Are you interested in the value of NFT collectibles? Rarity Tools will help you determine NFT rarity and thus, help you make smarter decisions when investing in NFT projects…
Introducing Rarity Tools
The NFT marketplace is brimming with choice and if you’re looking to invest, you should understand the importance of rarity. Whether you’re a collector or an investor in the NFT game, or perhaps both, Rarity Tools can help you determine the rarity score. Thus, you can learn the value of your digital art in the NFT space.
First, let us introduce Rarity Tools – a simple, easy way to find the ranking of your NFTs in terms of their Rarity. Indeed, Rarity Tools is a website dedicated to ranking generative art and collectible NFTs by rarity. We need this information if we are considering an NFTs true value.
Rare NFTs command high value. It’s as simple as that. Moreover, if you can secure a rare NFT, and that NFT project is onto a winner, then you might see your art explode in value on the secondary market. Hooray! Therefore, it pays to understand what makes an NFT rare, and Rarity Tools is designed for that purpose.
What is NFT rarity?
In any given NFT collection, certain characteristics and traits are rarer than others. For example, in a collection of 10,000 unique ape NFTs by Bored Ape Yacht Club (BAYC), all NFTs are unique. However, they are not all uniquely rare. Their characteristics have differing levels of rarity. Thus, their true value is different!
Besides, there are various properties or traits to consider when we’re looking at the rarity of an NFT. For instance, in a collection of 10,000 BAYC NFTs, you will consider things like background, fur, eyes, earring, and mouth. The rarity of each trait will contribute towards the NFTs’ final rarity score. That’s where Rarity Tools comes in – they will combine rarity scores of all of the individual traits and calculate one, overall rarity score. The calculation made on Rarity Tools is as follows:
[Rarity Score for a Trait Value] = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
The total Rarity Score for an NFT is the sum of the Rarity Score of all of its trait values.
In summary, calculating rarity on this tool takes into account an NFTs unique, rare traits whilst combining rarity scores of all the trait values. This is certainly a sound way to consider the value of an NFT.
Generative NFT Collections
Generative NFT collections are fast becoming the biggest sensation in the world of art. In essence, we’re talking about a digital art phenomenon with thousands of unique variations all generated by computer software. This generative method has proven to be highly successful for monetizing digital art.
For example, let’s look at another generative NFT collection which ranks at number 10 on the Rarity Tools NFT rankings. The Gutter Cat Gang sits at number 10 currently out of a whopping 946 NFT collections on Rarity Tools. From this project, the number 1 ranked NFT in terms of rarity ranking is the Gutter Cat (ID 2791). The total rarity score for the Gutter Cat is 2282.37.
The Gutter Cat has the highest rarity score based on the rarity of its traits. Namely, the Gutter Cat scores highest for its rarest trait – the Gold Cross Earrings. After that, trait count, necklace, eyes, and mouth follows in terms of ranking the attributes. To summarize, the rarity rank of an NFT depends on the rare traits and attributes it has. Furthermore, NFT collections rank traits differently in terms of importance.
Our NFT community tools
To sum up, we’ve had a brief look at one of the incredible analytical tools available to us – Rarity Tools. NFT collectors have so much information at their disposal, which is largely thanks to the inherent transparency of the blockchain. Rarity Tools allows you to look at new/upcoming/existing NFT projects and consider an NFTs true value before spending your hard-earned money. An NFTs rarity directly influences its value and tools like this, and Rarity Sniper, help us to compare the relative value of individual NFTs against each other.
These tools, which we all have at our disposal, make shopping for NFTs all the easier. Additionally, we can do our own rarity check on any NFT collection. With this knowledge in mind, we will make smarter investments, and perhaps, we will make ourselves some tidy returns!