As the NFT market explodes in 2021, so does the number of new investors in the non-replaceable space. These new owners often don’t know how to check the rarity value of your NFT and are unaware that they have hit the non-fungible jackpot.
Knowing how rare your NFT is can help you make more informed decisions. Most projects now start with many thousands of tokens in the collection. Some are worth considerably more than others, depending on the number of times their traits and traits appear or if they contain remarkable combinations.
Rarity is also influenced by other factors. For example, some deflationary projects allow you to “burn” NFTs to create a new one. Knowing the scarcity of your token will give you a better idea of whether you will continue to hold it or use it for one of these breeding mechanisms, for example. Should your token be particularly rare, you can decide to continue holding and allow the token to increase in value as the original supply shrinks.
And for those who are simply collectors, knowing the rarity of your NFT is the same as any other form of collectible. While you may not feel like selling, it’s exciting to know that you have something unique and a source of pleasure for many people.
While the value and rarity of traditional collectibles can be difficult to ascertain, it is easy with NFTs. NFTs use a “rarity score” that is calculated based on the number of tokens with shared attributes relative to the amount within the collection. The most commonly used formula is the following:
[Rarity Score for a Trait Value] = 1 / ([Number of Items with that Trait Value] † [Total Number of Items in Collection]†
The higher the rarity score, the rarer the token.
Below we have listed how you can check the rarity value of your NFT collection using 5 of the best tools available.
Rarity Tools (https://rarity.tools/) is the go-to for most collectors to find out how rare an NFT is. It uses real-time data to rank NFTs within collections with filters that can sort by average price, number of owners a token has had, total sales volume, and of course the all-important average price. The user interface is simple and not overly cluttered and has become something of a benchmark for other tools, with a trend towards using a similar layout and style to Rarity Tools.
To check the rarity of a token with Rarity Tools, follow these instructions:
- Hover over “All Collections” in the top menu bar.
- Type the name of your token’s collection in the search box.
- On the left, type your token ID (found on OpenSea) and hit “Lookup”.
- A box will then appear with your token’s rarity score.
The window shows the properties of the asset, including the number of other tokens that share that property. There is also a button to view the token on OpenSea if you wish.
HowRare.is (https://howrare.is/) is an essential resource for those who collect and trade NFTs on the Solana blockchain. Famous for its fast transfer speeds and relatively low cost, Solana’s NFT scene is growing day by day. With the ERC-721 standard still considered king, many projects are choosing to split their collections across both Ethereum and Solana, with the latter being used for more heavily traded tokens, with smaller overheads.
Like Rarity Tools, HowRare.is allows users to see statistics such as the reserve price, how many have had a token before, and the number of tokens within a collection.
Solana NFT collectors can use HowRare.is as follows:
- First, find your token ID in Solana Explorer (https://explorer.solana.com/).
- Then type the name of your token’s collection in the search bar at the top of the screen and press enter. If you are mobile, press the “burgermenu” on the right and you will find the search bar there.
- After you find the collection, type your token ID in the “IDs” in the filter menu, you can add more than one to compare NFTs.
- You will then be shown your NFT(s). Clicking on the preview will show you the full details, including the ranking.
Rarity Sniffer (https://raritysniffer.com/) uses the metadata of collections on blockchains to quickly identify what is rare and what is not. It is primarily a ranking platform that helps investors discover good opportunities. It specializes in organizing the metadata of fresh drops and is considered one of the fastest platforms for determining whether an NFT collection is worth investing in. It can ‘sniff’ about 350 NFTs per second and thus can analyze a 10,000 strong collection in less than 30 seconds.
The site will be moving to a new protocol soon, but identifying a token’s rarity remains a simple process:
- Use the main search box at the top of the page or in the submenu to find your collection. (Note: Only newer and upcoming collections are usually listed.)
- In the “Token ID Look Up” search box, type the ID of your token.
- On the results page, click the preview of your token.
- In the pop-up you will find the rarity score of your token.
- Scroll down to see your token’s properties and an overview of how they contribute to the rarity score. The green numbers are his contribution.
Traitsniper (https://www.traitsniper.com/) is a tool for detecting emerging collections and projects that could potentially become the next big thing. With new projects launching every day, this is the best tool for identifying the rarest tokens within collections. The algorithm behind the platform typically analyzes and lists the rarity of a collection’s NFTs within 2 minutes. The pro version is useful for professional investors who need instant notification of NFT declines and rarity scores.
With a plethora of information, Traitsniper’s user interface isn’t the easiest to navigate. However, to find an NFT’s rarity score, do the following:
- Find the search bar titled “Project Name” and type in the name of your collection.
- Once on a project’s page, use the “Search” box to enter your token’s ID.
- After you find your token, click on the ID to find and score the rarity rank.
Rarity Sniper (https://raritysniper.com/) is a tool that can compare NFTs from multiple blockchains, including Ethereum, Solana, and Polygon. In addition to comparing the scarcity of tokens and their properties, Rarity Sniper is also a great place to keep up to date with which collections are about to hit the coin stage.
While Rarity Sniper is a great tool in its own right, the Discord community is also a great place to get additional information if you need it. Not only is the community there a great source of information about upcoming drops, but the built-in rarity bot can check the valuation of tokens for you with the command: !rarity [type the collection here] I drank [type the token ID here]†
Follow these steps to use the Rarity Sniper website to find a rare token:
- Find the search menu on the left or the burger menu at the top right of your screen.
- After you find the ID of your NFT from OpenSea or Solana Explorer, type it into the search box labeled “Check your NFT”.
- The results show your NFT with a rarity rank labeled “RANK#”.
- Clicking or tapping on the token preview will give you more information, including a full rarity score and a breakdown of properties.
Whichever way you choose to check the rarity value of your NFT, armed with this knowledge you will be better prepared to understand the scarcity of your investments.