The enthusiasm around NFTs endures despite difficult circumstances. For instance, nostalgia and pride are common in digital ownership, mirroring how many people feel about real treasures. Minting NFTs is similar to opening a brand-new pack of baseball cards for many collectors. Although the results are unpredictable, there is always a chance of finding something exceptional.
Although the supply of most PFP projects is under 10,000, the chance of a huge hit still attracts collectors despite the unfavorable odds.
Some people are more organized, “sniping” NFTs from the secondary market by identifying market opportunities when an NFT’s rarity (read: market value) and list price are out of alignment. Some people combine the two.
So let’s examine NFT rarity tools in depth to learn how rare is determined, how to utilize the tools, and which tools are ideal for collectors.
What is NFT rarity?
NFT rarity, as the name implies, gauges how uncommon an NFT is in comparison to the rest of the collection. Rarity and market worth typically go hand in hand, driven by the principles of supply and demand.
The exclusivity of characteristics, or the many components and features that make up the final token, determines rarity in the majority of PFP initiatives.
The most effective methods for producing objective rarity use trait groups, sub-traits, and 1/1 traits.
As an illustration, consider Bored Ape Yacht Club.
BAYC has seven different attribute groups, as shown on OpenSea: background, attire, earrings, eyes, fur, hat, and mouth.
Each character has several sub-traits that, depending on how frequently they occur in the collection as a whole, bear various degrees of rarity.
Additionally, the entire number of characteristics can be taken into consideration, as it is in BAYC, increasing the total number of “sub-traits” to eight.
There are, however, exceptions to every rule, as with anything. Limited availability may provide uniqueness and scarcity in 1/1 or limited edition artwork, increasing value and demand.
In some circumstances, a society may place more importance on features that are absent or that match (for example, a red shirt and red pants).
Trait count is a community-specific characteristic in BAYC, where all Apes have between four and seven characteristics. Only 254 Apes have all four qualities, which increases their rarity and intrinsic worth.
However, one has to employ a rarity tool to fully investigate and expose the subtleties of NFT rarity.
What are rarity tools?
Software tools called rarity tools determine the rarity of NFTs and rank them accordingly. Imagine it as a database where users can look up individual tokens to see how rare they are compared to other tokens in their collection.
It will also detail the various criteria that go into determining a token’s rarity score. With this knowledge, collectors may quickly evaluate the worth and rarity of various NFTs within a single collection to make more informed purchases.
Although the real rarity rankings are the same across platforms, it’s crucial to keep in mind that each rarity tool platform has its own proprietary scoring methodology, thus the rarity score will probably vary.
With this knowledge, collectors may compare the worth and rarity of certain NFTs within the same collection with ease.
How is NFT rarity calculated?
Although there are three other techniques to determine rarity (average trait rarity, statistical rarity, and trait rarity ranking), Rarity Score is the most reliable approach.
The method was first presented and used by the creator of rarity. tools, a well-known rarity tool.
This formula was invented to solve biases within previous rarity calculation methods:
- Trait rarity ranking (ranking only on the rarest trait).
- Average trait rarity (averaging the rarity of all traits together)
- Statistical rarity (multiplying all of the trait rarities together).
To compare three apes, you would need to use three distinct approaches, as shown in a rarity. tools blog article titled Ranking Rarity: Understanding Rarity Calculation Methods.
The results would be radically different for each comparison. Rarity Score soon emerges as the ideal compromise between average and statistical rarity, which doesn’t place enough focus on rare features, and trait rarity ranking, which gives too much weight to rare traits.
Currently, all platforms for rarity tools have incorporated their versions of Rarity Score, which offer the same precise ranking results across all platforms even if the algorithm may not be precisely the same.
How to use Rarity Tools?
The majority of rarity tools include easy-to-use user interfaces. Let’s take a look at Rarity Sniper, another widely used rarity tool.
Find the collection you want to explore first. Find the search bar and enter the collection you want to look for. Here, we’ll still be using Bored Ape Yacht Club.
After choosing a collection, you are sent to a separate collection page that includes a display of the whole collection ranked from most to least uncommon and crucial characteristics like total supply, unique owners, floor price, and volume.
