Master NFT Rarity Ranking: Identify Rare NFTs Like a Pro
In fact, over the years, rarity has been the standard used to assess the potential of non-fungible tokens, eventually influencing the stakeholder’s decisions. But, the process of determining the rarity of an NFT is not always straightforward. That’s why in this article, we give a detailed step-by-step guide to checking NFT rarity ranking.
It is important to note that just because an NFT is rare doesn’t mean that it is valuable. NFTs are highly speculative assets, and a wide array of factors can affect their perceived value.
Key Takeaways
- The traits, edition size, and historical significance of NFT are among the primary determinants of rarity.
- Rarity check tools like OpenRarity, Rarity Sniper, TraitSniper, Rarity Sniffer, NFT Stats, ERCRarity, and Rarity.tools have been highly reliable in exploring the scarcity of NFTs.
- Blockchain explorers and NFT marketplace features like filters can help ease your NFT rarity ranking scan hassle.
- An NFT can have low rarity, high rarity, or even true scarcity.
Key Factors That Determine NFT Rarity
When selecting the best NFT to buy, the rarity of that NFT can play a part in its perceived value. Popular NFT collectibles, such as CryptoPunks and Bored Apes, have a variety of traits that can make them more or less rare than other NFTs in the same collection – and can therefore affect the perceived value.
NFT rarity is always influenced by a number of different factors which contribute to the uniqueness of each asset. The factors are:
Scarce Traits and Attributes
The most fundamental facet of rarity is connected to the traits or attributes of the NFT. In essence, traits refer to the visual and functional uniqueness within a collection. Attributes encompass physical features, accessories, and even backgrounds.
In all NFT collections, there is often a common trait, one possessed by most, if not all, of the assets. However, in all collections, there are super rare attributes and traits found, maybe in 1% or even less of the NFTs.
Aside from rare individual traits, some collections have NFTs that have a combination of scarce features, making the NFTs even more rare. For instance, a BAYC NFT with both a rare fur color and a rare accessory may command a premium price.
The Size of The Edition
Smaller collections often consist of rarer NFTs with higher demands. In other collections, there are single-edition NFTs, which are generally unique. Small and limited edition collections often gain demand quickly surging in value.
In some NFT collections, you can get some rare subsets that are part of a larger collection. For instance, “Zombie” or “Alien” CryptoPunks have fewer editions compared to standard types, enhancing their rarity.
Historical Significance
Does the NFT or collection possess historical significance? The historical context of non-fungible tokens can help bolster its value. In all NFT collections, there are assets minted as the earliest pieces with low serial numbers. These often appeal to collectors looking for early entries in a project’s history.
If an NFT was initially owned or endorsed by celebrities or influential figures, their demand tends to surge. Moreover, NFTs directly or indirectly tied to some events can enjoy more rarity and value due to their historical significance.
Utility Rarity
Utility or functional rarity refers to the unique perks and functions of the non-fungible tokens that contribute to their scarcity. Some of the functions include:
- Gaming NFTs: In the world of gaming NFTs for instance, you can get assets that offer functional advantages like rare battle attributes or exclusive characters. Those often are rarer and with more value.
- Exclusive Access: Some NFT collections grant owners access to some private VIP events, Discord channels or even exclusive merchandise. The exclusivity tied to these utilities boosts their appeal.
- Future Benefits: Some NFTs come with the promise of some future benefits including staking or unlocking new digital or physical experiences. Such can enjoy enhanced rarity.
Tools and Platforms to Check NFT Rarity
To make the work of calculating NFT rarity ranking even easier for the average investor, some platforms offer insight into some rarity traits, market analytics, and metadata. Here is a comprehensive dig into such tools and platforms:
Rarity Tools
These are platforms or programs designed with a number of features to monitor the scarcity of non-fungible tokens. They possess various robust features like ranking systems, detailed trait analysis, and rarity scores.
To work efficiently and accurately, NFT rarity ranking calculators often examine various features of the NFT and collection, including metadata, properties, and characteristics. However, the rarity check could include a look into other characteristics like color scheme and pixel density.
Rarity tools are quite common already and include:
Rarity Sniper
This is perhaps the most popular and user-friendly rarity tool for the NFT space. Rarity Sniper allows users to search for NFTs by collection and token ID. This sniper tool offers insights into an asset’s rarity rank and detailed trait breakdown.
OpenRarity
One of the newer NFT rarity ranking platforms, OpenRarity provides a transparent and consistent method for assessing NFT rarity. It integrates directly with marketplaces like OpenSea, allowing users to check rarity scores effortlessly.
Rarity.tools
Another tool popular for its comprehensive ranking system. This tool displays the rarity scores of each NFT collection. Furthermore, it brings a filter option to spot assets that have specific traits.
TraitSniper
A tool mostly used by traders, Trait Sniper provides real-time rarity rankings immediately after a new collection is minted. It hosts a dynamic dashboard that highlights rare items, helping investors make quick decisions during drops.
