How to Check the Rarity of NFT and What Are the Best Tools You Can Use?
NFTs may be conquering the market, but predicting and determining the value of each digital collectible remains challenging. This is why we will investigate how the price is determined and learn everything there is to know about one of the essential features of any NFT – its rarity.
But, what precisely is a rarity in NFT, and is it possible to determine how rare your NFT is?
If you’re wondering the same thing, keep reading because we’ll give you all the information, the best tools, and extra tips and tricks to help you make an informed decision.
What is the rarity in NFT?
The NFT’s rarity defines how unique the collectible is and, consequently, its eventual value. NFTs, like every other item on the market, have varying values, with the rare ones always being worth more.
If you see NFTs as collections, you will understand why individuals desire to own the rarest pieces and why the prices of such NFTs exceed a few million dollars. But, the rarity of NFTs is not always easy to determine, considering a few factors will influence the final rarity score.
This is one of the reasons why people love using reputable tools to determine what is the rarity of the NFT they plan to purchase or before selling an item from their collection.
How is NFT Rarity Determined?
To determine the rarity score and thus the potential value of each NFT, you can use this formula:
- [Rarity Score for a Trait Value] = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
But, while this calculation might look simple, in reality, multiple factors determine the final score, and the variables are constantly changing. So, if you want to find the right NFT to invest in, you should consider the following methods:
- Trait NFT Rarity Ranking – This method compares the rarest attributes of each NFT but doesn’t take into consideration the overall rarity of the token;
- Average Trait Rarity – Average rarity is calculated by taking into consideration each trait of the NFT and determining the final score based on the average result. This is not an ideal formula, considering the value of the NFT might be lowered.
- Statistical Rarity – With statistical rarity, you would consider all the traits of the NFT and multiply them to get the final score.
Using the mentioned methods might be difficult and time-consuming, and the results are often not a realistic representation of the value and the rarity of each NFT. Because the NFT market is unpredictable, it’s better to rely on tools with different algorithms to determine the rarity of the NFT.
The Best Rarity Tools
The NFT market is constantly growing and changing, so keeping up with all the NFTs you consider interesting and valuable is not an easy task. This is where the best tools can help you determine the rarity of the desired NFT and make the decision-making process a bit easier.
Keep in mind that you should always practice detailed research on any NFT and assess all of the benefits and drawbacks that each project behind the token may provide.
Here are the best rarity tools on the market:
Blockchain Witcher is one of the new and upcoming rarity tools on the market. This tool offers impressive projects and constant updates to the library. While the tool might be new, it’s one of the most reliable sources if you want to see how rare NFTs are.
- It’s completely free;
- There are over 1,000 projects available;
- New updates are constantly added;
- You can request to add your project for free;
- Offers trait and overall rarity scores
- Still in the development phase;
- Just OpenSea projects are available;
The Rarity Tool is one of the favorite choices on the blockchain, and it’s not surprising, considering there is an option to rank the rarity of collectibles and NFTs in real-time. It’s one of the best ways to find the exact rarity score of each trait and overall score if you want to.
- Ranks high-performing NFTs such as Bored Ape Yacht Club and CryptoPunks;
- Offers trait and overall rarity scores;
- Available updates on future NFT sales;
- It has a 2 ETH fee to list an NFT;
- Lacking navigation tabs;
- Not for inexperienced users;
Traitsniper is famous for the constant updates and latest information on various NFT projects. There is a free and paid version of the tool, which might sound great for beginners, but the best updates and new NFT projects are only available if you are willing to upgrade.
- A great bot that calculates the rarity score as soon as the project comes up;
- It has a free version;
- Real-time updates for various NFTs;
- Not recommended for newbies;
- The site layout is not user-friendly;
- The free version is limited;
Moby is an overall excellent analytics tool that will provide users with a superb rarity ranking. While there are many ways to discover the rarity of the traits, markets, and mints, finding all the data you need is not easy. One feature that makes this tool so popular is the option to have all updates and even presale transactions sent to you for 0,1ETH for six months.
So, if you are wondering about “How to check the rarity of NFT before reveal?” this might be the tool for you.
- Significant updates and insight into presales;
- Real-time information provided;
- Excellent ranking tools;
- Not free;
- Difficult to navigate;
- No option to see all the data at once;
Final Thoughts on How to Check the Rarity of Your NFT
The world of NFTs is a fantastic place, but it’s still in development. Because the popularity of specific tokens is growing, users are always looking for the best way to predict a value and make smart purchases or sales.
Now that you are familiar with the concept of how to check the rarity score of NFT and with the best rarity tools on the market, you are one step closer to a successful trade.