How Do I Find Out How Much My NFT is Worth?
Currently, in order to answer this question, you’re forced to use a hodgepodge of 3rd party tools, spreadsheets, NFT rarity tools, and speculation. None of which give you definitive answers. From a user experience standpoint this is a terrible onboarding mechanism and ultimately leads to users leaving. They simply can’t speculate or instinctively trade like experienced users in the space. No one tool gives your ranking data and projected values backed by a confidence score, until now.
The goal with Beyond Rarity 2.0 is to help usher in the next wave of users in the NFT space. An easy-to-use valuation tool stabilizes and creates a more rational market. A clean user experience will ease the transition from web2 to web3. Valuation creates symmetry in the marketplace and now users won’t be left feeling like they need a master’s in CT (crypto Twitter) lingo and technical analysis to find value-based entry points into communities. So how does this all work?
Once you visit the site you’ll be presented with a scatter plot chart showing all listed and unlisted NFTs within a specific collection. Connect your wallet and watch our proprietary BRITE line appear on the chart. With this one master view, you can search a collection and know instantly what is over or underpriced and its deviation from the expected. It’s really as simple as that. Get specific by filtering tokens via traits, rank, and price thresholds all while getting instant results with each tick of a box.
What is the BRITE line? It’s that blazing pink line and much like our early toddler years, we just need to follow the light. The BRITE line is a proprietary algorithm that creates the most accurate price projection backed by a confidence score rating. You’ll have instant insights into an entire NFT collection in one view. The algorithm uses machine learning pulling a combination of data points from marketplace sales, ranking algorithm, blockchain transactions, creator sentiment, end-user sentiment, and social signals.
If you’d like to dive into the nitty-gritty of how the BRITE price algorithm works check out our previous article Modeling NFT Prices with Smooth Isotonic Regression.
The team is looking to release the MVP (Minimum Viable Product) in mid to late September. For a limited time, we are allowing a select few from outside the community to be a part of the testing process. If you’d like to get exclusive access to the alpha version of Beyond Rarity sign-up using the form below.
How we got here
The first layer of the application started as a rarity tool. For those of you that don’t know, rarity tools rank NFTs by factoring in the total rarity of traits or attributes of the metadata within the specific NFT and/or collection. The first version of Beyond Rarity launched in January ’22 out of the necessity to handle the complexity and nuance of the Wall Street Dads NFT collection.
For those of you that don’t know the Wall Street Dads collection features over 1,200 unique elements and each NFT has up to 21 traits. Electing to buck the meta of PFP-focused projects. Wall Street Dads are pictured with their arms stretched open holding items in their hands depicting the balancing act of our ambitions/dreams and the responsibilities we experience. Each NFT is telling a story. As such the need for an NFT rarity tool with some innovation was in order.
How did Beyond Rarity innovate NFT rarity? First and foremost trait weighting, because at the end of the day not all traits are created equal and should be weighted as such.
Why is an eyebrow color valued the same as an outfit? With these unique ranking controls, creators are enabled to tailor the rarity of their collection as they see fit. You are no longer held hostage, so break free. This opens the door for the influence of human sentiment. What traits do you perceive to have the most value throughout your collection or better yet what traits does your community value the most within your collection?
The next major innovation is the introduction of vibes or simply put theme scores. When you have 1,200 unique elements not everything will always work well together. However, groupings of items or partial grouping of items do occur. Collectors can always see vibes, though no tool allows you to program it into the overall rarity of your collection, and they should, so Beyond Rarity built it.
Combinations of sets or traits create a richer storytelling experience. Look at the example below of the McDegens a unique combination of traits that occurs within the Degenerate Ape Academy Collection.
Dive into our previous article discussing Theme Scores and NFT Rarity.
We mentioned earlier the Wall Street Dads collection and how they were the catalyst for the rarity tool. Well, it doesn’t stop there. The Dads are also responsible for the 3K collection of their counterparts, Wall St Moms.
The Moms are made up of a dizzying 2K+ unique elements smashing the record-setting number of combinations that the Dads had. The Moms were released in May ’22, four months after the Dads, you can find them on OpenSea. Between the two collections, there are 6K tokens circulating the Ethereum chain, and are your only way to unlock the advanced features of Beyond Rarity 2.0.
Looking forward
The implications of accurate price estimations don’t end with great entry and exit points of collections. It can fundamentally change the way portfolio management tools assess the value of your NFTs, tax preparation becomes accurate, and lending protocols can give users better options outside the value of the floor. If you have a dapp, protocol, or service that could benefit from having access to NFT value estimation we’d love to hear from you. Please reach out to us at partnerships@beyondrarity.com
Thank you for taking the time to learn about Beyond Rarity. Please check out some of our previous articles below.
What are Dynamic NFTs?
Are NFTs Dead?
Is Magic Eden an OpenSea Killer?
