If you’ve been paying attention to cryptocurrency and non-fungible token (NFT) news, you’ve probably heard about the Solana blockchain and the native cryptocurrency SOL.
Solana is an alternative blockchain that supports smart contracts and features blazing fast speeds and cheap transaction costs, and it has quickly become a competitive blockchain for Ethereum in the NFT space.
Now many NFT collectors are buying, selling and investing in Solana NFTs, and Solana doesn’t seem to be slowing down anytime soon.
If you are interested in collecting Solana NFTs, one of the most important things to understand is how to check the rarity of your NFT. Rarity is a critical factor in determining the value of an NFT, and for NFT fans, collectors and investors, learning about rarities and tools for checking rarities is an essential skill.
In this article, we’ll look at the history of Solana and some of the best Solana NFT projects. Then we’ll explain why rarity is so important to NFTs and how you can use some of the tools available to check the rarity of a Solana NFT.
What is Solana?
Solana is an alternative blockchain and cryptocurrency (SOL) that published its white paper in November 2017. Since then, it has grown to become the 7th largest cryptocurrency by market capitalization, led by a 400% increase in SOL in the summer of 2021.
Solana, an open-source blockchain platform designed to host scalable, secure, decentralized applications, meets all the requirements for NFTs and has some major advantages over its biggest competitor in the NFT space, Ethereum.
One of those advantages is the lightning fast transaction speeds. Theoretically, the Solana network can handle 710,000 Transactions Per Second (TPS) on a standard gigabit network. To put that into perspective, Visa’s network can currently handle about 65,000 TPS and Ethereum is struggling to scale beyond 15 TPS.
The reason Solana is so much faster than other blockchains is that it uses a Proof of Stake in conjunction with a Proof of History (PoH) consensus mechanism. This allows nodes — the various computers that verify transactions on the blockchain — to timestamp their blocks to verify and order the passage of time between events, greatly increasing the speed at which blocks are verified.
Another great advantage of Solana, and one valued by NFT collectors, is that it has very low transaction fees. By December 2021, Solana had processed more than 40 billion transactions with an average cost per transaction of just $0.00025. Ethereum, on the other hand, currently has “gas costs” of about $50 per trade and it has been much higher.
Solana’s low cost coupled with its speed and scalability potential have made it an attractive option for NFT collectors. Currently, there are several Solana NFT projects with rock bottom prices in the tens of thousands of dollars.
Top Solana NFT Projects
Ethereum may be the OG home of NFT projects, but Solana is making strides to be a close second. Earlier this month, OpenSea, the most popular secondary market for NFTs, added several Solana NFT collections to their marketplace. Unsurprisingly, this increased the rock bottom price of the selected collections and brought the Solana NFTs to a new audience.
Some of the most successful generative Solana NFT collections and their lowest current price (bottom price) on OpenSea are:
- Degenerate Monkey Academy† A generative collection of 10,000 pieces based on the principles of ‘making friends, eating crayons’ and other ‘degenerate behaviour’. Floor price: 84 SOL.
- Solana Monkey Business† A collection of 5,000 pixel monkeys generated from 99 possible properties spread over 6 layers, properties give access to MonkeDAO and other benefits. Floor price: 240 SOL.
- Boryoku Dragons† A collection of 1111 Dragon NFTs, supported by a team of designers, NFT collectors, artists and builders. Floor price: 300 SOL.
- gods† This deflationary collection of 10,000 degenerates, punks and misfits gives holders the opportunity to mine DUST, the collection’s original cryptocurrency. Floor price: 250 SOL.
Some other Solana projects that have had success but have slightly lower rock bottom prices include:
4. Stoned Ape Crew
5. The Catalina Whale Mixer
6. Cets on Creck
7. Sol Gods
8. Tombstone Society
9. The Remains
10. Annoying Penguins
Collecting Solana NFTs is a great way for beginners to get started in the non-fungible token space due to the extremely low gas costs you pay for minting. However, if you are considering stocking a Solana NFT, it is important to understand how rarity works and to always check an NFT’s rarity before buying or selling.
