Along with the NFT market’s spectacular rise in 2021, there are an increasing number of new investors entering the non-fungible industry. The rare value of the NFT is generally unknown to these new owners, who are often ignorant that they may have hit the non-fungible lottery.
If you are conscious of the rarity of your NFT, you can make wiser decisions. Most ventures now begin with tens of thousands of tokens. Some are valued substantially more than others depending on how frequently their qualities and properties occur or if they have noteworthy combinations.
Rarity can also be influenced by other factors. For instance, in some deflationary initiatives, NFTs can be “burned” to create a new one. You can determine whether to preserve your token or use it for one of these breeding strategies, for example, by knowing how rare it is. If your token is extremely uncommon, you might want to hold it and let its value rise as the initial supply shrinks.
For those who are merely collectors, understanding the rarity of your NFT is similar to knowing the rarity of any other kind of collectible. You could get in touch with any reliable development company that also provides NFT Marketplace Development Services.
Even if you don’t want to sell, the realization that you have a special object is thrilling and brings joy to many individuals.
It can be difficult to determine the value and scarcity of conventional collectibles, but with NFTs, it’s easy. By contrasting the quantity of tokens in the collection with the number of tokens that have comparable properties, NFTs can calculate the “rarity score” they utilize. The most popular formula is the one listed below:
According to the formula: [Rarity Score for a Trait Value] = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection]).
The rarity score increases with the token’s rarity.
Here are the top 5 tools for determining your NFT collection’s rarity value.
To assess how uncommon an NFT is, most collectors use Rarity Tools (https://rarity.tools/). It uses real-time data to rank NFTs inside collections, with filters that can sort by the average price, how many owners a token has had, total sales volume, and, of course, the crucial average price. The user interface (UI) is straightforward and not overly cluttered, and it has become a standard for other applications, with a propensity to copy Rarity Tools’ layout and design.
Follow these steps to utilize Rarity Tools to determine the rarity of a token:
- Select “All collections” from the top navigation bar by moving your mouse over it.
- Enter the name of your token collection in the search field.
- On the left-hand side, select “Lookup” and enter the ID of your token, which can be obtained on OpenSea.
- Your token’s rarity rating will then be shown in an additional box that displays.
The window will show the asset’s attributes along with the number of other tokens that share each attribute. There is a button there also if you want to view the token on OpenSea.
On HowRare.is, similar to Rarity Tools, users may check statistics like the floor price, the number of persons who have owned a token in the past, and the number of tokens in a collection.
The following are some ways Solana Beach NFT collectors can use HowRare.is:
- Find the ID of your token using Solana Explorer (https://explorer.solana.com/).
- Then type the name of your token collection into the search box at the top of the screen and hit Enter. On the search bar on a mobile device, click the “burger menu” to the right.
- Once you’ve located the collection, enter your token ID in the “IDs” area under the filters menu. You can add more than one to compare NFTs.
- Subsequently, you will receive your NFT (s). By clicking on the preview, you may get the full details, including the rating.
Rarity Sniffer uses the metadata from collections on blockchains to quickly identify between goods that are uncommon and those that aren’t. Investors can use it as a ranking platform to find attractive investment possibilities. This platform, which specializes in organizing the metadata from recent releases, is one of the easiest ways to decide whether an NFT collection is valuable to buy. It can “sniff” roughly 350 NFTs every second, or investigate a 10,000-strong collection in less than 30 seconds.
Even though the website will soon utilize a different protocol, figuring out a token’s rarity is still a simple procedure:
- Use the main search bar at the top of the page or the submenu to find your collection. (Note that only recently released or soon-to-be released collections are commonly highlighted.)
- In the “Token ID Lookup” search box, enter the ID of your token.
- On the results page, click the preview of your token.
- The pop-up displays the token’s rarity rating.
- Scroll down to see your token’s attributes and a breakdown of how they affect the rarity score. The green digits display the contribution.
The website traitsniper.com offers a tool for finding forthcoming endeavours and collections that have the potential to be the next great thing. Due to the fact that new projects are beginning every day, this is the most helpful resource for identifying the rarest tokens in collections. In under two minutes, the platform’s algorithm evaluates and lists the rarity of NFTs in a collection. The pro edition can be useful for professional investors who desire fast notification of NFT drops and rarity scores.
Due to the volume of information, Traitsniper’s user interface is not the easiest to use. But you may quickly do the following to find out an NFT’s rarity score:
- Locate the “Project Name” search field and type the collection’s name into it.
- When you’re on a project’s page, type your token’s ID into the “Search” box.
- Once you’ve discovered your token, click its ID to see its Rarity Rank and score.
Users can compare NFTs from several blockchains, including Ethereum, Solana, and Polygon, using a programme called Rarity Sniper. Rarity Sniper is a great tool for comparing token rarities and their qualities as well as keeping track of which collections are about to start minting.
Also Read: How To Create An NFT Minting Website
Even though Rarity Sniper is an excellent tool in and of itself, if you need more details, you can search the Discord community. using the!rarity command The built-in rarity bot, which is [type the collection here], can check the worth of your tokens in addition to being an excellent source of information about upcoming drops in the community. Token ID: [Enter it here] id/rank
Use Rarity Sniper’s website to identify a token rarity by doing the following:
- Locate the search tool on the left side of your screen or in the burger menu.
- After discovering it via OpenSea or Solana Explorer, enter your NFT ID in the “Check your NFT” search box.
- Your NFT and a rarity ranking with the label “RANK #” will appear in the results.
- The token preview can be clicked or pressed to reveal the full rarity score and trait breakdown.
No matter way you choose to check the rarity value of your NFT, having this knowledge will make it easier for you to understand the uniqueness of your assets.