcoming projects. Besides, the website has a simple and attractive interface that makes finding rarity a piece of cake!
To view the rarities of a collection, simply go to that particular collection’s page. Here, you’ll see each NFT with a corresponding card that details all its attributes as well as its Rarity Score. Alternately, you can check the Rarity Score of an NFT you own by inserting the ID of your NFT under the “project section”. Then, click “Lookup” and you can see all the properties and Rarity Score of your NFT.
The higher the Rarity Score, the higher will be the NFT rarity. For example, CryptoPunk #8348, which is ranked one on the site, has a Rarity Score of 10342.68. On the other hand, 2329.18 is the score of CryptoPunk #7804, with a Rarity Rank #2. While the tool is free to use, NFT projects have to pay 2 ETH to get listed on the platform.
If you want to know the rarity of just Solana NFTs, then HowRare.is is the best option. The website has listed 255 Solana NFT collections on the basis of the floor price, the number of items and holders, whether the NFTs are on sale, and more. As with Rarity Tools, within each collection, you can find NFTs based on their rarity. Under each NFT, you can find their rarity rank, rarity score, and attribute details. There is also a sales history section where you can find the details of the recent sales.
Additionally, you can find the rarity of the NFT you own using the asset ID. If you are looking for details on upcoming Solana collections, that’s also available here. However, these are not verified by HowRare.is, so make sure to do your own research before buying any.
Rarity Sniper is another popular tool to find the rarity of NFTs. It features a total of 774 collections across Ethereum, Solana, and more. It has an extremely attractive and user-friendly interface where you can see rarity rank, score, and all the traits.
Rarity Sniper also has a 400,000-strong Discord channel. Remarkably, you can find the rarity of NFTs here as well! For this, simply use the below bot command under rarity-check:
!rarity [collection] id/rank [id]
Here, collection refers to the name of the collection. You can use ‘id’ to check the rarity for a specific NFT or ‘rank’ to check the rarity of a particular rank. This is followed by the asset id (number). For example, if you want to check the rarity of Bored Ape #9606, input the following command:
!rarity boredape id 9606
Rarity Sniper Bot will instantly reply as shown in the picture below! Clearly, this is a simple means to find the rarity of NFTs. However, you’ll only be able to find the rarity of collections supported by Rarity Sniper. Additionally, there are Bot commands to know the gas and floor.
If you are specifically looking for details on new NFT projects, then you can try Traitsniper. The tool focuses entirely on ongoing and upcoming projects. Every time a project is revealed, the Traitsniper bot takes under 2 minutes to analyse the rarity of the NFTs. There are both free and paid versions, where the latter offers benefits such as real-time notifications of new reveals and their score.
Unlike the websites we discussed above, Traitsniper’s site is a bit cluttered and can be difficult to navigate for a first-time user. Nonetheless, once you get a hang of it, you can select a specific NFT to see its Rarity Score, Rarity Rank, OpenSea Price, and OpenSea Highest Offer. You can also see the individual traits with their corresponding rarity score.
OpenSea is the largest and most popular NFT marketplace. Along with facilitating NFT sales, it also shows NFT rankings based on volume, floor price, and other statistics. You can find the top collections in the last 24 hours, 7 days, 30 days, or all time. This is a great means to know what collections are trending to make an informed investment decision. You can also keep an eye on NFTs on the Ethereum, Polygon, and Klaytn blockchains.
While you can see the traits and their rarity for each NFT, you won’t be able to know its overall rarity rank or rarity score. Even though this is a clear drawback, having a marketplace and real-time ranking makes it quite convenient to decide which NFT to buy. The best option would be to use OpenSea ranking and activity data along with any of the tools we mentioned before.
Ultimately, as with any assets, investing in NFTs comes with many risks. While the investment tools are a great means to assess NFT rarity, rarity should not be the sole criteria when buying NFTs. It is essential to do your own research and understand the market well before making a purchase.