Understanding how rarity works with NFTs
Rarity is one of the most important aspects of any generative NFT collection and knowing an NFT’s rarity score and rarity rank is critical for all NFT investors.
As with any type of non-perishable collectible, from trading cards to wine, how rare or scarce an item plays a key role in determining its value. Rarity in NFTs is similar, but slightly more complicated.
First, NFTs are unique digital assets stored on blockchains like Solana, and each NFT within a collection is unique. That means each NFT is rare in its own right, because no other exists.
But that’s just the first layer. Each NFT in a generative NFT collection also has a combination of properties and attributes that are unique and appear at different frequencies in the collection.
When it comes to profile picture NFTs, properties often consist of things like accessories, headwear, mouth, eyes, facial hair, clothing, body, and background. And the attributes for any of the properties like headgear can be Top Hat, Fedora, Sombrero, Baseball Cap and No Hat.
Typically, NFT collections have between 6 and 8 properties, and thousands of possibilities can be generated from those properties. The rarity of an NFT within a collection is determined by the properties and attributes it possesses that are common or unusual.
How to calculate rarity
Looking at specific examples from an NFT collection is one of the best ways to understand how rarity works.
Solana Monkey Business is a collection of 5,000 NFTs generated from 99 possible properties spread over six tiers. Below is NFT #1672 — ranked 10e common in the collection.
Here is the rarity table for Solana Monkey Business NFT #1672:
|Hat||Orange backward cap||16.67||150 (3%)|
|counting attributes||Two||1.09||2298 (45.96%)|
As you can see from the chart, the rarest feature of the NFTs is the clothing – diamond. The Diamond clothing feature appears only seven times in the entire collection or 0.14% of the time. The second rarest feature is the hat, the orange back cap, which appears 150 times in the collection, or 3% of the time.
In this chart of Rarity Sniper, each trait is given a score based on its rarity. The rarer the trait, the higher the score. Then that number is added up to produce a rarity score. The final rarity score is compared to others in the collection to determine the NFT’s rarity ranking.
While the concept of rarity is relatively simple, calculating rarity in a generative NFT collection of 10,000 pieces is anything but. The good news is that you don’t have to come up with your own NFT ranking system. NFT collections and rarity checking tools, such as Rarity Sniper, rank hundreds of collections, which you can use to determine the rarity of Solana, Ethereum, and Polygon NFTs.
Understanding how properties and attributes affect NFT is vital for anyone looking to collect digital assets, and you should always use a rarity checking tool before buying or selling NFTs on secondary markets such as OpenSea or Rarible.
Using rarity checking tools
There are several ways to determine the rarity of a non-fungible token, but we think Rarity Sniper’s rarity checking tool is the easiest to use and yields the most accurate (although we’re a little biased).
To check the rarity of a Solana NFT, you can search by collections, release date, reserve price, total volume, or blockchain. To find a Solana NFT, first choose the blockchain filter and click on Solana. This limits the results to only Solana collections listed on Rarity Sniper.
Once you have found the Solana NFT collection you are looking for, you can check the NFT by entering your NFT ID number. This will fetch your NFT and give you a rarity chart and rank as shown above. You can also filter collections by their characteristics or ranking to determine the rarity of NFTs.
Finally, Rarity Sniper allows you to check out the rarity rankings of Solana and Ethereum NFTs in the Rarity Sniper Discord channel.
Getting to know rarity tools is critical for NFT collectors, minters, snipers and investors to calculate a fair sale price. It can help avoid mistakes such as selling an extremely rare NFT for a low price or overpaying for an NFT that is actually quite common.
The rarity of NFTs is why some Solana-based NFTs sell for hundreds of thousands of dollars and others, even from the same collection, for significantly less. And for NFT collectors and enthusiasts, adding rare NFTs to their collections is a top priority.
If you are considering investing in Solana NFTs, familiarizing yourself with rarity checking tools is a must. It is also important to keep up to date with NFT news and learn as much as you can about the rarity of Solana and NFTs.
For daily NFT news, follow us on Rarity Sniper News.