On the left sidebar, users may sort the collection by price, NFT ID, ascending or descending ranking, and other factors. Additionally, there is a “Traits” switch that shows a comprehensive list of all trait types, subclasses, and occurrence rates.
Locate the token ID in the details section of a single NFT listing on OpenSea (or any other marketplace), as illustrated in the image below, to obtain the rating of that particular token.
Next, simply type the Token ID into the “Check Your NFT” field and click “Check.”
Your specific token will be returned via the search. When you click it, a detailed analysis of each trait’s rarity in the collection, the token’s given rarity score, and its ranking will all be shown.
The user experience may not be the same even when all rarity tools have similar essential functionality because there are differences in both layout and features.
We strongly advise you to look into each tool more to determine which one best fits your use case.
Rarity Tools You Need to Know About
Rarity Sniper is one of the most reliable and well-known rarity tools on the market, as seen by the sample above. The site touts the specifics of approximately 1,800 NFT collections across 18 different blockchains and has a devoted community of more than 492,000 Twitter followers and 321,000 Discord users.
The portal, which bills itself as the “#1 Source for NFT Rarity,” wants to be more comprehensive than just rarity tools, giving users access to a full analytics platform, news source, and drop calendar to remain current on the quickly changing market.
Collectors may filter using all four of the different calculation techniques using rarity.tools, unlike Rarity Sniper, which only provides a single Rarity Score.
Additionally, it gives consumers the chance to investigate particular qualities that websites like Rarity Sniper do not offer. Even while rarity.tools are one of the most well-liked tools among enthusiasts, its user interface is a little more difficult to use.
Swaggy Z, a collector, recognizes that Rarity Tools has an outdated design, but he finds that its clarity has improved his understanding of the most important buying chances in particular collections.
Rarity Tools is ideal for those that are just interested in rarity information, even if there are other trade analysis tools with more capabilities. It carries out its necessary tasks perfectly.
One of the market’s most complete NFT trading tools is Trait Sniper, which calls itself “The Ultimate NFT Trading Platform.” It’s not immediately revealed and offers complete rarity rankings within 30 seconds after detecting art. Users may filter by characteristic, rank, and price when configuring the settings for bulk bidding.
Additionally, Trait Sniper offers a Chrome plugin that enables users to search OpenSea for rankings and floor pricing. Passes for lifetime access are available for purchase on OpenSea’s secondary market.
Mikio Crosby, the creator of the NFT Buy-Now Pay-Later platform Cyan, now frequently consults Trait Sniper to analyze rarity, ranking, and other factors. After experimenting with a variety of tools available on the market, Trait Sniper’s user interface is the best.
In an interview with NFT now, he cited “the way NFTs are shown in spreadsheet style, which makes it easy to navigate through.”
When necessary, filtering by criteria is made simple by sorting for each category. The user interface (UI) might appear overwhelming at first, but after a brief learning curve, it becomes a powerful tool.
The goal of the all-in-one NFT analytics platform icy.tools is to assist traders in making more intelligent decisions. In part because of its subscription plan with real-time charts and data, preferences, and firehose feeds, it immediately became the go-to resource for many professional traders after its establishment in 2021.
According to Crosby, it ultimately comes down to individual taste and trader requirements.
“Trait Sniper would probably be more suited for those seeking to be quick in identifying NFTs which haven’t claimed an airdrop since you can rapidly skim through the collection in a table format,” he added.
Icy.tools offer the most attractive user interface, but it restricts access to many helpful capabilities. The most complete analytics are provided by Trait Sniper, however, using it without clicking around is a little more difficult.
The finest top-down market perspective is provided by NFTScan, however, it lacks wash trading filtering. While CryptoSlam does this task better, it is not always current.
You should now have a basic grasp of NFT rarity and the many tools available. However, keep in mind that NFT rarity isn’t a one-size-fits-all game. Each collection and its unique tokens have subtle differences, and the sector is relatively new.
Programs are continuously being made more useful, and previously “common” features might now attract higher prices. One has to understand the ins and outs of the market to become a more knowledgeable trader and collector.
These tools only contribute to solving a small portion of the puzzle. The final decision on what to do with them is yours.