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NFT Rarity & Ranking
Mintify is using three different methods to display ranks and rarity for each NFT token.
When we roll out new features for Mintify we prioritize security and scalability. When it comes down to NFT token ranking and rarity, the current meta is saturated. It's more about which metric/brand the community trusts rather than what's the most accurate way to calculate traits.
We offer 3 different methods to calculate the ranks and rarity of each token and give our community complete control over customizing their preferences.
We are using a simple formula that adds a score to each trait and then we calculate the total score of each token to generate the ranks within second.
The Jaccard index (source: https://en.wikipedia.org/wiki/Jaccard_index) is the most accurate method to calculate true rankings by comparing each NFT separately and creating ranks based on true uniqueness. This method does not take into consideration 1/1 traits.
Rarity Sniper is broadly used because of their curated approach around rarity, they work with creators to finalize the rarity of each collection by giving custom weight to 1/1 traits.
Since we are in control of #1, and #2 we've optimized our rankings to dynamically populate once a collection drops or is being revealed in real-time whereas 3rd party providers usually take hours or days. On the other hand, our Rarity Sniper integration is only available on verified collections that are manually vetted and adjusted by the Rarity Sniper team.
A key trading aspect in the NFT market can be rarity. NFT rarity is founded from traits and distinctive differences in collections reveal, this will be reflected in ranking NFTs based on their uniqueness or special features/utilities. Rarity can be a key factor to determine the perceived value of an NFT.
The potential value a rare trait has in NFTs can be distinguished from other NFTs in a collection, 1 of 1’s, low % trait feature, limited amount in a certain description/feature in the collection, utility of a trait etc. NFT traders like to trade on these features if they can and especially look out for quick pick ups from the initial reveal of a collection.