NFT Markets was launched to provide a holistic view of the NFT marketplace, both in terms of allowing consumers to trade their NFTs freely, as well being able to rank generative art and collectible NFTs by its rarity score. The ability to trade NFTs freely also helps, creators to launch new digital works, and developers to build rich, integrated marketplaces for their digital items.
NFT Markets also allows collectors to check the rarity of a NFT within a given collection, using an easy to understand ranking filter, thus allowing them to see how rare any NFT is, because the rarer the NFT, the higher the value.
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Ranking of NFTs is done by giving each trait of a given NFT a “trait rarity score”, which is done by taking the total number of NFTs within a collection and dividing it by the number of NFTs that contains that specific trait. The same formula is then applied to all other traits, which are then multiplied to provide the overall rarity score for an NFT within a collection. This may sound simple, but when you‘re dealing with large collections that contain thousands of individual NFTs, calculating the rarity of each NFT can be difficult.
Although several pillars (art; utility; community; rarity) are needed for a successful NFT project, rarity is the most important factor when valuing an NFT.
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