CryptoPunks transferred this idea to digital artwork and the NFT game was never the same.
There are 10,000 NFTs in the CryptoPunk collection and most of the Punks are humans; 3,840 Female and 6,039 Male. There are also 88 Zombies, 24 Apes, and nine Aliens. Aside from each character type, there are 87 additional attributes. The rarer attributes include beanie (44 in the collection), and choker (48). It is also rare for a CryptoPunk to have no attributes at all (8), or 7 attributes (only 1).
Unsurprisingly, Alien Punks and Punks with rare attributes like a beanie generally fetch higher prices than more common types and traits make up most of the collection.
By making each CryptoPunk NFT unique and some rarer than others, Larva Labs created a hierarchy within their collection and generated excitement among collectors.
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For profile picture (PFP) NFTs, traits might consist of a face, mouth, eyes, headwear, background, accessories, and whatever other characteristics make up the NFT.
In the popular NFT collection Bored Ape Yacht Club, for example, the Bored Unshaven Pizza Mouth only appears 26 times out of 10,000 in the collection. This makes each NFT that contains the trait extremely rare since only .26% of the NFTs in the collection have the Unshaven Pizza Mouth.
Unsurprisingly, six out of the top 20 most rare Bored Apes contain this trait.
Even less surprisingly, since NFTs that possess unique traits or a combination of unique traits have higher rarity rankings, the Bored Apes that have an Unshaven Pizza Mouth are extremely valuable.
When you don’t know how rare your NFT ranks within a collection it is nearly impossible to accurately determine its value.
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The meteoric rise of NFTs has made many people curious about the nascent technology, from individuals to big businesses.
In fact, it seems like nearly every day another well-known brand or company enters the NFT space, and celebrities are buying into NFT collections and releasing their own projects left and right.
But for people interested in purchasing NFTs or creating their own exclusive NFT project, understanding what makes them valuable is critical.
You should understand the myriad of factors that go into an NFT collection’s rarity chart.
Listed below are some of the different elements to consider when creating an excellent rarity chart for an NFT collection:
- Trait categories. Dividing traits into distinct categories helps organize all a project’s unique traits.
For example, suppose you have four trait categories in your collection including Mouth, Background, Facial Expression, and Headwear. Within each category, there would be a certain number of specific traits.
For example, perhaps there are 7 different types of Backgrounds—and they vary in how frequently they appear in the collection. Rarity Sniper recommends that to make your project visually appealing you should have a minimum of 7 trait categories.
- Unique traits.
These are the specific traits that fill out each trait category.
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NFTs, calculating the rarity of each NFT can be difficult.
Fortunately, there are several tools available to help you determine an NFT’s rarity, the best of which is called Rarity Sniper. Rarity Sniper is one of the biggest NFT communities in the world, and it all started with one person’s realization of the importance of determining the rarity of NFTs.
Nearly a year ago, the owners used a rarity tool to “snipe” exclusive NFTs from Bored Ape Kennel Club and Cool Cats.
NFT “sniping” refers to purchasing rare NFTs that are underpriced on secondary markets, usually because the seller is unaware of the NFTs’ rarity.
When they realized how useful the tool could be for the NFT community, they created a Rarity Sniper Discord to help people check their NFT’s rarity accurately.
And collectors who get lucky enough to mint a rare NFT from a successful collection can be rewarded.
How Does Rarity Affect NFT Prices?
By looking at sales from a classic NFT collection such as CryptoPunks, we can see how rarity affects the value of each NFT. Listed below are some of the top and bottom sales of CryptoPunks over in 2021-2022:
- Punk 5822.
Sale Price: $23.7 million. Rarity rank: 17th. Special traits: 1/9 Alien Punk. 1/333 Punks with only 1 attribute. Sale date: Feb. 12, 2022.
- Punk 7804. Sale Price: $7.57 million.
Rarity rank: 11th. Special traits: 1/9 Alien Punk. 1/254 with cap forward. Sale date: March 11, 2021.
As you can see the two top-selling Punks are extremely rare within the collection.
Conversely, here are two examples of Punks that are more common:
- Punk 4778. Sale Price: $194,573. Rarity rank: 8538.
Rarity Sniper Discord grew to over 250 thousand users, the Rarity Sniper team decided to make an improved rarity tool. In only twelve hours they coded an enhanced rarity checking tool, and shortly after made it available to everyone on the Rarity Sniper Discord server.
At the time of writing, the Rarity Sniper Discord has over 300K active users and growing. In November, Rarity Sniper launched its website—which saw almost 1 million unique visitors in the first month.
Currently, the site ranks over 1,000 generative NFT collections by rarity and allows users to search the collections based on traits, see collection stats, upcoming NFT drops, and even list their NFT projects on the upcoming NFT drops calendar.
Recently, a “buy now” feature was recently added that enables visitors to check not only the rarity but also the price of an NFT on the secondary marketplace OpenSea.
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This is called the “trait rarity score.” The trait rarity score is determined by taking the total number of NFTs within a collection and dividing it by the number of NFTs that possess a specific trait. Traits that appear less frequently among the digital assets are given higher trait rarity scores.
To calculate the overall rarity score of the NFT, the values of these traits are added up.
Although other factors can be involved when calculating rarity and rarity checking tools are not always in 100% agreement about ranking, Rarity Sniper has proven to be a reliable tool for thousands of investors, collectors, and NFT fans.
How to check an NFT’s rarity?
If you’re considering buying into an NFT collection after it has been released, then you want to make sure you check the NFT’s rarity and how the price compares to others in the collection.