Best NFT rarity tools – check how to assess the value of your tokens

Maciej Zieliński

03 Mar 2022
Best NFT rarity tools – check how to assess the value of your tokens

NFT tokens (Non fungible tokens) are gaining more and more popularity in the new technologies sector. They have spread in almost every area, creating a bridge between the real world and the virtual world. With NFT tokens, their owners have specific rights for certain assets. Unfortunately, many companies decided to use NFT only to achieve profit. What determines their value? What tools can we use to find out whether a given token is worth owning? You can find out in the article below! 

Table of contents

  1. Factors which influence the worth of NFT
  2. Traits, the individual attributes of an NFT
  3. Tools used to evaluate NFT rarity
  4. Momentranks.com
  5. Icy.Tools
  6. Moby
  7. Traitsniper
  8. Rarytassniffer
  9. What is the difference between NFT and cryptocurrency?
  10. How to purchase NFT?
  11. Fundation
  12. Nifty Gateway
  13. OpenSea
  14. Rarible
  15. SuperRare
  16. What are the dangers involved with purchasing NFT?
  17. Summary
NFT rarity tools

Factors which influence the worth of NFT tokens projects

     It is difficult to determine the precise value of the NFT (non fungible tokens) because this asset class is relatively new. It is worth pointing out that tangible works of art, such as a Rembrandt or physical collectors' items such as NBA player cards, have specific values. In practice, NFT investors wishing to purchase NFT tokens may find it difficult to decide whether a particular form of investment is of interest. To date, many NFT Token products are available on the market. In this respect, fundamental principles have been developed to help establish that NFT carries value. Their attractiveness is determined by the following factors: 

  1. Rarity rank– is an indicator that literally translates into how rare and "difficult to acquire" a specific NFT token is. Good examples of rarity are first of their kind works of art created by a famous digital artist or NFT created by a renowned celebrity. Another factor which indicates rarity is the effect that NFT technology provides in a given sector. 
  2. Usefulness – The usefulness of non fungible tokens results from its actual use, both in the physical and digital world. For example, some NFT are more than collectors' items because they can be used in games to create virtual characters, lands, etc. 

The above-mentioned feature of NFT gives them immediate value, which grows in time. An example of NFT solutionsare Euro 2020 NFT tickets, Collector's Cards such as Geralt of Rivia in the card game “The Witcher Universe Gwent”.

  1. Tangibility – Some NFT are linked to objects in the real world, which also for them to be verified based on their physical characteristics. In principle, anything can be supported by the NFT in order to consolidate ownership rights. However, the value of such an object is determined by its practicality, rarity and personal satisfaction of the users.

Traits, the individual attributes of an NFT 

     Traits are individual features that are an important part of any strategy for the nft rarity of a particular NFT project. When analyzing the various features for given NFT tokens, it is worth considering that it would be a good idea to have at least 150 different attributes. In practice, however, the more diverse the characteristics of a project are, the more unique it will be. Traits can be divided into: 

  1. Feature categories – their main purpose is to help organize all unique features into a specific category. 
  1. Unique features – it is not possible to develop an appropriate rarity strategy for a project without its individual characteristics. Characteristics belong to specific categories. Individual characteristics are an important part of each strategy regarding NFT rarity and are the basis for many related projects. 
  1. Extremely rare features – a set of unique features should always contain rare features. It should be noted that they should not exceed more than 1 percent of the total NFT project volume. 

As you can see, the three basic elements make NFT tokens original. However, specialist rarity tools have been developed to help us evaluate a project. 

NFT rarity tools

NFT rarity tools

Nft rarity can be describe by tools. Below are the new technologies that have received positive reviews from NFT users. The most popular rarity tools for are: 

Momentranks.com

Momentranks makes acquiring NFT tokens easy. This is a great source of accurate NFT token valuations, market tools, sales levels and market capitalization analysis. 

Icy.Tools  

This is a basic tool for tracking NFT. First-time users prefer this solution because of its transparency, simplicity and the ability to quickly analyze the market.

Moby 

Moby is an unpopular but powerful site that provides real-time data and statistics on multiple NFT tokens. This information can help investors monitor assets and make faster decisions regarding new trends.

Traitsniper 

Traitsniper is another website that can be used to analyze new NFT projects. With its minimal features, it focuses on analyzing ongoing and upcoming projects and detecting NFT metadata for good investment potential based on their Traits. 

