Incredible 7 NFT Tools to Find the Rarest NFTs
How to identify whether the NFT you are eyeing is unusual is a crucial question to ask yourself. However, since this is a new space, there is no one-size-fits-all solution. Despite the popular belief that high prices signal rarity, certain exceedingly rare NFTs have relatively modest pricing. Is a rare NFT’s price a factor in determining its rarity? As far as we know, it isn’t about the pricing. Price rises are unavoidable if sufficient preparations and good marketing are involved. Continue reading to see how to come across NFTs that are uncommon by using tools to find the rarest NFTs.
What is NFT Rarity?
Did you know that 15,000 to 50,000 NFTs are sold each week? This does not even include secondary sales, which accounted for 103,765 per day last year! Some NFTs are worth millions of dollars, while others in the same collection are only worth a few hundred. Why is this the case? The answer is how uncommon an NFT is. A rare NFT is a sought-after asset. Before they click the ‘buy’ button, people want to know how rare an NFT is. They accomplish this by examining the NFT rarity rank.
What is NFT Scarcity?
Cryptopunks only have 9 Cryptopunks of the ‘Alien’ variety. As a result, they are extremely rare and thus valuable. Remember, less supply equals higher demand. This is what drives up the price of rare NFTs. This is all well and good, but how do you determine the NFT rarity score? Do you have to do it for each and every NFT? To be honest, that sounds exhausting. Don’t be concerned. There are NFT analytical tools that make the entire process simple. With a few clicks, these tools handle the math for you.
How to Determine the Rarity of an NFT?
It’s not uncommon for digital artists to release thousands of NFTs in a single collection. Some of the NFTs will undoubtedly be uncommon. You’ve probably heard of the CryptoPunks collection. We’ve seen them become mainstream in the last year, with celebrities like Gwyneth Paltrow and Ashton Kutcher jumping on board.
But how does one go about picking a winner? Knowing how to calculate NFT rarity can assist you in selecting potentially profitable tokens. Today, we’ll go over what an NFT rarity score is and why it’s so important for NFT collectors.
What Makes an NFT Rare?
NFT rarity is a word that has been established to rate NFTs based on their uniqueness. Rarity is an important aspect in determining the value of NFTs. Understanding what makes an NFT unique allows you to find assets with higher potential value. So, what distinguishes an NFT? Here are a few examples:
If there are just a few of anything, it will be more sought after and hence more valuable. This is particularly true for digital assets, which may be endlessly duplicated and recreated. Issuers employ NFT rarity tools to monitor the number of things created and guarantee that only a limited supply is accessible on markets such as OpenSea, Rare Bits, or Nifty. NFTs may be valued considerably more on open markets if they combine rarity and quality.
This means that the NFT’s digital DNA (or set of coded qualities) is distinct and recognizable. NFTs with uncommon characteristics will typically be more valued in open markets.
NFT issuers may impose special limitations on their NFT goods, allowing only a fixed number of NFT users to profit from them. This results in NFTs that are more valuable than others since the number of people who can profit from them is limited.
Some NFTs just have a higher demand than others. NFTs that reflect popular digital assets (such as Bitcoin or Ethereum) will, for example, be more desirable because people want to possess a share of those cryptocurrencies. NFTs used for gaming may have a greater intrinsic demand since players are always seeking for new and unusual things to add to their collections. NFTs used for social media reasons may also have a greater intrinsic demand since they are more appealing to consumers who wish to showcase their assets on a certain platform.
Because of its historical context, an NFT may have a greater value at times. For example, if someone only used a certain NFT once in a game or on social media, it may be worth more because of its history. Outside of a game or social media, NFTs might have a historical background, such as limited edition NFTs based on original artwork.
Association with a Celebrity
NFTs affiliated with a current or former celebrity are typically more valuable since they are one-of-a-kind.
Additional Read: How to Monetize NFTs in 5 Steps?
Methods for Calculating NFT Rarity
Several approaches exist for calculating the rarity of an NFT. By estimating an NFT characteristic’s rarity based on its rarest trait, computing the average rarity of traits, or studying rarity data.
NFT Rarity Trait Ranking
To compare NFTs, just take the rarest property of each non-fungible token and compare it. Despite its simplicity and straightforwardness, this strategy has one fundamental flaw: it overlooks the NFT’s total rarity, concentrating only on the rarest one.
The Rarity of Average Trait
Another way for determining NFT rarity is to average the rarity of qualities found on the NFT. If an NFT had two features, one with a 50% rarity and one with a 10% rarity, its average trait rarity would be (50+10)/2 = 30%. The difficulty with this strategy is that it emphasizes the overall rarity of each trait, which means that the single super NFT rare trait does not acquire sufficient trait value, and the total rarity value is diluted.
