Understanding how rarity works is crucial. It can make non-fungible tokens within the same collection more or less valuable and sought-after. When collectors don’t know how rare their NFT is, they are likely to misjudge the true value of the token. Some buyers actively search for underpriced NFTs on secondary markets, expecting to resell them for more money later and make a profit from the difference.
In simple terms, rarity is how common (or uncommon) a certain NFT is within a collection. It is calculated based on the frequency of various traits the image is comprised of. For example, the famous CryptoPunk collection has two trait categories: five character types with a total of 87 different accessories. While all CryptoPunks sell for large sums of money, the ones with rare traits fetch higher prices. For instance, Alien Punks (appear in 9 out of 10,000 NFTs) and Punks with a Pilot Helmet (appears 54 times out of 10,000) rank in the top when it comes to the latest sales prices.
In Dallia’s NFT collection for her song Yin and Yang, there are four trait categories: featured image, background color, frame, and confetti. Let’s take a look at how they are spread throughout the 200 tokens.
Each NFT has one of five featured images: Intimate (100/200), Confident (70/200), Daring (24/200), Bejeweled (5/200), and Liberated (1/200). Intimate is the most common, with 50% of all tokens having this trait. On the contrary, Liberated is the most rare, with only one NFT having this image (0.5%).
From left to right: Intimate, Confident, Daring, Bejeweled, and Liberated.
There are also eight background colors: purple, red, blue, orange, green, yellow, pink, and turquoise. Purple is the most common, with 28% of all NFTs rocking this background while turquoise is the least common - only one NFT has it.
The last two trait categories are frames and confetti that follow the same principle of three possible options. They can be gold, silver, or none.
Looking at the statistics, you can clearly identify the most rare NFTs. They have a Liberated or Bejeweled featured image, Turquoise or Pink background, Gold confetti, and/or Gold frame. They are exceptionally exclusive compared to the others in the collection.
Buying a Yin and Yang token from the primary market gives you a unique chance to receive an NFT at random for just $15, whether it is more or less rare. If you are purchasing it later from a secondary market, it is a good idea to check how its rarity and price compares to the other tokens in this collection.
What combination of traits are you hoping to get? Will you receive a rare feature image with your favorite color as a background? Let us know on Twitter or Instagram @WooshRocks. In the meantime, take a look at Dallia’s NFT offering.