Not all NFTs are created equal. Some are rarer (and consequently more desirable and expensive) than the others. This is a guide on how to check rarity of NFTs on Solana blockchain.
NFTs are digital collectibles that you can use to represent real-world items. They come in many forms, including physical objects such as statues, paintings, and books; virtual reality experiences like games and movies; and even real estate. There are now over 2 million unique NFTs listed on OpenSea.com alone.
The most popular way to acquire NFTs is to buy them directly from the creators. However, there are other ways to obtain NFTs. One method is to win them in a lottery. Another is to trade them while you can buy NFTs from someone else as well.
You can check our NFT rarity tools guide for other blockchains here.
What is NFT rarity?
But what does it mean to say that something is rare? Rareness is determined by two factors: scarcity and demand. Scarcity refers to the number of copies of an item that exist. For example, it would be very scarce if we had just one book copy. But if we had 10,000 copies, it would be considered less rare.
Demand refers to the value that buyers place on the item. If everyone thinks low about an item, it won’t be worth much. On the other hand, if everyone wants it, it could become quite valuable.
Rareness affects the price of an item. A truly rare item will always command a premium because of its scarcity. This is why collectors pay hundreds of dollars for a limited edition print.
How is NFT rarity calculated?
Although there are several other techniques to determine rarity (average trait rarity, statistical rarity, and trait rarity ranking), the Rarity Score is the most reliable approach.
This formula was developed to address biases in earlier ways of calculating rarity:
1. Trait rarity ranking (ranking only on the rarest trait).
2. Average trait rarity (averaging the rarity of all traits together)
3. Statistical rarity (multiplying all of the trait rarities together).
Three separate comparison techniques would yield three very different outcomes when used to compare three apes. Rarity Score soon emerges as the ideal compromise between average and statistical rarity, which doesn’t focus enough on rare features, and trait rarity ranking, which gives too much weight to rare traits.
Currently, all platforms for rarity tools have incorporated their versions of Rarity Score, which offer the same precise ranking results across all platforms, even though the algorithm may not be the same.
Best NFT rarity tools for Solana NFTs
Let’s now take a look at four different rarity tools for emerging Solana NFTs.
The tokens themselves, listing prices, present owners, rarities, and rankings are all displayed on SolanaFloor. Distribution patterns and price evolution. Visitors to the website can sort and filter the data on their own because the web app is rather interactive.
SolanaFloor intends to keep developing new NFT projects and services. The SolanaFloor team is planning to implement features including enhanced portfolio tracking, real-time data, APIs, more filter/search options, more volume, and transactional data.
HowRare.is is one of the best tools to check the rarities of all the NFT tokens created on the Solana blockchain.
This platform features over 256 Solana NFT collections, including the latest ones, based on the floor price, holders, sales status, and the number of items. You can find out what are the most valuable NFTs in each collection.
When you click on an NTF token, you can see the NFT’s rarity scores, rarity ranks, and attributes. In addition, you can also check the sales history of the NFTs on HowRare.is.
The site also provides a lot of useful information about NFTs, such as the total supply, circulating supply, market cap, etc.
The Solana blockchain’s HelloMoon is a user-readable index that gives access to all NFT collections, DeFi currencies, and protocols.
Projects are categorized by HelloMoon.io based on factors like volume, floor pricing, average USDC value in holders’ wallets, ownership overlap among collections, and suspicious wash trading activity. The website also identifies the wallets that are participating in each ecosystem.
Solana recently announced the launch of Hyperspace NFT, a tool designed to make it easier for artists and collectors to track the value of their artwork on the Solana blockchain ecosystem. The project allows artists and creators to upload their work directly to the blockchain, which becomes a true asset.
Users can now view the number of tokens minted over time for each piece, along with information about the market price of those tokens. Artists can even see the percentage of their total supply at any given moment.
The platform has data from every NFT on the Solana marketplace, including the current prices of all assets, the number of tokens minting per day, and the date and time of the next token mint.
This will allow users to easily compare one artist’s work against another or look up specific pieces based on their rarity. Additionally, artists can use this tool to keep track of the value of their creations as they move around different markets.
What are Rarity Tools?
Rarity tools determine the rarity of NFTs and rank them accordingly. Imagine it as a database where users can look up specific tokens to see how rare they are compared to other tokens in their collection. It will also detail the specific criteria that go into determining a token’s rarity score. With this knowledge, collectors may quickly compare the value and rarity of various NFTs within a single collection to make more informed purchases.
