NFT Rarity: Understanding Its Importance and Top Tools for Calculating It In 2023

Jay Crypto

Blogger

Non-fungible tokens have been the talk of the town for the last couple of years and every crypto investor seems to be interested in taking part in the NFT space. Since the creation of the first NFT in 2014, NFTs have been rocking the blockchain sphere, and their total market cap is valued at $11.3 billion in 2023. These numbers are expected to grow to as much as $147 billion by 2026. There are millions of NFTs listed on various marketplaces, and hundreds of new NFT collections are introduced every day. As you may have noticed, certain NFTs can fetch millions of dollars while others in the same collection may have only a few thousand dollars in value. What determines the actual value of these NFTs? NFT rarity is one of the essential factors that represent the true value of an NFT. So here we discuss what NFT rarity is and how it can be calculated.

What is an NFT?

An NFT is a unique cryptographic token that is non-fungible, meaning that it is a one-of-a-kind token that cannot be exchanged as many other cryptographic assets can be. Cryptocurrencies are fungible -- if you interchange one Bitcoin with another, the total value of money owned by you will remain the same. However, in the case of NFTs, one NFT cannot be interchanged with another because each token has its own unique characteristics that make it distinguishable from others.

What is NFT Rarity?

Calculating NFT rarity – how rare or unique an NFT is compared to the other NFTs in the same collections – helps investors to determine the value of a specific NFT. Just as a diamond's value is determined by its unique features such as color, cut, and clarity, the rarity of an NFT is determined by its unique characteristics such as the unique and rare qualities of an NFT, the number of NFTs in a specific collection, and design or artwork of the token.

For example, creators could release a limited number of NFTs in a collection to increase the scarcity or rarity of all non-fungible tokens in a collection. Thus, if an artist creates only five NFTs, then each NFT in the collection is rare. Alternatively, the creators could attribute some special qualities or characteristics to a few tokens in a collection that has a large number of NFTs. NFT rarity encourages collectors or investors to pay more for digital art that is unique or has some special characteristics.

What is an NFT Rarity Checker Tool?

The NFT rarity checker tool is one of the finest ways to verify NFT rarity. An NFT rarity checker is a tool that estimates the rarity of a non-fungible token using various factors such as color scheme as well as metadata to determine how uncommon it is in comparison to other NFTs in the same collection. Other factors that increase the rarity score of an NFT include demand and popularity. An NFT is considered rarer if it has high popularity on social media platforms and more people are showing interest in acquiring this token. Some advanced rarity tools also analyze these factors to provide a more comprehensive analysis of NFT rarity.

Best NFT Rarity Tools

In 2023, there are numerous tools available to help investors check the rarity of non-fungible tokens. In this discussion, we will explore the top rarity tools that are most commonly used.

I. Rarity.tools

Rarity.tools is a top rarity platform in the crypto space. Launched in 2021, it initially focused on top NFT collections such as Bored Ape Yacht Club and Crypto Punks; however, now it has evolved into a comprehensive NFT rarity tool, with over a thousand NFT collections listed on its platform.

This platform offers a variety of features such as showing rarity scores for an individual trait and the overall rarity score of an NFT. Rarity.tools not only provides rarity rankings, it also includes fast filtering of NFT collections by trait.

Rarity.tools charges a small fee to creators and holders to list and advertise their NFT collections on this platform. If an investor is interested in buying NFTs, this platform directs him to two top NFT marketplaces, Opensea and LooksRare.

II. Rarity Sniper

Rarity Sniper is another popular platform suitable for both beginners and professionals. With over 2000 collections listed on the platform, it supports NFTs from numerous blockchains such as Ethereum, Solana, polygon, and many more.

It has a user-friendly interface and users can check the rarity score with just a few clicks. Rarity Sniper supports a high number of marketplaces such as Opensea, LooksRare, X2Y2, Rarible, and Gem. xyz as compared to Rarity.tools.

Rarity Sniper also has a strong presence on social media platforms such as Discord, where experts interact with users to give insights and instructions on upcoming projects.

III. OpenSea

OpenSea, the world's largest and most popular NFT marketplace, not only facilitates the buying, selling, and trading of non-fungible tokens, it also analyzes the rarity of NFTs based on their attributes and characteristics

While searching NFTs on OpenSea, users can filter these tokens by rarity ranking by clicking on the left side of the filter option and selecting “most rare”.

IV. Rarity Sniffer

Rarity Sniffer is one of the most user-friendly platforms with an up-to-date ranking of NFTs based on how rare they are. Unlike Rarity.tools and Rarity Sniper, this platform is currently limited to Ethereum blockchain.

Over 10,000 NFT collections are listed on this platform; it directs interested buyers only to OpenSea.

V. Icy.tools

Icy.tools is an all-in-one platform designed to offer various tools for analyzing NFTs. Founded in 2021, it has quickly emerged as one of the top choices for investors to check the rarity score of a specific NFT along with its history, market cap, volume, and much more.

Icy.tools not only allows users to check the rarity score of NFTs, it also keeps them updated with the latest trending projects being minted. The limitation of this platform is that you have to subscribe to its premium membership to enjoy all the features.

Conclusion

The importance of NFT rarity cannot be ignored, as it helps investors analyze the value of an NFT. The rarer an NFT is, the higher its price will be. You wouldn't want to buy an NFT worth $100 for $1000. However, it is important to remember that rarity is not the only factor that determines the value of an NFT. There are also other important factors that influence the price of an NFT such as the caliber of the artwork, the status of the artist, and the historical significance of the non-fungible token.