The exponential growth of the NFT space is making even the most skeptical investors take an interest in this market. Aligned with this rising enthusiasm, demand for the best NFT tools seems equally affected as investors try to identify the next best non-fungible asset out there.
Rarity reigns supreme when it comes to getting the most for your money in any collectible market. It is essential that you track trending NFTs if you want to turn a profit. Sniping NFTs is the act of buying NFTs that are priced below their value due to the seller's unawareness of their rarity. Fortunately, there are rarity tools, often referred to as rarity sniper tools, to help you with that.
This article introduces you to the concept of NFT rarity and reviews some of the top NFT tools currently available. Let's get to it.
What Is NFT Rarity?
Several new NFTs have hit the market, but how do they differ in trait value? What makes some NFTs sell for millions while others sell for less? It has to do with rarity. NFT rarity determines how rare and valuable an NFT is. Collectors highly prize truly rare NFTs, which makes them more expensive. Consequently, people want to know whether the NFT they own is rare or whether the one they plan to purchase is rare.
NFT Rarity Calculation Methods
It is possible to calculate the rarity of an NFT using several methods. By calculating the rarity of an NFT trait based on its rarest trait, taking the average rarity of traits, or examining rarity statistics.
Trait NFT Rarity Ranking
To compare NFTs, one can simply compare the rarest attribute of each non-fungible token. Yet, this approach has one significant flaw despite its simplicity and straightforwardness: it ignores the NFT's overall rarity, just focusing on the rarest one.
Average Trait Rarity
Another method that will help you check NFT rarity is to average the rarity of traits present on the NFT. If an NFT had two traits, one with a 50% rarity and one with a 10% rarity, then its average trait rarity would be (50+10)/2 = 30%. The problem with this method is that it stresses the overall rarity of every trait, which means the single super NFT rare trait does not receive enough trait value, and the overall rarity value is diluted.
Statistical Rarity
In this method, you multiply all of an NFT's traits together to determine the NFT's overall rarity. If an NFT has two traits, one trait has a weight of 10%, and the other has a weight of 50%. That NFT would have a 5% 'statistical rarity' (10% * 50%).
These three approaches have different results when comparing the rarity of some NFTs. Average Rarity and Statistical Rarity tend to overvalue many of the traits in an NFT, potentially diluting the value of an ultra-rare, one-of-a-kind trait. Trait Rarity faces the complete opposite problem by narrowing the calculation to the single rarest trait. A solution? Rarity Score.
How to Calculate NFT Rarity
The value and rarity of NFTs differ even if you have thousands of them in a single collection. Therefore, a decrease in supply leads to a rise in demand, which drives NFT prices up. However, supply value is not the only factor contributing to NFT rarity.
To get an NFT rarity calculated, you can opt for various methods, as we already mentioned. Different parameters, such as rarity based on the rarest trait, will be considered by assessing all NFT traits statistically or by calculating the average rarity. A Rarity Score is therefore used to calculate the rarity of an NFT. Calculating the Rarity Score does not need to be done manually since various rarity tools can do it for you. With the right NFT rarity tool, you can view the results in just a few clicks.
Rarity Score stresses single rare traits while including overall trait rarities in its calculation. To date, this is by far the best way to calculate rarity.
Here's the formula:
[Rarity Score for a Trait Value] = 1 / ([Number of Items with that Trait Value] / [Total Number of Items in Collection])
Best NFT Rarity Tools
Although the formula is pretty straightforward, there's no point in doing all that math on your own to estimate the rarity of all of your desired NFTs. There are several investment tools available to assist you.
Investments in NFTs come with many risks. Using a reliable NFT investment tool can help you check NFT rarity and stay on top of the changes effortlessly. Needless to say, these tools shouldn't be used as the only criterion for buying NFTs. Make sure you research the NFT market and project in question well before making a purchase.