Rarity Sniffer
This is especially a good tool when you want to find out the rarity of a new NFT drop. Rarity Sniffer boasts the ability to provide super quick and accurate results on rarity scores. Unlike most other rarity checkers, Rarity Sniffer is specially designed for only the most recent NFT drops.
ERCRarity
Another NFT analytics tool, ERC Rarity, boasts the ability to offer a range of rarity tool features. Primarily, ERCRarity gets its data from the NFT marketplace OpenSea. This platform demands a premium subscription if you want to use all its features.
Analytics on Marketplaces
Another alternative way to check NFT rarity is through leveraging marketplace analytics. These digital shops have tools that enable people to analyze the rarity within each collection.
In OpenSea, for instance, when browsing for NFTs, you can use the filter feature to search for assets with a particular trait directly. If you are dealing with a CryptoPunks collection, filter items with attributes like “Alien Type” or “Pipe Accessory” to identify rare tokens.
Another marketplace, Magic Eden, which is specially designed for NFTs based on Solana, goes to extra lengths to provide info on traits and even rarity percentages. Looksrare, an old Opensea competitor, also has a place to showcase top-ranked NFTs in its collections.
Blockchain Explorers
Etherscan, Solscan, and Polyscan are popular blockchain explorers that can help in verifying NFT rarity. With these scanners, you can access raw metadata and attributes of an NFT directly from the blockchain.
Step-by-Step Guide to Checking NFT Rarity
To maximize your chances of finding valuable yet highly rare non-fungible tokens, you need to adhere closely to the following steps:
Step 1: Identify the Collection
If you already have an NFT in mind, you need to ensure it is part of a genuine collection. To do that, visit a trusted marketplace like OpenSea, Rarible, or Magic Eden, or navigate to the official collection page.
Check the smart contract address of the NFT. Employ the strengths of platforms like Etherscan and Solscan to validate the contract address.
Step 2: Look Into The Traits and Attributes
Check the individual NFT, examining the metadata for attributes like background, color, accessories, and other unique features. Check on Rarity tools to see how common or rare each of the traits is compared to others in the collection.
Step 3: Use Rarity Ranking Tools
In rarity ranking tools, input the details of the NFT you seek. Enter its ID or contact address. The tools work by calculating the rarity score based on NFT’s traits and display its ranking within the collection.
Step 4: Cross-Verify Data
Do not trust the data from only one ranking tool. Check multiple tools and cross-verify the data they provide. If the NFTs have consistent rarity scores, this is an indication of more accurate data.
Step 5: Compare Market Data
Rarity alone doesn’t guarantee value; understanding market trends is equally important. Analyze historical prices, sales data and more on marketplaces, and compare with data from similar non-fungible tokens. This will enable you to gauge price trends and market value.
How To Interpret NFT Rarity Scores
A rarity score quantifies how unique an NFT is within its collection. These scores are calculated based on the frequency and combination of traits. The rarity score is mostly a calculation that focuses mainly on rare traits and less on common traits. A good combination of rare traits leads to high scores.
Interestingly, the rarity score helps in categorizing NFTs into the following 3 tiers:
NFTs are often categorized into tiers based on their rarity scores:
- Common: Frequently occurring traits with a high supply. For instance a CryptoPunk with standard attributes like “Beanie.”
- Rare: Traits that occur less frequently, creating scarcity. A good example is a BAYC NFT with “Zombie Eyes.”
- Legendary: One-of-a-kind NFTs or those with extremely limited traits. The best example is CryptoPunk #7804, which features “Alien Skin,” one of only nine in existence.
However, having a high rarity score does not mean the individual NFT is scarce. This is because rarity embeds various factors, including the specific NFT collection and prevailing market conditions. Hence, even though the rarity score is important, it does not always mean that the NFT will be valuable.
Conclusion
Checking rarity is a task made simple by combining NFT rarity checkers and general market analytics. Use the provided info as a guide – by following those steps you can determine if an NFT is truly rare. However, one truth still stands: Rarity does not always mean the NFT will be valuable.
Frequently Asked Questions on NFT Rarity
How to measure NFT rarity?
NFT rarity determination relies on a set of unique traits within the collection. The most common ways to measure rarity include rarity score, statistical rarity, and trait rarity ranking.
How to check NFT rarity on OpenSea?
You can check rarity on OpenSea using a range of third-party tools, metadata analytics, and checking verified collections. The search feature on OpenSea enables filter options that can help you spot rarer NFTs.
What makes an NFT rare?
Factors like unique traits, sales data, trait combination, and edition size all contribute to the rarity of a non-fungible token. Additionally, hype on social media, utility, and general demand for the asset can all contribute to rarity. In some cases, you will find 1/1 NFTs or special edition pieces that are completely scarce.
How to check NFT value?
A combination of floor price, historical sales data, and rarity score can all contribute to the value of an NFT. However, to know the most recent value, you can use tools like CryptoSlam, NFT Price Floor, and Nansen, all of which bring real-time valuations.