NFT Rarity Tools: What Are They And Which Should You Use?

NFT Rarity Tools: What Are They And Which Should You Use?

NFT word in front of falling coins background.  archive image

Soulmemoria / iStock.com

NFTs, or non-fungible tokens, are increasing in popularity as both a collector’s item and an investment. But the value of your NFT depends largely on its rarity, or how many similar NFTs have been created. Remember that each NFT is unique. It is in the definition of a non-fungible token, which means something that cannot be replaced with something exactly like it.

To compare NFTs with cryptocurrency, which is fungible: You can exchange one bitcoin for another bitcoin, and both people will have the same item with the same value at the end of the transaction. You can exchange one NFT for another, and although the NFTs may be comparable in value, they are not exactly the same item. One can appreciate and one can depreciate in the future, while the two bitcoins will always have equal value, they will increase or depreciate together.

CRYPTO OFFER: Buy Bitcoin and crypto immediately! Sign up for the Gemini Crypto Exchange and start investing for as little as $ 100 today.

However, NFTs can be considered rare based on how rare their various attributes are compared to other NFTs.

How do you rate the rarity of NFTs?

There are several features used to assess the rarity of an NFT, according to Coinwire. NFT rarity may depend on the number of similar NFTs made in the series. If there is a limited supply of NFTs from one artist, developer or organization, that NFT can be considered rare.

Trade Bitcoin and other cryptocurrencies in 3 minutes.

  • Join the crypto exchange that has had industry-leading security from day one.
  • An easy, secure way to buy and sell cryptocurrencies
  • Sign up for Gemini and get $ 7 in ETH

NFT can be rare if the attributes are not common. In the same way, an NFT with special uses, such as benefits for the owners, can be more valuable than one that only represents a piece of digital art. For example, Fanzone Sports Club has released NFTs that give owners access to VIP meetings, parties and events.

See also  North Korea's Lazarus Behind Years of Crypto Hacks in Japan: Police

NFT value can also be driven by NFT’s history. Just as baseball cards can be more valuable if the player breaks records or if the card commemorates an important moment in baseball history, NFTs that were part of a specific game may have more value. Limited edition NFTs based on original works of art can also be considered rare due to historical context.

Finally, NFTs associated with celebrities often grow in value for the same reasons that people pull towards any collectibles or products associated with celebrities. These NFTs tend to be unusual and prestigious, similar to Vogue editor Anna Wintour’s Nike sneakers, which sold for $ 220 in 2018, according to theFashionSpot.

It is worth noting that a Nike NFT, which represents a series of virtual sneakers called CryptoKicks, recently sold for $ 134,000, according to The New York Times. There were only 20,000 NFTs released in the series, making them rare even without a celebrity affiliation.

Calculation of the rarity of an NFT

Once you have considered the various characteristics of an NFT, you can put them together to determine its overall rarity, which adds value. There are four different ways to assess the rarity of different properties in an NFT, according to Sensorium.

Feature NFT rarity rating

Based on the properties listed above, you can rate an NFT based on its rarest property. For example, a celebrity NFT will get a specific ranking based on the popularity of the celebrity, while an NFT series in short supply will get a high ranking based on its limited offerings.

Average property rarity

A more accurate way to determine the rarity of an NFT would be to cut the rarity of each property. If an NFT has two attributes that make it rare, one with a 10% rating and one with a 90% rating, NFT will have a rarity of 50%. Of course, this can be complicated as NFTs have several properties to consider.

Statistical rarity

If you are considering multiple traits, you can also use the statistical rarity method. By using this process you will multiply all the properties together to determine the rarity. You can get different numbers by using the statistical method versus the average method.

Rarity tool – NFT value, simplified

The problem with the above methods is that they often weigh different properties too heavily – or not heavily enough. The solution is to use rarity tools to assess NFT value.

See also  How NFTs can be a game changer in combating crypto fraud

What is a rarity tool? These apps take away the math, doubt, and complications of valuing NFTs before you buy or sell. There are many NFT rarity tools available. Here are some of the most popular platforms.

NFT Rarity Tool: Rarity Sniper

Rarity Sniper is considered “the # 1 source of NFT rarity” by its creator, and lets you check the reality of 1715 NFT collections on 18 different blockchains, including Ethereum, Solana and MATIC. With a user-friendly search interface and an active Discord community, the Rarity Sniper is the only rarity tool for NFTs they need for many collectors.

Benefits

  • A huge amount of NFTs are listed
  • Easy to use interface

Cons

  • The rarity of an NFT does not guarantee that it will increase in value

NFT Rarity Tool: Rarity.Tools

Rarity.Tools ranks generative art and collectibles by the rarity of multiple attributes. Rarity.Tools shows users exactly what factors are contributing to the rarity score. In addition, the platform evaluates each NFT based on the community that created it, since each community places different emphasis on different attributes.

The process may sound complicated, but ultimately you need to know the rarity of your NFT based on the platform’s calculations.

Benefits

  • Easy to use interface
  • Custom rarity ranking based on the specific NFT community
  • Fast filtering

Cons

  • Rarity is not the only factor used to value an NFT

NFT Rarity Tool: OpenSea

OpenSea is not specifically an NFT rarity tool, but it can provide the information you need to assess the rarity of an NFT on your own. As the world’s largest marketplace for crypto collectibles and NFTs, OpenSea offers details on an NFT’s volume, floor prices and features.

Benefits

  • Easy to use
  • Track sales in real time

Cons

  • Does not give a rarity rating or score

NFT Rarity Tool: Moby.gg

Although not the most widely used NFT rarity tool platform, Moby.gg offers real-time NFT value assessments. You can set time frames so that you can see data for the last 10 minutes, 24 hours or other intervals. Easy-to-read charts show the collection’s floor, average price, trading volume and number of sales in real time.

Pro

  • Real-time data available
  • Easy to use

Cons

  • Real-time tracking and other features only available in the Pro version
  • Must pay with crypto for the Pro version
See also  BYU's new marketplace aims to take some speculation out of the NFT field

Final Take

The rarity tool you choose for your NFT investments depends on the blockchain you use, which features or characteristics you want to consider and ultimately which platform makes you most comfortable.

Since many rarity tools are free, it does not hurt to check several websites before you decide to buy or keep an NFT.

FAQ

Here are the answers to some common questions about NFT rarity tools.

  • What is the use of rarity tools?
    • Rarity tools show you the value of an NFT, based on many different features, so you can make smarter investment choices.
  • Where can I find NFT rarity data in real time?
    • You can find real-time NFT rarity data on Moby.gg and on other rarity tool platforms.
  • What does rarity in NFTs mean?
    • When considering NFTs, rarity means the number of unique features or aspects in that collection. Rarity can be measured in a number of ways and is one of the key factors in determining the NFT value.
  • How do you check the rarity of your NFT?
    • You can check the NFT rarity by using any of the rarity tools available online today, including Rarity Sniper and Rarity.Tools.

Our in-house research team and on-site financial experts work together to create content that is accurate, impartial and up-to-date. We fact check every single statistic, quote and fact by using reliable primary resources to ensure that the information we provide is accurate. You can learn more about GOBankingRates’ processes and standards in our editorial guidelines.

About the author

Dawn Allcot is a full-time freelance writer and content marketing specialist who specializes in finance, e-commerce, technology and real estate. Her long list of publishing credits includes Bankrate, Lending Tree and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a spooky kitten and three lizards of different sizes and personalities – plus her two children and husband. Find her on Twitter, @DawnAllcot.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *