What Is NFT Rarity? How to Check The Rarity of NFTs?

What Is NFT Rarity?

NFT rarity means the uniqueness of a Non-Fungible Token (NFT) in a collection. Each NFT usually comes from a limited series, with various rarity levels determining their value and attractiveness among collectors.

Generally, rare and unique NFTs have more value and higher resale potential, and collectors look for such NFTs to diversify their portfolios, show their interest in a particular artist or brand, or create an expensive digital art collection.

But how do they decide on NFT rarity, and how does it work?

Read More: What Is An NFT?

How Does NFT Rarity Work?

NFT rarity can be determined by several factors, including

• the number of editions released,
• historical sales data,
• the NFT’s features, and
• the demand for that NFT collection.

Another way to determine NFT rarity is by using smart contracts, which can be used to

• define the conditions of issuing and transferring NFTs and
• create limited edition NFTs, and each copy is identified by a unique token ID to ensure the uniqueness of each NFT.

Another way of establishing NFT rarity is related to the unique features of each NFT in a collection. For example, one NFT collection can have various levels of rarity based on the features of the works of art (i.e., their colour, shape, or characteristics).

Since NFTs are categorised like this, collectors can search for specific NFTs with unique features with higher levels of rare and price.

Also, NFT marketplaces devise tools and metrics to identify rare and valuable NFTs by providing rarity scores or rankings.

As you probably know, NFTs are Non-Fungible Tokens, i.e., each NFT is one-of-a-kind, and no two NFTs are the same or have the same value. So, why NFT rarity matters so much?

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Why Is NFT Rarity Important?

NFT rarity is important because it is an essential factor in establishing the value and desirability of an NFT asset. Rarity shows the scarcity of an NFT in a collection, and the more rare an NFT, the higher its price and potential for resale.

Also, NFT rarity lets collectors and investors bring diversity to their portfolios and make more money buying and selling rare and valuable NFTs.

NFT rarity also helps creators and artists boost the value and demand for their digital artwork or collectables by limiting the number of editions or adding special features to each NFT.

In addition, NFT rarity adds to the overall growth and sustainability of the NFT market by incentivising creators and collectors to partake in the market and setting a standard for pricing NFT assets.

So, the question is how we can increase the rarity of our NFT assets to enjoy the benefits it brings.

How to Add Rarity to NFT?

NFT owners/ collectors/ creators can use various methods to add rarity to an NFT, including the following.

• Limiting Editions: Setting a limited number of editions for the NFT, e.g., only ten copies, makes each copy more rare and valuable.
• Adding Unique Features: For example, you can create an NFT collection of digital pets and add unique features to each one to make them more rare.
• Designing Different Rarity Levels: One NFT collection can have different rarity levels when each NFT has specific and unique features.
• Using Smart Contracts: Smart contracts can be used to make rules and conditions for issuing and transferring NFT assets. For example, you can make a smart contract to let the NFT owner sell it after a while to add to the rarity of the NFT.

Now, imagine you wish to buy or sell an NFT asset. Ho, do you know how rare it is? How can you calculate the rarity level? The following section will tell us!

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How to Calculate NFT Rarity?

The easiest way to calculate NFT rarity is using a rarity score or ranking system. Let’s see how a score-based system works using an example.

• Deciding on Attributes: First, you must create the attributes making your NFT collection unique. For example, in an NFT collection of digital pets, the features may include colour, size, and special abilities.
• Setting Rarity Scores: The next step is to set a rarity score for each feature depending on its uniqueness in the collection. For example, in the collection of 100 digital pets, and only ten pets have special features, you can assign a rarity score of 10 to that feature.
• Calculating the Overall Rarity Score: To calculate the overall rarity score for each NFT, you can simply add the scores for each feature. For example, if your digital pet NFT has a rare colour (score of 8) and a special ability (score of 10), its overall rarity score would be 18. In another example, let's imagine a collection of 100 baseball cards with the following features:
• Player name: Babe Ruth (rarity score of 10)
• Team: New York Yankees (rarity score of 8)
• Year: 1927 (rarity score of 9)
• Card number: 50 (rarity score of 7)
• Rarity level: Unique 1-of-1 card (rarity score of 15)
• The overall rarity score: 10 + 8 + 9 + 7 + 15 = 49
• Ranking the NFTs: When the overall rarity score is calculated, you can rank the NFTs in the collection, with the highest scores being the most rare and valuable.
• Showing the Rarity Rankings: The last step is to show the rarity rankings for the NFT collection on your website or marketplace so buyers and collectors can see which NFTs are the rarest.

The above steps show the process of calculating NFT rarity. Let’s see how we can check the rarity of NFTs.

Read More: How To Transfer NFT From OpenSea To Another Wallet?

How to Check The Rarity of NFTs?

To find the rarity of NFTs, you can use the following methods, but remember that the method is highly dependent on the platform or marketplace the NFTs are sold.

• Checking the NFT Metadata: The NFT metadata includes details about its features and rarity, which you can access from the NFT marketplace or platform where it is sold. For example, on OpenSea, by clicking on NFT, you can see its metadata and learn its features and rarity score.
• Using Rarity Tools: Some NFT marketplaces or third-party tools provide rarity calculators or ranking systems to simply calculate the rarity of an NFT.
• Checking the Edition Number: If the NFT comes from a limited edition series, checking the edition number can show the rarity. For example, if an NFT has only ten copies, and you possess copy number 1, your NFT is probably more valuable than the others.
• Digging Unique Features: If the NFT has unique features, it is likely more rare and more valuable.
• Checking the NFT’s Trading History: Checking the trading history of an NFT recorded on the blockchain gives you data about rarity and value, i.e., if an NFT has sold for a high price before, it has a higher chance of being more rare and expensive than others in that collection.

Now that we’ve learned what rarity is, how it is calculated, and how we can know the rarity of NFTs, it’s essential to know what a good rarity score is.

What Is a Good NFT Rarity Score?

A good NFT rarity score is defined based on the NFT collection and market demand. Generally, a higher rarity score means that an NFT is more rare and has more unique features, making it more valuable and desirable.

However, there is no set rarity score, as many scores can be considered good based on the popularity of the collection and many other factors.

For example, an NFT score of 50 can be considered rare and valuable in one collection, while another collection considers a rarity score of 90 as rare and valuable.

So, remember that defining an NFT score as good is highly dependent on the context of the collection, the demand for it, and the current market conditions.

Also, note that rarity is not the only factor affecting the value of an NFT, and the quality of the artwork, its historical significance, and the creator's popularity are also important.

Now, to ease into the process of checking the rarity of NFTs, let’s check the related steps on OpenSea, Solana, Cardano, and Ethereum in the following sections.

Read More: The Best Cardano NFT Projects To Buy In 2023: What Is The Best New Cardano NFT?

How to Check The Rarity of NFT on OpenSea?

Here are the steps to check the rarity of NFT on OpenSea

1. Go to the OpenSea website (opensea.io) and use the search bar on the homepage to search for the NFT collection you want, as the image below shows.

2.Click on the NFT you’re looking for to view its details page, as the image below displays.

3.Scroll down to see the "Details" section on the menu showing on the left side, as the following image shows. This menu contains various information about the NFT collection, and you can filter the items to get what you want. My example includes status, price, rarity rank, quantity, and currency. Rarity rank is what you’re looking for. But remember that ‘Rarity rank’ is not shown for all NFTs, as some creators are not willing to show rarity, or the collection isn’t eligible for rarity. In this case, you can contact the creator to ask for rarity rankings.

4.You can also set the filter on the right side of the search bar to ‘Most Rare’, as the red circle shows in the image below.

5.If you want to get more information about the NFT, click on the image of the NFT you like to see its details, as the image below depicts.

