What is NFT rarity and how to check it
Updated: Feb 14, 2022
What is NFT rarity? How do I check my NFT rarity? These are some of the questions that we had too when we first started as a NFT newbie.
NFT Rarity Explained
Rarity is a numerical score that is given to items in NFT generative art collections that is calculated based on the uniqueness of the combination of traits.
When an artist creates a generative art collection, there are usually a set of different traits that are automatically assigned to each item based on a computer algorithm. Rarity for each trait is calculated by how frequently that specific trait shows up compared to the rest of the collection. It is the combination of the rareness of each of these traits that give it an overall rarity score. The scores are then combined and compared to other scores in the collection and ranked against each other. A rarity score that falls within the top 10% of the collection usually means higher value, and that it is worth more because it is unique, generally called "super rare". Collections usually reserve around 1% of the collection to be "ultra rare" and these items usually sell for a high price.
We can use this Pepsi Mic Drop #1522 as an example to illustrate rarity. There are several features that factor into rarity: Facegear, Headgear, Lens Flair, Pepsi Mic, Soundwave, Stage. You can check the different traits on websites like OpenSea under "Properties." For this one, the individual traits have the following rarity:
For a trait like "Facegear," this NFT has a trait that only shows up in 5% of the collection. It does not have a lens flare or a soundwave, which is the case for 60% and 66% of the collection respectively. The combination of some rare and some common traits in this collection give it a rarity ranking of 411/1893 total pieces according to the rarity ranking sites.
How to check my NFT rarity?
There are various open source tools that you can use to check the rarity of your NFTs. Be aware that until the entire collection is revealed and the metadata is refreshed, the accuracy of the rarity on these websites can vary. This means that when you first mint an NFT from the website (instead of buying on a marketplace like OpenSea or SolSea), the rarity score will fluctuate as the items are revealed over time. Our best suggestion is to use the NFT rarity score that the project recommends, usually shared in their Discord once the rarity is officially verified.
Some of the tools that we use to check rarity are:
One of the best tools for beginners, this rarity ranking usually catches projects early and even has an "upcoming" tab that lets you get ahead of the NFT projects that are about to drop as well as a "new" tab that tracks the new and hot NFT collections.
This one you have to connect your wallet in order to see the collections. However, it tends to be more accurate in a faster time period than other NFT rarity rankings. You may need to upgrade to a paid account to see older collections.
This one comes with a certification process that verifies the collection in conjunction with the founders. They will publish their results first "unverified," but it is suggested to wait until the proper coordination has been made with the collection owners. Still, it can give you an indication of where your NFT that you minted or bought might sit in the overall rankings.
In our opinion, this is one of the best rarity ranking tools that combines speed with accuracy. This one also has a verification process and includes collections from multiple chains like ETH and SOL. You can also join their Discord to stay updated of the latest drops and NFT news.
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At createurnft, we are on a journey to create, mint, sell and buy NFTs and are sharing what we learn along the way. This is not financial advice, please take the time to verify our information before making any financial decisions.