Create Non-fungible Token by Understanding NFT Value with Rarity Rank

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The NFT market has seen billions of worth of transactions and its popularity is growing day by day. Many celebrities have launched their own NFT collections while others want to Create NFT Token and brands have been utilizing NFTs for marketing.

What is NFT Rarity?

Some NFTs are more valuable than others. The rarity of an NFT collection can be determined by its traits within the collection it represents. The more difficult it is to obtain a specific NFT, the more is its value. For instance Bored Ape Yacht Club (BAYC) is a group of 10,000 NFTs and each NFT is unique in the collection, each NFT token in the collection has different rarity depending upon what the ape is doing, wearing, etc. If you want to know How to Create NFT Token, NFT marketplaces can help you step-by-step in the process.

How to Check the Rarity?

There are platforms and dedicated programs that calculate the rank of an NFT depending on its rarity. The following points are considered while determining the rarity of an NFT:

1. Popularity
2. Trading Volume
3. Ownership History

What Factors Affect the Demand of an NFT

While rarity is an important factor that affects the value of an NFT, there are multiple factors like aesthetic qualities, creator's reputation, exclusive community access, which are important components of an NFTs market value. The price also depends upon what specific properties the NFT community values.

Final Words

You can too Create Non-Fungible Token as the NFT market is not going anywhere anytime soon. The rarity of an NFT collection helps sell NFTs at a higher price as they are more in demand.