Rarity.tools
One of the most popular tools to determine the rarity of an NFT is the Rarity.tools. NFTs are ranked by the rarity of their characteristics in real-time. By filtering by average price, total sales volume, owner count, or top collections, you can find NFTs that meet the criteria you are looking for. Aside from that, the website has a simple and attractive interface that makes finding trait rarities easy.
You can sort all the NFTs on Rarity.tools based on their collections, average price, and even ETH volume. On the NFT collection page, you can find the overall trait rarities of that particular collection. In this section, you will see a card for each NFT that details all its attributes and its Rarity Score. You can also check the Rarity Score of an NFT you own by entering its ID in the NFT project section. After clicking "Lookup", you will see all the properties and Rarity Scores of your NFT.
OpenSea
OpenSea is the world's largest and most popular NFT marketplace. NFT sales are facilitated, as well as NFT rarity rankings based on volume, floor prices, and other factors. Browse the most popular collections over any period of time. You can use this to determine what collections are trending to make an informed decision.
NFTs can be viewed by characters' traits as well as their rarity, but their overall rarity rank or rarity score isn't available. It is clearly a downside, but having an NFT marketplace and real-time ranking facilitates the decision-making process. Using OpenSea as an NFT rarity tool is a great way to track and analyze your digital art investments.
Etherscan Token Tracker
According to developers, Etherscan is not only a block browser but is also a token tracker for all Ethereum-based coins as well as an entry point for ERC-721 token contracts. On Ethereum, NFTs are created using the ERC-721 standard, and the Etherscan reports a total of 21,669 tokens that are ERC-721 compliant as of today.
Recently, more functionality was added to the NFT tools set, including information about NFT minting, distribution, transfers, and prices. Many of the applications in this article use the Etherscan APIs and further analyze the data to deliver more valuable insights to the user.
Nansen
NFT tools have long sought to identify possibilities in the market, and Nansen.ai was one of the first to provide this capability in 2013. The NFT wallet analysis tool allows users to see a scoreboard of the most profitable NFT wallets based on how much money has been made. Research can lead to better asset management and future planning.
The application also serves as a Wallet and Investment Tracker. Nansen provides detailed information on ERC-20 tokens, including minting fees and secondary NFT shop fees. It also provides real-time analysis of each project's owner, making it simple to identify and examine them.
Icy.tools
The first thing you will see when you open Icy.tools is the Trending Collection, which features some NFTs that have been trending recently. With your wallet connected, you can even filter the ranking for the last 30 minutes. You can also find all of the information regarding NFTs on the leaderboard, such as the floor price, sales volume, and average price.
One of the best things about this program is its user-friendly interface, making NFT analysis accessible to beginners. Additionally, you can find some of the wallet addresses of the top buyers and sellers on the Discover Tab. When you subscribe to Icy Premium, you will receive detailed information on each collection. The NFT history and price chart will be included as well.
DappRadar
For quite a while, DappRadar has been considered a trusted source for monitoring the performance of NFT collections. Additionally, they developed an NFT portfolio tracker in 2020 that offered users a simple way of keeping track of Ethereum wallets in real-time. By entering the Ethereum wallet address or the ENS address, users can receive detailed information about their Ethereum tokens and NFT account balance.
This is a great option if you want NFT rarity tools that will help you track your portfolio individually. DappRadar also includes the most trending NFTs based on a variety of timeframes. Detailed sales, traders, and volume of any NFT collection are available.
Rarity Sniffer
As its name implies, Rarity Sniffer provides the most up-to-date NFT rankings of new NFT projects based on how rare they are. Only the most recent collections are available in their free version, along with NFT drops and sniffed upcoming NFT projects.
A Discord channel is also available and provides additional analyses of potentially rare NFTs. It gives operators access to the NFT rare status of new assets that have been sniffed before being made public.
NFTBank
With a vital instrument like NFTBank, you can obtain rapid insights into investments, which would be a big hit with NFT investors. In the data presented, among other things, you will find ROI, activity, and spending. The NFT Bank is an excellent portfolio management tool for users who want to manage NFT ownership.
