Most NFT buyers buy NFT’s at the current FP of the NFT collection in question.
Why?
Simply because NFT’s at the current FP offer the cheapest entry into the collection and also, when trying to sell the NFT, it is just much easier and faster to sell common NFT’s in comparison with rare NFT’s.
However, sniping rare NFT’s out of a collection can also make you a lot of money but to do so, you need a lot of experience and also a little bit of luck.
But how do you know if an NFT is rare in the first place?
Let’s dive right into it and let’s have a look at the determining factors when it comes to the rarity of a certain NFT.
Telling the Rarity of an NFT: Main Indicators
- Collection Size
- Traits
- Filtered Floor Price
- Rarity Tools
1. Collection Size
NFT collections are ranging in size. And also from blockchain to blockchain.
For instance, ETH collections often go up to 10’000 items (=NFTs) per collection.
On Solana, however, the collection size is often around 3’000 instead. Even collections with around only 500 NFTs are pretty common on Solana.
Now, as far as the rarity of an NFT goes, the number of total items in the collection obviously have a big influence on how many rare NFTs can be found within a certain collection.
However, each and every NFT collection can decide by themselves how many rare items they want to have in their collection.
How rare a certain NFT is within the collection is usually determined by its traits.
Read on to find out more about traits.
2. Traits
NFT collections are usually based on a number of unique traits.
The more traits there are, the more interesting the NFT collection will be.
This is also why the number of traits you can find in an NFT collection are steadily increasing.
In 2022, decent NFT collections usually sport at least 200 traits. But the trend is clearly to have even more traits.
Typical traits on NFT collections are:
- Head
- Background
- Eyes
- Mouth
- Skin
- Hand
- Clothes
Also, many collections will further categorize their NFT’s into Common, Rare, Mythic & Legendary types.
Commons will be, as the name suggest, the most common ones in the collection, wheres Mythics and Legendary ones will be the rarest NFT’s in the collection.
3. Filtered Floor Price
Another good way to determine how rare your NFT is, is to have a look at the current floor price of your NFT.
However, you are not going to have a look at the general FP, you will need to have a look at the specific floor price for certain traits!
For instance, let’s say you own a Gothic Degens NFT (Solana-based NFT).
One of the most characteristic traits categories for Gothic Degens is the “Skin” category.
And within the “Face” category, the trait “Red Skull” is the rarest of all.
Now, supposing that you have a Gothic Degen with the Red Skull trait, what you would want to do is to filter the current floor price so that you will only see the prices for listed Gothic Degens with red skulls.
On Magic Eden, the most popular NFT marketplace for Solana NFT’s, you can easily do so by using the filter option, then choosing the trait category (in our case “Face”) and then by selecting the trait “Red Skull.” Magic Eden will then only show you the prices for listed Gothic Degen NFTs containing the trait Red Skulls.
Then, just have a look at the cheapest NFT that you can find in the list (you can further filter by selecting Price: Low to High) and you will know the current floor price for Gothic Degen NFTs with feature the trait “Red Skull.”
And just like that, you have determined the actual value of your NFT and hence, you have also determined the rarity of your NFT.
4. Rarity Tools
Manually checking and comparing traits on an NFT marketplace is very time-consuming. This is why, at this day and age, there are many tools that can quickly tell you how rare an NFT is. Depending on the blockchain your NFT is based on, the tools you can use to determine the rarity of an NFT vary.
If you are trading Solana NFT’s, you can use the following tools and websites to determine the rarity of your NFT’s:
Also, every NFT project usually has a Discord channel and for some of these projects, you can check the rarity of the NFT’s directly within Discord via a Discord bot.
If you are trading ETH NFT’s, you can use the following tools and websites to determine the rarity of your NFT’s:
However, it needs to be noted that not every collection will be listed on all of these tools.
Therefore, in case of doubt, it is always a good idea to join the Discord server of the NFT project and quickly ask there, where the rarity of the NFT collection in question can be checked.