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Brent is working on NFT sharing / renting

@BingBongBrent

Sep 14

8 tweets
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NFT rarity explained🧵⬇️ Why is it hard to determine what's rare and what's not? 1/8

Tim Ferriss

@tferriss

Sep 14View on Twitter

For NFT pros - how do you define or quantify "rare" or "ultra-rare" in a collection? What are the cut-offs? Looking for something quantifiable and not feeling-based, if possible. Thanks for any and all thoughts! 🙏

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Let's say this is a there's a property on an NFT collection called color. It determines the color of the NFT: blue, red, yellow, etc. In total, there are 20 different colors that the NFT can be. But each one is equally rare. 2/8

That would mean that there's a 5% chance that an NFT has a certain color. Which sounds like a rare trait, but then you realize every NFT has one of these "rare traits," so holding one isn't all that valuable. 3/8

Now, let's say there's a "sword" property on the NFT and it determines whether the NFT is holding a sword or not. Let's say 30% of all NFT's get swords. 4/8

Even though the 30% is a much higher chance than the 5% we get with the color, it actually matters a lot more than the 5%. 5/8

This all seems simple with this perfect example I gave: "just pick the NFT that has a sword and ignore the color" but things are a little more complicated in reality: 6/8

An NFT collection might have a property "headgear" and the trait rarities are 5%, 10%, 13%, 35%, 37%. Multiply this by 20 different properties and it's quite difficult to know what the TRUE rareness of your NFT is. 7/8

@rarity.tools is a great source for rarity rankings, and I've linked an article that explains rarity calculation in greater depth, if you're interested :) raritytools.medium.com/ranking-rarity… 8/8

As noted in the Introducing rarity.tools article, one of the most common questions people ask in the discords of collectible NFT projects…

raritytools.medium.com/ranking-rarity…

Ranking Rarity: Understanding Rarity Calculation Methods

Brent is working on NFT sharing / renting

@BingBongBrent

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