With that in mind, here’s everything you need to know about NFT rarity and how to use Rarity.tools to find the rarity of an NFT and set up alerts for the rarest NFTs.

What Is NFT Rarity?

NFT rarity measures the number of rare and unique NFTs in a particular collection, their supply, and their demand at any given time. The rarest NFTs are those that are scarce and highly demanded at the same time. In most cases, these rare NFTs will increase in value as more people want them.

This is why knowing how rare an NFT is essential before selling or investing in an NFT.

What Is Rarity.tools and How Does It Work?

Rarity.tools is one of the most popular tools that rank generative art and collectible NFTs based on rarity. It offers a clear and logical rating of the rarity of specific collectible NFTs and can be used to determine how uncommon NFTs are. With this information, NFT collectors can value and compare the relative worth of individual NFTs.

You can filter NFTs on Rarity.tools based on top collections, total sales volume, average price, and owner count. Furthermore, you can use it to learn about top collections, like Flyfish Club and Bored Ape Yacht Club, and upcoming projects. Rarity.tools features a clear and appealing interface that makes determining NFT rarity a breeze.

How Is NFT Rarity Calculated With Rarity.tools?

There are several methods for calculating an NFT’s rarity, and each one gives a different score.

Some methods use the average rarity of each trait expressed by an NFT to calculate overall rarity. Other methods ignore the rarity of all other traits and consider the rarest trait. Some people multiply all the rarity values of the traits listed in an NFT combined.

In the end, different methods produce different results and incomplete assessments. For example, some methods overestimate the rarity of every feature in the collection while neglecting the extraordinary rarity of some outlier traits. Others give an inaccurate impression by concentrating on an NFT’s rarest trait and downplaying the significance of other rare traits.

Rarity.tools Rarity Score of a Trait Value

This calculation is arrived at using this formula:

The best NFT marketplaces use this basic equation as the gold standard since it consistently delivers the same results.

Trait Rarity Ranking

This method does not compare the overall rarity of the item but the rarest trait of each NFT to the entire collection. NFT traits are features or characteristics that make the NFT unique, like accessories, backgrounds, properties, and so on.

Average Trait Rarity

This method considers the overall rarity of the NFT’s traits but does not consider any rare traits of the NFT. Because of this, one unique trait of the NFT could be diminished by other traits.

For instance, consider an NFT with three traits with probabilities of 5%, 15%, and 25%. This NFT will have an average trait rarity of (5+15+25)/3=15%.

This example demonstrates how the relative prevalence of the other two traits overshadows the first trait, which has a rarity of 5%.

Statistical Rarity

It determines the overall rarity by multiplying all trait rarities together. Therefore, based on the earlier example, the overall NFT rarity would be (5%×15%×25%)=18.75%.

How to Find the Rarity of an NFT on Rarity.tools

You might have received an NFT mint in a generative collectibles drop and are curious to see how rare it is.

Let’s say you minted a Chimpers #2565 collectible and would like to see how rare it is. Here’s how you can check:

Go to Rarity. tools. Hover on All Collections, then use the search field to find the Chimpers project. You can search for your Chimpers using the ID, Listing Type (Buy Now or Auction), Price (Min. to Max ETH), and Rarity Ranks (Min. to Max Rank #s) in the left sidebar of the resulting data dashboard. If you want to know what your character is made of in this hypothetical scenario, enter 2565 into the ID search area and click Lookup. Next, a pop-up window will surface, similar to the one below. As shown in the image above, Chimpers 2565 has a Rarity Rank of #18. Out of the 5555 Chimpers, the site currently ranks this NFT as the 18th rarest in its series. With additional data, expect these figures to change. You can see how the NFT’s Rarity Score, now +2208 for Chimpers #2565, was calculated in the image above. Rarity. tools also display, via OpenSea, the highest floor prices available for a specific period for a given NFT trait.

4 Other Tools to Determine NFTs Rarity

There are other tools apart from Rarity.tools that you can use to calculate NFT rarity. These rarity tools each have their method for calculating an NFT’s rarity score.

1. OpenSea

OpenSea is a great tool for determining the rarity of your NFTs based on the number of copies in circulation. It’s easy to use, too; type in the name or ID of an NFT, and it will return how many copies are in existence, how much they’re being sold for, what percentage of all transactions they represent, and so on.

All of this information helps you better understand whether you should be buying a certain item at its current price, if you should wait until after it spikes, or if it would be better to sell off some items before they go down in value.

2. Trait Sniper

With features like mass bidding, advanced auto sniping, and instantaneous rankings, Trait Sniper is openly targeted at “expert traders.” NFT flippers rush to get the best deals, which they immediately re-list at a higher price in the hopes of making a quick profit after Trait Sniper has scanned a collection and displayed the pieces in ranked order.

The free and premium versions of Trait Sniper offer varying levels of monitoring access. For instance, buying an Alpha Sniper pass gives you access to instant notice of freshly unveiled NFT collections and their rarity scores, compared to an hour’s wait for free users. It’s only worthwhile using Trait Sniper if you’re willing to pay, among other reasons.

3. Icy.tools

Icy.tools is a service with several great analytics tools launched amid the NFT industry boom. You can easily find hot projects on the platform and keep tabs on floor prices, volume, and other information.

On the Icy.tools platform, many of the tools are free, and you can unlock premium features for a somewhat low monthly fee. NFT maximalists prefer the company because it has a voice that aligns highly with the NFT community’s values.

4. RaritySniffer

Similar to Traitsniper, RaritySniffer offers the most recent rankings of new NFT projects based on their rarity. In addition, the platform only displays sniffed projects for free users and provides information on the most recent NFT collections.

Users must subscribe to the Discord channel to get more analysis on potentially rare NFTs. This provides unique access to the rarity status of freshly minted NFTs that have been scented before being made available to the general public.

Why Rarity Matters for NFTs

Rarity is an important factor when determining the value of any NFT. NFT rarity tools help ensure that you get the most accurate estimate of rarity possible. Furthermore, they make it easier to get the best price on any given NFT if it turns out that it has a lower rarity than you originally believed.

So if you like collecting rare items or want to make sure your NFTs have the best value before listing them for sale, using one of these tools is something you should consider doing. They will take the guesswork out of finding out how rare NFTs are so that you can confidently buy or sell digital assets.