rarity.tools: Do you know how rare your NFT is?

This article will introduce a tool that can score and rank NFTs based on rarity: rarity.tools.

After a brief silence, NFT became hot again. According to Dune Analystic data, after the first wave of NFT craze in March 2021, the world’s largest NFT trading platform OpenSea’s monthly transaction volume fell by nearly 36%, and then gradually recovered. US$150 million, a record high, NFT transaction volume has almost tripled compared to May.

rarity.tools: Do you know how rare your NFT is?

However, unlike in March when crypto artists such as Beeple brought NFT into the mainstream through art, which drove the increase in NFT transaction volume, this time the surge in monthly transaction volume was attributed to NFT trendy play. Many people are accustomed to calling such NFTs “collectibles”, but unlike “art collectibles”, these NFTs are less artistic and will attract widespread attention on social networks through mass sale and set off trends, more similar to physical The trendy toys in the world, so this article will collectively refer to this type of NFT as “tide play”.

When you open OpenSea’s NFT project rankings, you will find that the top five NFT projects are all of the “tide play” category.

rarity.tools: Do you know how rare your NFT is?

We usually think that art NFTs are difficult to price, because everyone has a different aesthetic, and each artist’s work is unique. Even the price of two works by the same artist may be due to the collector’s aesthetic. There is a great deviation due to preferences.

However, the pricing of trendy NFTs is much easier in comparison. Compared with artworks, they are mass-produced and in series. NFTs in the same series have the same template. The only difference is the elements carried on the template. The rarer these elements are, the more popular they will be.

The rarity of these elements is usually published on the official website of the project. However, as the number of elements in the project increases, it is difficult for us to subjectively rank the rarity of each element combination, which means it is difficult for us to pass My own browsing in OpenSea distinguished which are really rare NFTs.

This article will introduce a tool that can score and rank NFTs based on rarity: rarity.tools. For experienced NFT players, it is an indispensable “artifact”; for newcomer NFT players, it will greatly help your collection journey.

Introduction to rarity.tools 

rarity.tools is a tool for ranking, scoring, and information retrieval based on the rarity of NFTs. The website is updated quickly. In addition to popular projects such as CryptoPunks and Bored Apes, users can also inquire about many new projects that have just been born, covering a wide range. Users can also inquire about new items that are about to be sold on the website.

rarity.tools: Do you know how rare your NFT is?

After selecting a series of NFT collections, users can choose to sort them by rarity. Rarity.tools will score all the characteristics of the series, and then add the scores according to the characteristics of a certain NFT, and finally get the total score. 

rarity.tools: Do you know how rare your NFT is?

Users can inquire about the NFT’s collector, number, characteristics, total rarity, etc., and the floor price of each characteristic is clear at a glance.

In addition, rarity.tools will also collect opinions from various NFT communities, and add certain “hidden features” to the rarity reference according to the different aesthetic preferences of different communities, such as CryptoPunks and BAYC’s “feature totals”, Waifusion, Chubbies’s “tops” Download matching” and so on.

rarity.tools: Do you know how rare your NFT is?

In addition, users can also filter NFTs based on specific serial numbers, price ranges, rarity ranking ranges, etc., to select a more preferred NFT.

rarity.tools: Do you know how rare your NFT is?

rarity.tools also ranks these NFT projects based on the transaction volume in the past seven days, the total transaction volume, the average transaction price in the past seven days, and the total number of users.

rarity.tools: Do you know how rare your NFT is?

Rarity scoring mechanism

For a single feature, we can easily rank them, that is, divide the total number of NFTs with a certain feature by the total number of NFTs in the series. The lower the value, the more rare it is. But if an NFT is composed of many features, how do we rank their rarity?

There are currently three common methods.

1. Feature rarity ranking: ranking based on the rarest features of a certain NFT. This method is relatively simple, but it also has obvious shortcomings, because it only considers the rarest features of each NFT, and does not consider whether other features are common or scarce. The rarity of these other features will also affect the overall NFT. Rarity has an impact.

2. Feature average rarity ranking: Take the average of the rarity of all features of a certain NFT. This method is more complicated than the previous method, but still seems a bit simple and rude, because it will dilute the rarity of rare features.

3. Rarity statistical ranking: Multiply the rarity of a certain NFT. Because the calculation is more complicated, the calculation is usually done by the community and publicized.

There are often great differences in the rankings calculated using these three methods. The calculation of NFT rarity is subjective, but rarity.tools is trying to get rid of people’s subjective cognition as much as possible. .

rarity.tools uses another set of calculation methods.

The rarity.tools rarity score calculation method is:

Feature rarity score = 1/([total number of NFTs with this trait]/[total number of NFTs in this series]) 

The total rarity is divided into the sum of the rarity scores of all features.

For example, if a series has 100 pieces of NFT, and the number of NFTs with characteristic A is 10 pieces, then the rarity score of characteristic A is 1/(10/100)=10

Next, let us use an example to intuitively feel the difference between the method of rarity.tools and other methods.

rarity.tools: Do you know how rare your NFT is?

The picture above is an NFT series, if their characteristics are converted into percentages, and calculated according to statistics:

rarity.tools: Do you know how rare your NFT is?

Judging from the final result, NFTs numbered 7 to 10 are more scarce than NFT No. 1, but in the eyes of many people, feature 1 of NFT No. 1 is the most scarce, so they would prefer to buy 1 at a higher price. No. NFT, not No. 7-10 NFT.

How about the calculation result according to the method of rarity.tools?

Calculating the rarity scores of each feature and adding them together, we will get the following result:

rarity.tools: Do you know how rare your NFT is?

No. 1 NFT is the rarest, followed by No. 7-10, and No. 2-6 ranked lower. This result covers objective data and subjective judgments, at least for the time being, it is the most realistic calculation method.

Except for rarity?

However, it must be explained that as NFT collections with trendy play attributes, we, as subjective carbon-based beings, should not let the number of rarity replace our true preferences, and this is also what many big collectors have been admonishing to newcomers. The most important reason for collecting NFT should be that you really like it, not how much money it can make.

Therefore, rarity.tools is not a pricing tool. It just provides a rarity reference for NFT players, so that everyone can have a more comprehensive understanding of the collections, and provide a fast channel for collectors who like to pursue rarity, but It cannot be used as investment advice. After all, rarity does not mean everything. There are a series of factors such as aesthetics and stories that determine the value of NFT.

There will be hype and bubbles in a healthy market, but they should not be allowed to become the mainstay of this market. Nowadays, blind box collections are blooming everywhere in the NFT world. We should put our minds right and avoid getting ourselves into the whirlpool of excessive hype. We can use rarity.tools while combining our own preferences to buy what we love. NFT collection worthy of.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/rarity-tools-do-you-know-how-rare-your-nft-is/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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