22.05.2022

How Rare Is Your NFT?

How Rare Is Your NFT?

One of the most important features of NFTs, for collectors especially, is their rarity. You don’t want your token to be too similar to those of other people, and ideally, you want it to have extremely rare traits, if possible. The more unusual and exclusive an NFT’s attributes, the more collectible it is. The more collectible, the more valuable. So rare NFTs - just like rare cards or even cars - may cost more, but are a good investment, since you can always find a buyer for them.

What are typical traits in NFT collections?

For example, most NFT collections have base figures – such as a bird, cat or ape – which then have extra colours and accessories added, and features which change. This could be the colour of the character, its eyes, hat or other headwear, sunglasses or other eyewear, clothes and shoes. Other features that change from one token to another could be the background colour or pattern.

If you think about one of the most well-known NFT collections, the Bored Ape Yacht Club, these simians have any number of different attributes, so that each one genuinely has its own identity – Hawaiian shirt, Japanese bandana, 3D glasses, and even patterned skin (leopard print, for example). But where the ape’s personality can really be seen is in its eyes and the emotions expressed there, in tandem with its mouth – grinning, grimacing, sad, angry, surprised – and, of course, bored. These often unusual, incongruous and colourful combinations are what make NFTs so fun and eye-catching.

The traits of Cool Pericos

In the case of Cool Pericos, the 1900 tokens that Fayre has created with Espanyol RCD, they have nine changeable attributes in total: body colour, beak colour, tail colour, clothing (including team shirt with Espanyol logo, naturally), crest or headwear, footwear, item carried under its wing, and – of course – a football. Some of the rarities are geographically specific to Catalonia, the region where Espanyol RCD is located. These include a bag of calçots (large spring onions which are barbequed), a barretina (hat) and espardenyes (espadrilles, rope-soled shoes).

How do you assess rarity in an NFT?

The first type of ranking we’ll look at is the trait rarity ranking. This focuses on one particular trait, to see how unusual it is within a collection. Here is the formula to calculate this ranking: 1 ÷([Number of Items with that trait value] /[Total number of items in collection]).

So for example, with the Cool Pericos, only 111 in total have a pink tail. To calculate the rarity of a pink-tailed Cool Perico: 1 ÷ ([111/1900) = 5.87%. This particular Perico trait has a rarity ranking of 5.87%.

You can also have average trait ranking, where you take all traits and find the average between them. In this assessment, the value of any extremely rare trait will be diluted by the more common ones. So a blue Cool Perico (common trait, 80%) with pink tail (rare, 6%) and surfboard (also fairly rare, 15%), would average out at (80+5+15) ÷ 3 = 33.33% average trait ranking.

The eight most rare tokens in our Espanyol collection are called Super Cool Pericos. All Gold, All Silver, All Bronze, All White, Pirate, Royal, Rapper and Catalan boy.There is only one of each of these – so if you are lucky enough to get one, then you’ve hit gold!

Collecting and trading NFTs is becoming a very popular pastime, especially for those who are venturing into Web3. But if you haven’t yet, or are just starting to consider it, then now is a perfect time, with a vast array of appealing and highly collectible tokens to choose from. The Fayre Marketplace is a good place to start as we only list high-quality, authentic and verified NFTs in order to avoid fakes, and to protect and reassure our users.