- An NFT’s value is tied to its rarity regardless of any other influencing factors
- Rarities come in many different flavors and can disappear quickly
- There are plenty of tools to make keeping track of NFTs much easier
Coming out on top of any speculative market is already a fraught and difficult affair. But new markets present the particular difficulty of often lacking extensive documentation. Without having fully matured, a market (and the value therein) can shift on a dime, leaving you penniless.
This places a premium on information within newer speculative markets with NFTs being the most recent. While there are a lot of factors that influence the value of an NFT, its rarity is almost without question one of the universal factors. Regardless of the collection’s value, rarer NFTs are more valuable than common ones.
That said, keeping track of an NFT’s value can be just as tricky. With sometimes just minutes separating events, important trades always have a timer. Since we can’t just sit and watch tickers all day, this can let some opportunities slip by unnoticed. That’s why this article sets out to identify how to keep track of NFT rarities without watching a screen.
Everyone knows that the rarity of an NFT matters, but not everyone knows how to read it. Falling into sunken-cost situations is extremely easy and difficult to dig out of. However, knowing which NFTs and their rarities are actually valuable is even harder. It doesn’t help that the rarity is often numerous qualities.
Traditionally, you either had to have inside information, pay constant attention, or just get lucky. Thankfully, there are plenty of tools available to take out a lot of the work. Unfortunately, this still generally requires that you understand the market fairly well. This means you need to understand how rarity works and how it’s determined.
This is what the average person thinks about when the words “NFT” and “rarity” come up together. The rarity quality of an NFT heavily depends on the project. A project with half a dozen NFTs might not differentiate rarity. On the other hand, projects with thousands of NFTs will generally have around a handful of levels.
Regardless, the rarity of an NFT within a project collection will provide a general range of the value. However, that doesn’t tell you how valuable it is in comparison with other collections. On top of that, the rarity within the collection is only part of the asset’s rarity. Most NFTs have qualities called attributes that can radically change the base value.
While it might be presented as secondary, attributes often contribute as much, or more, to the value as rarity does. The projects decide the attributes in much the same way as the rarity and often represent accessories on an image. This is how a “common” NFT can be more valuable than a “rare” one– even from within the same collection.
More exciting is the fact that attributes are often the functional part of an NFT as well. For instance, NFT games use attributes to define stats or bonuses. As such, rare attributes can provide additional value for those players. Whether you play or not, that ultimately increases the value of your asset.
This is the go-to tool for those who trade exclusively in Solana-based NFTs. While this tool may not offer anything more than Solana NFTs, it covers its specialty better than most. With over 250 different projects included, this is one of the best ways to keep track of rare Solana NFTs from rare project collections.
That said, outside of rare Solana projects, there’s not that much reason to use this tool over others. Both positive and negative, the user interface can best be described as “bland.” However, the standard “dark mode” palette and “table layout” make quickly scanning the data a breeze.
The data, though, is more than sufficient, if nestled in multiple pages. In fact, the worst thing about Howrare.is is probably the fact that so much of the information requires opening different pages. Thankfully, you don’t have to worry about any serious absent information. There’s even a handy breakdown of the NFT’s metrics.
If Howrare.is is “bland,” then MoonRank is downright barren. That’s not to suggest it doesn’t track many different NFT projects. But the website offers a search bar at the top, an infinite scroll of tiles, and little else. Sure, Howrare.is may have been uninteresting, but you at least had all of the tools at your service.
MoonRank doesn’t offer advanced filters for finding the collection. Granted, once you find the collection you’re looking for, the listing includes all of the standard information. But this is definitely more of a “familiar” speculator’s website. People who don’t already know what they’re looking for need not apply.
Once you’ve found the collection you’re looking for, the secondary filters narrow down by attributes. This means that while finding new collections isn’t the easiest, finding specific assets is easier. If you’re speculating on larger collections, this is a godsend as it allows you to quickly narrow down the options.
RaritySniper is likely the most well-known resource on this list. However, it’s also the only standalone app that tracks Ethereum NFTs as well as Solana assets. For full-time speculators, this feature is a must-have… unless you plan on running multiple appraisals. However, RaritySniper provides additional benefits beyond breadth.
The user interface is probably the best mix between simplicity and information out of the options considered. The white background is bright, but everything is easily found and offers plenty of information. Beyond the surface level, the secondary refinements are just as robust, though there are some limitations.
With 913 total collections, RaritySniper also has the largest database. That said, sometimes less is more, and all of the information can overwhelm a casual trader. It also doesn’t help that the long-term statistics are still a work in progress. Though, it’s also worth noting not many appraisers offer market-level stats either.
Chrome plugin: SolSniper
As the name implies, SolSniper is both a plugin for Chrome as well as a collection appraiser for Solana NFTs. The first part is important because it places additional limitations on the appraiser. You must be using Chrome for the rarity checker to work, and it’s really just an aggregator of MoonRank and Howrare.
However, if you’re running Chrome (sorry Apple users), this is perfect for Smart devices. The user interface is similar to MoonRank in terms of simplicity. As such, it’s better-suited for experienced traders. Though, its sheer utility makes it worth even casual traders learning how to use it.
Beyond ease of use, SolSniper also offers a wide range of information. Even better, the appraiser allows you to create custom search maps with a litany of different settings. However, the app boasts over 20k users and only has 10 reviews– all of them 5-star. That’s a bit fishy, so be cautious when trying the app.
Keep in mind, the rarity of an asset will only provide a relative measure of its value in comparison to other assets in the set. A super common NFT from one project may be many times more valuable than a super rare NFT from a different set. Rarity is only part of an NFT’s valuation, and often not the “big” part.
Even when NFTs first blew up and were little more than objects d’art, their value was still derived elsewhere. In those instances, it was the community or the prestige of the artist and the art that imbued value. While that’s still a major factor today, web3 and the metaverse make use-value important too.
The point is that identifying a valuable NFT is about more than just “rarity.” A better approach would be to find bullish projects and invest in a range of rarities within well-performing collections. That said, once you identify the right collection of assets, rarity steps in as one of the more important factors to guide your investment.
Furthermore, these different values work with rarity in different ways. For symbolic or communal NFTs, the rarity’s value imparts through the community’s esteem. Whether the artistic or sub-niche world, it’s almost entirely subjective. However, for the growing use-value of web3 NFTs, that’s liable to change
Currently, the biggest use-value NFTs confer some kind of playable character or bonus in games. However, the development of the metaverse will inevitably mature that market. Eventually, NFTs will likely become extremely sophisticated software. Who knows how rarity will emerge then.
You’re unlikely to make any money blindly guessing. But, slow information can be just as bad, pushing you to make late trades. Being able to know when the desired rarity from a specific collection goes live on the market is vital. Of course, no one can afford to watch tickers all day– especially those who are employed.
Thankfully, numerous options provide information and different advantages. It’s important to pair up the right app with the right user. If you’re looking for collections across coins, RaritySniper is great. For the largest Solana-exclusive checker, checkout Howrare.is. MoonRank may be the smallest, but it offers some of the deepest tools. Finally, Chrome users can always just use the powerful plugin, SolSniper