6.Scrolling down, you can see the NFT’s traits and details. The details section shows the NFT’s contract address, Token ID and other information, as shown in the image below.

How to Check The Rarity of Solana NFTs?

Solana’s popular NFT marketplace and explorer is called Solanart, which you can use to check the rarity of the NFTs on the Solana blockchain. Here are the steps.

1. Go to the Solanart website (solanart.io) and click "Explore collections", as the red circle shows in the image below.

2.Search the collection's name on the search bar, as shown in the image below, and click on its name to see the details.

3.On the detail page of the NFT, you can see the general info and a menu on the left side to filter based on price and other criteria. Also, you can click on the dropdown menu on the right - shown in the image below by a red circle - and filter based on price, rarity, or listed recently.

4.By clicking on the three dots below each NFT image, you can see its attributes and details (including the token address, owner, fees, and token standard).

How to Check The Rarity of Ethereum NFTs?

To check the rarity of Ethereum NFTs, you can use OpenSea and follow the related steps explained above, or you can scroll down and use one of the NFT rarity checkers mentioned in the last section of this article.

How to Check The Rarity of Cardano NFTs?

CNFT is Cardano blockchain’s NFT explorer, where you can check the rarity of Cardano NFTs using the following steps.

1. Go to the CNFT website (https://cnft.io/), enter the name of the NFT collection you want in the search bar, and click on the name that appears. You’ll see an image like the one below.

2.Scrolling down, you can see the NFTs in the collection and the details from policy ID to project royalties, as the image below shows. You can also filter the NFTs and sort them by price, most viewed, and recently added.

3.Clicking on the NFT, you want leads you to the detail page, where you can scroll down to find the NFT’s features, traits and details.

4.To check the rarity of the Cardano NFTs, you can use CNFT Tools, as the website doesn’t show the rarity of the NFTs. The following image shows the ranking, price, and traits of the Stone Age Hooligans NFT collection.

You can take all these steps to find the rarity of the NFTs you desire, but there is a faster and easier way to do so. You can simply check NFT rarity checkers and avoid all the procedures you have to go through on the marketplaces.

The following section will introduce the top 5 best NFT rarity checkers, which are currently used by myriads of NFT enthusiasts.

Read More: The Best Cardano NFT Marketplaces In 2023 By Fee And Volume

5 Best NFT Rarity Checker

• Rarity.tools: It is a popular NFT rarity checker that comprehensively analyses NFTs on different blockchains, from Ethereum to Binance Smart Chain and Polygon. Rarity.tools uses various metrics, including traits, attributes, and market data, to calculate each NFT’s rarity score.
• Rarity Sniper: This popular NFT rarity checker provides real-time data about the rarity and value of NFTs on the Ethereum blockchain. Rarity Sniper’s algorithm to calculate the rarity score of NFTs is special and based on NFTs’ traits and other factors.
• Nansen: It is a blockchain analytics platform that analyses the Ethereum blockchain and its NFTs. Its rarity checker calculates the rarity score using the NFTs’ traits, attributes, and market data.
• CNFT: It is a Cardano blockchain explorer to offer real-time data on Cardano NFTs. Its NFT checker provides the rarity distribution of NFTs in a collection and their average rarity score.
• Solscan: It is a Solana blockchain explorer with real-time information about Solana NFTs.

Also, many of the NFT marketplaces and projects have servers on Discord, where you can find the newest NFTs minted.

Summary

NFT rarity is one of the crucial factors affecting the value of NFTs in the blockchain market. Thanks to many authentic and trustable NFT rarity checkers, collectors and investors can check the rarity score of NFTs and make informed decisions.

It’s no secret that NFT enthusiasts, blockchain fans, and crypto lovers need to keep up with the same speed as the market changes to not miss the juicy opportunities.

To this aim and to access all you need in one place, you can check Cryptologist and enjoy its FREE tools and services.