In this technique, the total rarity of an NFT is determined by multiplying all of its features together. If an NFT has two qualities, one has a weight of 10% and the other has a weight of 50%. That NFT would have a 5%’statistical rarity’ (10% * 50%).
When comparing the rarity of certain NFTs, these three methodologies get different answers. Many of the qualities in an NFT are overvalued by average rarity and statistical rarity, thereby diluting the value of an ultra-rare, one-of-a-kind trait.
Top NFT Tools to Find the Rarest NFTs
Why Are Tools Required for NFTs? Whether you’re new to NFTs or have an existing collection, you’ll need the right tools to assess the availability and rarity of specific assets. You can evaluate and review an NFT before investing in it using a variety of NFT tools. This allows you to stay ahead of the competition and make sound decisions. Consider these tools in the same way that you would a shovel or an ax: You can uncover those small nuggets of NFT gold by using the right tools.
The tools listed below will help you find new NFT projects in which to invest. They’ll assist you with NFT rarity identification, NFT news sources, and NFT marketplaces. These resources are a valuable addition to your toolkit as you conduct your due diligence. Wrong or misguided data can make or break an investment, or even land you in the middle of a scam. So let’s jump on to have look at a few of those NFT research tools.
Rarity.Tools: Tools to Find the Rarest NFTs
Rarity Tools is a platform that ranks the rarity of generative art and collectible NFTs. NFT collectors can use this information to more easily value and compare the relative value of individual NFTs. You can also see upcoming Rarity Tools NFT sales.
Etherescan: Tools to Find the Rarest NFTs
Etherscan is one of the most technical tools; it is also known as a blockchain explorer since it provides an abundance of information about the Ethereum ERC-721s blockchain in real-time. It grants access to all Ethereum-based non-fungible token contracts. It presents a list of popular NFTs on the non-fungible token tracker ranking dashboard.
Its most recent upgrade gives customers additional capabilities that allow them to see all of the basic facts about their NFTs, such as their histories, trading, and price extra. Among the non-fungible token trackers, etherscan is capable of providing all relevant insights and data to its subscribers. It is completely free and simple to use and access. You may also look at your wallets, transactions, and all of your smart contracts.
Icy.tools: Tools to Find the Rarest NFTs
You can access the most current NFT floor pricing, volume, and sale history, as well as the most recent trending projects that have been coined, transaction history, and portfolio value for any wallet using this tool. You can look at the floor, volume, and sales trends and charts for any collection to make educated entrance and exit choices. View each wallet’s mint, purchase, and sell history, as well as a detailed portfolio breakdown and value. Get project breakdowns and data segmentation by qualities and rarity.
Similar benefits are available on whatsminting.live.
Token Trackers: Tools to Find the Rarest NFTs
Token trackers provide the most direct access to a blockchain and all of the token transactions that are taking place in real-time, as well as any past transactions that have taken place. Because the blockchain is public, you can search up any transaction or address and read all of its data. Token trackers also allow us to read smart contracts, which is useful if you want to audit a contract before dealing with it, or if you just want to go beneath the hood and verify a few key parameters about a project.
HowRare.is: Tools to Find the Rarest NFTs
HowRare.is is a must-have tool for everyone who collects and trades NFTs on the Solana blockchain. Solana’s NFT scene is expanding by the day, because of its high transfer rates and inexpensive costs. With the ERC-721 standard still regarded as the king, many projects are preferring to divide their collections between Ethereum and Solana, with the latter utilized for more actively traded tokens with lower overheads.
HowRare.is, like Rarity Tools, enables users to examine statistics like as the floor price, how many people have previously held a token, and the number of tokens in a collection.
Tips for Finding the Best NFTs
To profit from your NFT investment, you must first learn the story behind the art represented by the NFT.
Use this list as a quick checklist for what to look for when looking for the best NFTs:
- How many NFT collectible pieces are there?
- How much is the NFT currently selling for?
- On what NFT platform can you find the collectibles?
- What are the properties of the NFT? Is it a rare NFT? What is the story behind the NFT?
- Is there a following for the creator or artist? What is the platform of the community, and how strong is it?
It’s always a good idea to do your research on Twitter, Discord, and YouTube, where the majority of NFT platforms and enthusiasts hang out.
Identifying the Most Promising NFT Investment Opportunities
Almost all of the NFTs are minted on the Ethereum blockchain and are a core component of the DeFi ecosystem. Their price is set in ETH, and users can purchase them through specialized NFT marketplaces like OpenSea.
Hopefully, this list of NFT tools will assist you in identifying the best NFTs to invest in. Some premium options are beneficial to avid collectors who require an NFT tool to manage their portfolios. Overall, you can use these NFT platforms to gain a variety of insights to aid in the development of your personal NFT investment strategy.