Rarytassniffer 

Offers the latest rankings of fresh NFT designs based on their rarity. The rarity tools provides information on the latest NFT collections and historical collection data.

NFT rarity tools

What is the difference between NFT and cryptocurrency?

     NFT collections and cryptocurrency are based on the same technology – blockchain. The NFT markets are shaped in such a way that transactions can be made using cryptocurrency. However, let us remember that cryptocurrency and NFT are completely different products that have been developed for different purposes. Cryptocurrency is a means of payment which is intended to hold a specific value, to be used as exchange goods for other services, etc. NFT tokens can themselves be property and the right to a specific digital commodity. They are closer to a security, or shares, rather than cash. 

NFT space - How to purchase NFT collections?

     You can buy, sell, or trade with NFT. Transactions may take place on exchanges or on specific NFT markets. The creator of a token, or its current owner, determines the token price himself. It is also possible to conduct NFT auctions. In such a case, the bidders will decide on the price. Here are some examples of websites where are nft shop, end where you can purchase NFT or see nft rankings.

Fundation 

It is a market created and managed by the community. Access to it is only possible if you receive an invitation from one of the NFT investors of this market.

Nifty Gateway

It is an art-oriented NFT market. Its main goal is to work with renowned companies, athletes, and artists.

OpenSea

It is one of the most powerful and pioneering sectors where NFT can be found and purchased. It includes a range of collectors' items and there's something here for everyone!

Rarible

It offers a range of NFT, with art as a priority. The platform created its own token, the RARI, which is used to reward its members for specific activities. 

SuperRare

This place creates a market that offers and at the same time supervises the NFT sector. There are many tokens here that are worthy of attention.

The registration process on each of the above-mentioned platforms may vary from market to market. The basic principle is similar – you buy Non Fungible Token with a cryptocurrency such as ether, although the price can also be stated in dollars. The total cost of the transaction depends on where we buy NFT and at what rate. 

What are the dangers involved with purchasing NFT?

     NFT trading is a technical process that can be misunderstood. As such, some people who want to purchase NFT are unaware that any interaction with blockchain involves fees. In addition, investors must be aware of whether a solid and fair entity is behind the NFT. Otherwise, we may be afraid of losing money. Interestingly, some people buying NFT do this by using bots, as thanks to them their transactions are fast and fully automated. Unfortunately this leads to situations, where new users who wish to purchase NFT may be too late, as they were slower than a robot.  

Summary 

     NFTs market are modern forms of capital investment in a product, the link between the digital world and the real world. It is worth knowing the rules and tools that will make us more aware of what we want to invest in. The tools used to assess the rarity and the design of Traits will certainly help us with that! We should also remember that, before making an  investment decision, we should familiarize ourselves with the creativity and achievements of the NFT creator, regardless if a single person or an entire team is behind the project.

NFT collection, as well as upcoming NFT projects, are an opportunity for NFT investment. It is important to remember that NFT collectibles should be evaluated on the basis of their rarity rank. The total rarity score of the NFT will show us how interesting and original the project is. NFT investment, purchasing NFT, or NFT drops should be pre-checked and analyzed using NFT tools, global NFT project rankings and NFT news. Afterwards we should run the entire process through NFT analysis based on the NFT we wish to purchase. Let us remember that every project must be checked thoroughly and professionally, as the safety of our finances is paramount.

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Authorization and Identity: Chainlink Use Cases

Karolina

14 Feb 2024
Authorization and Identity: Chainlink Use Cases

Chainlink stands at the forefront of enhancing security and compliance within smart contract-enabled blockchain networks. By enabling direct access to real-world data, Chainlink ensures that blockchain applications can operate with the same level of trust and verification as traditional systems. This integration is crucial for a wide range of applications, from financial services requiring Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance to any form of digital agreement that needs to securely verify the identity of parties involved.

Overview

Chainlink is a decentralized oracle network that plays a critical role in bridging the gap between smart contracts on blockchain networks and real-world data. It enables smart contracts to securely interact with external data.

  • Decentralized Data Oracles. Chainlink's network of decentralized oracles ensures that data fed into smart contracts is accurate and tamper-proof, mitigating risks associated with relying on a single data source.
  • Smart Contract Connectivity to Real-World Data. It facilitates the seamless integration of external data sources, such as financial market data, weather information, and much more, enabling smart contracts to execute based on inputs from the real world.
  • Chainlink VRF (Verifiable Random Function). This feature provides a secure and provably fair source of randomness for blockchain applications, crucial for gaming, NFTs, and any application requiring random number generation.