Some of the distinctive features of this NFT tool are speed (as it is much faster than others), simple user interface, signals, and NFT portfolio tracker and analytics. The "Analysis and Signals" is a helpful tool to help users find new opportunities for NFT investment. It provides indicators to help them understand the market and follow other users' portfolios.
CryptoSlam
This platform is yet another excellent NFT tool for market research and analysis of non-fungible tokens. Each NFT series has a dedicated page outlining the latest sale and minting activity.
The CryptoSlam ranking NFT tool has all the parameters one would want in an NFT tool, such as NFT sales, floor price, transaction volume, number of owners, and more. The platform also features a dedicated section for NFT Rarity purposes, giving users a complete overview of each non-fungible token.
NFT Stats
NFT Stats is a simple-to-use, analytical NFT tool available online. It delivers basic overviews of NFT collections. The NFT ranking covers trending collections with rarity rankings and sale volumes.
Using this particular NFT platform, you can check out the top NFT collections sold over the last 24 hours, seven days, and 30 days.
Moby
While Moby may not be very popular, it is an excellent NFT tracking tool. You can get real-time NFT statistics and feeds with this platform. Moby can be a handy app for NFT investors, assisting them with asset monitoring. By limiting the time window to 10 minutes, 60 minutes, 24 hours, and others, investors can start acting on their investments faster.
Moby has a Pro version that gives you access to all the data charts and popular NFT analysis tools. More useful data is available to subscribers, including historical collection data, real-time feeds, NFT signals, etc.
Trait Sniper
To find details about new NFT projects, you can use a rarity sniper tool called Trait Sniper. Detailed information is provided on ongoing and upcoming NFT projects and NFT drops. Taking under 2 minutes for each project to be revealed, the Traitsniper bot analyzes the rarity of each NFT. In addition to a free version, a paid edition includes real-time notifications on new reveals and their scores.
Trait Sniper is a bit more cluttered than the other rarity sniper tools mentioned above, and first-time users may have trouble navigating the site. After getting used to it, you can click any NFT to see its Rarity Rank, Rarity Score, OpenSea Highest Offer, and OpenSea Price. Additionally, a rarity score for each trait can be seen.
HowRare.is
HowRare.is is the best way to find the rarity of Solana NFTs. Over 250 Solana NFT collections are listed on the website by rating the floor price, the number of items and holders, whether the NFTs are on sale, and more. Like other Rarity Tools, you can find NFTs based on their rarity within each collection. You can view the NFT's rarity rank, rarity score, and information on its attributes under each NFT. Moreover, there is a section for recent sales history.
An NFT's asset ID allows you to identify its rarity. This site also contains details on Solana's upcoming NFT collections. HowRare.is is unable to verify these items.
RarityMon
According to their site, RarityMon is the most accurate NFT rarity tracker available. That's an impressive claim, considering they don't seem to define "accurate" anywhere, and there's a lot to debate about the content. When you don't list CryptoPunks, CryptoMories, Cool Cats, or any other significant collections on your site, you're bordering on false advertising if you claim to be one of the "most accurate" rarity tools. They might not be the best NFT rarity tool, but it's good to know that they support Solana NFTs.
MomentRanks
The main reason NFT investors like MomentRanks is its incredibly slick interface. This NFT tool and site really has the potential to be a market-leading one, but sadly, data integrity appears to be an issue. Although the data isn't necessarily incorrect, it's always available, wherever it comes from. Moreover, MomentRanks seems to have its own rarity score that is slightly different from the market standard.
NFTSniff
It covers most of what one would expect from an NFT tool like this, which is to say, the stuff you usually find in a rarity tracker. Fast loading times allow the site to compete with one of the best NFT rarity tools in NFT space. Although this particular NFT tool doesn't offer as many insights as some of the other options out there, we're confident that it will continue to develop new features as time goes on.
