NFT Rarity Score- What is it and How to check it
[TL; DR]
The attire, the colour, the sounds and animations are examples of rarity traits NFT.
NFTs with the highest total rarity scores rank high in their collections.
Rarity.tools, Rarity Sniper, TraitSniper, Icy.tools, Howrare.io and NFT stats are examples of popular NFT rarity tools.
Introduction
Some investors may not know what causes some NFTs in a collection to be more expensive than others. Although the prices of non-fungible tokens (NFTs) are speculative there are factors that contribute to their worth. These include their rarity, the current demand and the popularity of the creator or the previous owner.
Today, we focus on how NFT rarity influences the values of non-fungible tokens and how to calculate the rarity score. We will also look at rarity score meaning as well as NFT rarity checker.
What is an NFT rarity score?
Simply put, NFT rarity refers to how rare a non-fungible token is within a certain collection. In most cases NFT rarity is based on the traits and attributes that a specific token has relative to the rest. As an example some traits for BAYC include eyes, fur clothes, earrings, hat, and mouth.
However, each of these traits may have its attributes that differentiate it from the rest. examples are the colour of the earrings, hat, clothes as well as their sounds and animations. It is important to note that the rarity traits of an NFT is determined by the number of NFTs in the collection, number of copies of a certain NFT and its unique qualities as mentioned above.
The rarity of NFT is very important because it determines its demand and value on the market. This is because the collectors look for NFTs which have distinct traits and attributes. In addition, the caliber of the NFT as well as its cultural and historical significance can also influence its value.
Read also: What is Doodles NFT?
Rarity checker
An NFT rarity checker is a software that enables people to check the rarity of non-fungible tokens. Such a tool uses some aspects like properties, characteristics and metadata to establish the rarity of NFTs. In addition such a tool can also assess the demand for the NFT.
How is an NFT rarity score calculated?
First, it is important to understand that there are several ways of calculating rarity NFT. examples of the methods of calculating NFT rarity are Trait Rarity Ranking, Average Trait Rarity, Statistical Rarity and Rarity Score.
With Trait Rarity Ranking the relevant platform ranks the NFTs according to rarest traits. The NFT which has the rarest traits goes on top, followed by those with scarcer traits.
On the other hand, the Average Trait Ranking involves ranking the NFTs based on the average of their traits. With the Statistical Rarity, the computes the rarity of the NFT using the trait scores of the individual NFTs. Now let’s briefly discuss how to calculate the rarity score. This part also answers the question: what is a good rarity score for NFT?
Read also: The Best NFT Games You Must Know
NFT Rarity Score
Basically, the calculation of the NFT Rarity score is a process of giving the traits numerical values which are then summed. Nevertheless, some platforms get additional external data to determine the score. They may also use artificial intelligence in computing the scores. It is important to note that various s that calculate the NFT scores may use methods which are slightly different.
Here is the formula for calculating NFT rarity score:
[Rarity Score for a Trait Value] =
1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
However, there is a need to calculate the total NFT score by summing the individual trait scores. The NFT with the highest total rarity score is the scarcest one. Let’s use the example of APES to establish rarity scores and interpret them.
As shown in the table, APE #4688 is the rarest NFT since it has a total rarity score of 51. The second rarest APE is #8520 with a score of 47 and the last one is #4317 with a score of 42.
Top NFT rarity tools
NFT rarity tools are software s for measuring and ranking the rarity of NFTs. Each tool looks like a database that contains information on specific NFTs and compares them. The NFT rarity tools also show the rare traits each individual NFT possesses. Rarity Sniper, Rarity Sniper, Rarity.tools, Trait Sniper and icy.tools are examples of the commonest rarity tools.
Rarity.tools
Rarity Tools was launched in 2021 with the aim of uating the rarity of a small number of popular NFTs which included BAYC and CryptoPunks. However, now it has thousands of NFTs but is very easy to use. To find the rarity of an NFT you simply use its ID number like APE #4688. With that you will be able to find its rank, traits, sales volume and price.
Read also: 7 Analysis Tools for Understanding NFTs
Rarity Sniper
Rarity Sniper is a rarity tool which assesses NFTs from different blockchains. To check the rarity score of certain NFTs you enter in the search box the collection you want to get information about. You can find much information about the NFTs like the rank, unique owners, floor price, total supply and sales volume. However, to find the rank of an NFT you use its ID number.
TraitSniper
Traitsniper is different from other rarity tools since it only deals with NFTs that have just been launched or those that are about to be released. It is useful for showing information such as the floor price, the royalties and where to buy the NFTs. Individuals can also use its browser extension to filter the NFTs using their trait and attributes, among others.
Icy.tools
Icy.tools is a platform that allows the users to check several aspects of NFTs, enabling them to make informed decisions. Notably, you can get real time data on the sales volume, floor prices and sales history. It also uses charts and watchlists to help NFT traders.
Howrare.io
Howrare works like the other platforms but focuses on three blockchains namely Solana, NEAR Protocol and Aptos. The good thing is that it allows the users to select the method of calculating the NFT scores among statistical, trait normalized and proprietary ones.
NFT stats
This is one of the rarity tools that has been on the market for a very long time. It provides similar services as the other tools. For example, it provides relevant data about NFTs such as upcoming projects and their prices. To make the data more appealing it uses charts, data and other insights on trending NFTs.
Read also: Top 10 Most Expensive NFTs Ever Sold
Final thoughts
NFT rarity is important to many NFT traders, investors and other users as it determines the value of the tokens. Nonetheless, the history of the NFT such as previous owners and creators can also influence the value of an NFT.
One thing to note; it is important to buy NFTs from reputable and secure marketplaces like Gate.io. In terms of safety, Gate.io is a highly rated crypto exchange and NFT marketplace. For example, CER ranks it as the number one crypto exchange in terms of cyber security. POR also highly rates Gate.io in terms of safety.
Apart from its security, Gate.io marketplace is accessible to most people as it is available on desktop and mobile. In addition, users can get the NFTs they want at Gate.io, which may be hard to find on other marketplaces. It also has a distinguishable market beating customer support service.
FAQs about NFT rarity
What does rarity in NFT mean?
NFT rarity refers to how rare a non-fungible token is within a given selection. Rarity is common in generative or collective NFT-type projects and helps in determining the value of the tokens.
Does rarity score matter in NFT?
Each NFT has a numerical score which shows how rare it is within a specific collection. The rarity of NFTs depends on the uniqueness of its traits.
Is High rarity score good for NFT?
An NFT with the highest score is the most valuable one in a series and is usually the most expensive one. Some traits that make NFTs rare are their type of attire, incorporated accessories, sounds and animations.
Does rarity score matter in NFT?
The rarity score shows the buyers how unique an NFT is and the possibility of an increase in its value in the future. The NFT with the highest score has outstanding traits which are usually uncommon in the collection.