Although the real rarity rankings are the same across platforms, it’s crucial to remember that each rarity tool platform has its own proprietary scoring methodology. Thus, the rarity score will probably vary.
With this knowledge, collectors may easily compare the value and rarity of specific NFTs within the same collection.
What Makes an NFT Rare?
As with most things, rarity plays a big role in determining price. In fact, some people even use the word “rare” to describe items that aren’t actually scarce.
For example, many collectible cards are printed in limited quantities, but they’re still considered common because there are plenty of copies out there. Rarity isn’t just about scarcity; it’s also about exclusivity. If someone owns a piece of art or jewelry that no one else does, it’s likely to be more desirable.
In general, the more unique an item is, the more valuable it’ll be. This concept is called the law of demand. Essentially, the more exclusive an item becomes, the harder it is to acquire. For instance, eBay recently introduced a feature that allows sellers to tag certain items as rare. These tags indicate that the item is extremely hard to find and, therefore, highly valued.
Another way to determine the rarity of an asset is to look at its supply. More specifically, we’re talking about the number of tokens that exist relative to the total amount of tokens that could ever exist. For example, let’s say I sell my entire collection of Pokémon cards to you.
You might think those cards are incredibly valuable since there are only so many. However, if I had originally purchased them 10 years ago, the total amount of cards that existed would have been much lower. Therefore, the same set of cards today would be less valuable.
The same thing applies to digital currencies. If Bitcoin suddenly disappears tomorrow, paying $1 million for a single token wouldn’t make sense. Instead, you’d probably want to buy as many as possible in case the market crashes.
Why Are Tools Necessary for NFTs?
You can assess and study an NFT before investing in it using a range of NFT tools. You can remain on top of things and make smart decisions as a result. You can find those little nuggets of NFT gold by using the appropriate instruments, much like you can by using a shovel or an ax.
You can use various resources to help you find new NFT initiatives to invest in. They will assist in locating NFT markets, news sources, and rarities. These sources are a crucial component of your toolset while you carry out your research. Inaccurate or misinformed information might make or break an investment or even include you in a scam.
You need the correct tools to assess the accessibility and scarcity of particular assets, whether you’re new to NFTs or already have your own collection. We can divide the tools into two categories – Tracking NFTs and Trading NFTs tools.
Why Is NFTs Rarity Important?
Rarity is a big deal in collectibles because it determines how valuable a specific piece of art is within a collection. Without knowing the rarity of an item, it is difficult to estimate its worth accurately. In fact, there are many different ways to check the rarity of an NFT. One way is to simply look at the number of appearances of the trait in question within the collection.
For instance, let’s say we want to find out what percentage of NFTs in the Bored Ape Yachts Collection have a PFP appearance. To do this, we’ll open the collection in the web browser and type “pfp”. This brings us to a list of all the NFTs in our collection.
We’ll scroll down to the bottom of the list and see that there are 3,100 total NFTs in the collection. 2,500 have a PFP appearance, meaning that approximately 75% of the NFT population has a PFP appearance.
Now that we know roughly how common the PFP appearance is among the NFTs in this collection, we can determine how valuable each one is. Let’s take the Bored Ape with the PFP appearance, for example. The rarity rank of this particular NFT is 1,839, making it the 19th rare NFT in the entire collection. As you can imagine, the value of this NFT will be much higher than the average NFT in the collection.
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You can search by collections, drop date, floor price, total volume, or blockchain to determine a Solana NFT’s rarity. Select the blockchain filter first, then select Solana to find a Solana NFT. Only Solana collections that are listed on Rarity Sniper will now appear in the search results.
You can check the NFT by entering your NFT ID number when you’ve located the Solana NFT collection you’re looking for. By doing this, your NFT will be retrieved, along with a rarity chart and ranking similar to the one above. To ascertain the rarity of NFTs, you can also filter collections based on their characteristics or ranking.
Yes, there are various rare tools for Solana. The best ones are SolanaFloor, HowRare.is, HelloMoon NFT. and HyperSpace.xyz.
You can check the rarity of Solana NFTs projects on SolanaFloor, and HowRare.is, HelloMoon NFT. and HyperSpace.xyz.
The most popular Solana NFTs (at the time of writing) in terms of volume are Okay Bears. DeGods, Blocksmith Labs, and GGSG: Galactic Geckos
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com