Rarity Tool - How Rare is My NFT?
The Rarity Tool platform is rapidly gaining popularity for helping to rank the scarcity of NFT collections. Non-fungible tokens, especially digital art, have become one of the hottest topics in the last few years. Stories of art exchanging for thousands, if not millions, of pounds are not uncommon.
But how do you know how rare your recent purchase really is? Were you ripped off? Did you get a fair deal? One of the most common questions asked is, 'how rare is my NFT?'.
Scarcity is the most important factor when determining the value of any digital art. Therefore, it is easy to understand the popularity of a website dedicated to determining how each purchase ranks against others.
The Rarity Tool site is designed to provide an easy-to-understand and practical ranking of individual pieces and collections of digital art based on their rarity.
So how does it work? Each design is assessed on various measures that are customisable for each project. All scores are then added together to give the total scarcity score.
As each designer will value their creations differently, each trait differs from collection to collection. This makes it hard to compare NFTs against each other. However, it does give designers control over the relevance of each piece in their batch, allowing the creators to rank and price items accordingly.
Because each community scores its designs differently, the website customises the ranking for the item by adding 'derived traits' which are deemed unique. For example, a character with matching clothes acquires more points and is therefore ranked above another character wearing random items.
Of course, all pieces created are unique in design, but a great feature of Rarity Tools is that each piece is ranked on a combination of specific factors which provide the scarcity score.
This is a powerful platform that allows the user to filter and 'drill down' into specific characteristics which your NFT or the one you are searching for may have. The site lets you compare against other pieces with the same traits so you can better understand the worth of your purchase.
However, who actually scores each trait isn't exactly clear. The website doesn't explicitly express whether the ranking is individual, centralised, or community-driven, which makes you question the legitimacy of the site.
That said, the Rarity Tool platform is a fun and useful site dedicated to supporting the NFT community and providing the information needed to rate digital purchases.
Author: Brendan Beeken
Moni Talks Founder and Chairman Brendan Beeken is an entrepreneur, commercial strategist, investor, and philanthropist. He writes on a wide range of subjects, including cryptocurrency, decentralised finance, blockchain, business advice, and professional wellbeing, for news and business websites, as well as Latest Moni and his personal site, brendanbeeken.com. Brendan draws from his own research and more than two decades of personal experience in business to offer a unique insight, perspective, and commentary on diverse subjects. He is passionate about making the cryptocurrency space more accessible and encouraging safer and more responsible trading and investing. Brendan's LinkTree is https://linktr.ee/brendanbeeken.