Discover NTO. What is “rarity”?

Feb 01, 2023
14:02
2 min reading

Choise.com team

You might have seen a special word “rarity” near every Choby in your profile on nto.choise.com. Have you ever wondered what it means? Today we will explain this word in relation to Chobies.

What is the NFT rarity and why is it so important?

“Rarity” is the unique characteristic of every NFT, and the Chobies are no exception.

The overall NFT rarity is usually determined by the rarity of each feature. When it comes to the Chobies, the collection consists of NFTs with different features randomly assigned during minting: 5 types of Chobies, 8 types and 12 colors of masks, 12 types of eyes, 8 types of smiles, 12 zodiac signs and 3,000 names. For example, if a green Choby is quite common and not rare, a multicolor is, on the opposite, the most rare one. In addition, each type comes with different attributes or traits which also have different rarity. E.g., if “T-shirts” are extremely rare attributes, “Hats” are more common.

All this gives rise to 10^14 different variants of Choby NFTs.

Check the Gallery to discover more https://nto.choise.com/choby

How to calculate the rarity?

There are several methods for calculating the total rarity of a single NFT. They include calculations based on the rarest trait, on the average rarity of features, or statistical evaluation of rarity. At the same time all these methods focus on general features of NFTs.

To fix this flaw, Rarity Tools came up with the method called “rarity estimation". According to it, “The total Rarity score for the NFT is the sum of the rarity scores of all values of its attributes.”

The formula for calculating the rarity score of the attribute value is as follows:

Rarity score for the attribute value = 1 / ([number of items with this attribute value] / [total number of items in the collection]).

In this formula, both single NFT traits and general rarities of the trait are considered. Thus, it has become the standard for NFT rarity ranking.

How to check the NFT rarity?

Obviously, no one really wants to calculate the rarity of each individual NFT on their own. For this purpose, there are several investment tools:

OpenSea is the largest and the most popular NFT marketplace. Along with facilitating sales, it shows NFT ratings based on volume, minimum price and other statistics providing information on the best collections for the last 24 hours, 7 days, 30 days or all the time. The best option is to use the OpenSea ranking together with any of the above mentioned tools.

Ultimately, investing in NFT involves risks. Therefore, the rarity should not be the only criteria when buying NFTs. It is very important to conduct your own research and understand the market before making any investment decision.