Each NFT is unique in its own way. You also have a copyright to the NFT and exclusive rights to its reproduction, much like physical artwork. There are many NFT projects with different potential, so prices will vary. NFT collectors often ask how to price NFTs within a single collection. This can be confusing as it is an artwork and subjective. Beauty is in the eye of the beholder. You never know what someone might be willing to pay for your NFT. It all depends on the perception of the collection and the particular trait. To determine a fair selling price and purchase price for NFTs, you can use rarity ranking. This article will discuss NFT rarity ranking.
Let me first briefly explain about NFT.
What is NFT?
NFT stands for non-fungible tokens. A fungible item is something that can be exchanged 1:1 with another item of the same classification/description. The fungibility of cryptocurrencies is due to the use of a digital public record called a blockchain. The evolution of cryptocurrency’s simple concept is non-fungible tokens. NFTs are cryptographic tokens that can only be created on a blockchain. NFTs can also be used to signify real-world items such as artwork or real estate. Converting a physical asset to a digital asset streamlines the process and eliminates intermediaries. The NFTs that represent digital or physical artworks on a blockchain eliminates the need to have agents and allow artists to connect directly. They can also help improve business processes.
What is NFT rarity and how ranking is calculated?
Every unique NFT in a collection can have different traits, which are listed in the properties section of the rarity rating tool collection. A rarity score is given to each trait of an NFT based on how many NFTs have that trait. The total rarity score for the NFT is the sum of all the NFT’s trait scores. Based on the NFT’s overall rarity score, the final rarity rankings will be determined. An NFT with a higher rank will be placed in the ranking chart. Rarity.tools states that the NFT’s total Rarity score is equal to the Rarity Score encompassing all its trait values. This formula calculates the rarity score of a trait’s value:
Rarity Score for a Trait Value = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
The score considers both the individual trait of the NFT and the overall rarity. Rarity Score is now the standard for NFT rarity rankings for many sites. NFT rarity rankings are available in many well-known projects, but they don’t directly correlate with the NFT value.
There are many ways to determine the overall rarity of a single NFT. There are several ways to calculate the overall rarity of a single NFT. These include using the rarest trait as the basis, statistically assessing rarities, and taking the average rarity. All these methods are based on the NFT’s overall traits and not a single trait. Rarity Tools developed a method known as a “Rarity Score”.
Best NFT Rarity Ranking Tools
OpenSea is the most popular and largest NFT marketplace. It facilitates NFT sales and also displays NFT rankings based upon volume, floor price, or other statistics. The top collections can be found in the past 24 hours, 7 days or 30 days. This information is great for determining which collections are hot to help you make informed investments. NFTs can be tracked on the Ethereum, Polygon and Klaytn blockchains. OpenSea is a strong ecosystem for collectors, with the NFT shop and data all in one. It is easier to choose the right NFT for you when all of the information is in one place.
Rarity Sniper is another amazing tool you can try. Rarity Sniper does have a website for NFT rarity ranking, but they are more popular on Discord. NFT enthusiasts often head to the Rarity Sniper Discord Group to see rankings for various NFTs. NFT project owners have to pay a fee in order to be listed on Rarity Sniper. Rarity.tools is slightly behind with over 900 projects on Rarity Sniper. The Rarity Sniper discord currently has over 307k users and is growing daily. You can view all of the available collections, see stats and even list your NFT project by visiting the Rarity Sniper website.
Rarity.tools rank and rates NFT rarity. NFT project owners must pay rarity.tools 2 Ether to list their NFT collections on their website. This will allow them to calculate rankings scores and traits. Rarity.tools uses a unique method to determine the rarity of an NFT. This process is unique to NFT collections, so it only applies to NFTs with rarity scores. Rarity.tools provides a ranking score for traits as well as an estimated value. It is easy and straightforward to find out how rare your NFT with Rarity.tools. You can sort NFTs using rarity.tools by their volume in Ethereum, average price and the available collections. Here are the top NFTs that can be found and analyzed, including CryptoPunks and Bored Ape YC and Mutant Ape Yacht Club.
Traitsniper is a great tool for finding details about new NFT projects. This tool is focused entirely on current and future projects. The Traitsniper bot spends less than 2 minutes analyzing the rarity and frequency of NFTs every time a project has been revealed. You can choose between a free or paid version. The latter provides real-time notifications about new reveals and their score. You can click on a particular NFT to view its rarity score, rarity rank, OpenSea price, and OpenSea highest offer. You can also view individual traits and their rarity scores.
NFTs are still at a very early stage of their development, so investing in them as a tradable asset is extremely risky. You should do your research before you make any investment decisions. They can be volatile. NFTs have been popular since early 2021. The rarity of NFTs has played an important role in determining their price and the excitement that comes with creating a new NFT. OpenSea, Rarity.tools, TraitSniper and Rarity Sniper are some of the available NFT ranking tools. This will give you the NFT rank. Before you invest, make sure to check the NFT rank on a couple of NFT rarity ranking tools.