Rarity is the number of unique traits an NFT has in relation to the rest of the collection.
NFTs with higher rarity often translate into higher value NFTs. Uniswap uses Rarity Sniper to determine the rarity of NFTs.
Sometimes, a collection may not show up on Rarity Sniper. In this situation, Uniswap uses PopRank to determine rarity.
An algorithm takes into account the following models to determine rarity ranking:
- Trait Rarity Model: Compare the rarest trait of each NFT in a collection. Select the NFT that has the lowest percentage in any category. The lower the percentage, the rarer the NFT is.
- Statistical Rarity Model: Multiply all the NFT’s trait percentages together. The lower the percentage, the rarer the NFT is.
- Average Trait Rarity Model: Take all the traits of each NFT in a collection and average all the percentages out.
The final number will help determine how rare the NFT is. The lower the percentage, the rarer the NFT is.
- Rarity Score Model: The rarity score model is one of the simplest and most reliable ways to rate how rare NFTs are. This model differs since users calculate it by fraction instead of by percentage.
This model is also very popular and most NFT sites use it. The higher the score, the rarer the NFT is. See the formula used to calculate this below.