READ: "What is Chainlink"

When it comes to authorization and identity verification, Chainlink's role becomes even more crucial. By connecting smart contracts with external data sources, such as governmental identity databases or digital identity verification services, Chainlink enables the creation of blockchain applications that require verified human identities. This capability is essential for applications that must adhere to regulatory standards or for those seeking to mitigate the risk of fraud.

Moreover, Chainlink's decentralized nature ensures that the process of identity verification is not only secure but also resistant to manipulation. By leveraging multiple independent oracles to fetch and validate data before it's provided to a smart contract, Chainlink ensures a level of reliability and trustworthiness that centralized data sources cannot match. This decentralized approach to authorization and identity verification opens up new possibilities for blockchain applications, making them more accessible, compliant, and secure for users around the globe.

The integration of Chainlink's decentralized oracle network into the domain of authorization and identity verification heralds a new era of security, efficiency, and compliance for blockchain applications. By leveraging real-world data and external verification services, Chainlink enables smart contracts to perform functions that were previously unthinkable in the blockchain space. Here, we explore several key use cases where Chainlink's technology significantly impacts authorization and identity verification processes.

E-Signatures

In the digital age, e-signatures have become the norm for legally binding agreements, eliminating the need for physical presence or paper-based documents. Chainlink oracles facilitate the integration of blockchain applications with leading e-signature providers like DocuSign. This integration ensures that e-signatures can be verified and recorded on the blockchain, providing immutable evidence of agreement and authorization. Furthermore, by enabling smart contracts to interact with e-signature solutions, Chainlink opens the door to automated contract execution based on the completion of digitally signed agreements, thereby streamlining business processes and reducing the time and cost associated with manual verification.

Biometrics for Smart Contract Authorization

Unstoppable Domains uses Chainlink oracles to enable users to tie their off-chain Twitter identity to their on-chain Ethereum domain name (Source: chain.link)

Biometric verification offers a high level of security and convenience for identity verification, leveraging unique physical characteristics such as fingerprints or retinal patterns. Chainlink enables smart contracts to securely access and verify biometric data, ensuring that only authorized individuals can trigger certain actions on the blockchain. This use case is particularly relevant for access control systems, secure transactions, and identity verification processes that require a high degree of trust and security. By connecting smart contracts with biometric databases and verification services through Chainlink oracles, blockchain applications can achieve a new level of security and fraud prevention.

Credential Verification

Credential verification is crucial in numerous applications, from financial transactions requiring proof of funds to access systems demanding specific security clearances. Chainlink oracles play a pivotal role by securely relaying credential verifications from external systems to the blockchain. This capability allows smart contracts to automatically verify users' credentials in real-time, facilitating seamless transactions and interactions that require verified identity or authorization credentials. For example, a decentralized finance (DeFi) platform can use Chainlink to verify a user's creditworthiness or asset ownership before allowing them to participate in lending or borrowing services.

Social Media Identity and Domain Names

The integration of social media identities with blockchain applications enhances user experience by providing more intuitive and human-readable identifiers, such as domain names or social media handles. Chainlink oracles facilitate this by securely linking off-chain social media identities to on-chain addresses or domain names. This use case not only improves the usability of blockchain applications but also adds an extra layer of verification, as users can easily confirm the authenticity of the parties they are interacting with.

Intellectual Property Management

Chainlink's decentralized oracle network enables smart contracts to interact with external IP databases for verifying ownership and facilitating transactions related to intellectual property (IP). This application is particularly useful for copyright and trademark management, patent licensing, and royalty distribution. By automating IP verification and transactions through Chainlink, creators and owners can more efficiently manage their rights and receive payments, while users gain access to verified IP assets.

Contribution Bounties in Open Source Projects

Open-source projects can leverage Chainlink oracles to automate the verification of contributions and the distribution of bounties. By connecting smart contracts with public code repositories like GitHub, Chainlink allows projects to automatically track contributions, verify the fulfillment of predefined conditions, and release payments to contributors. This application streamlines the contribution process, incentivizes open-source development, and ensures that contributors are fairly compensated for their work.

Conclusion

Chainlink significantly impacts blockchain, enhancing security and compliance, especially in authorization and identity. It bridges real-world data with blockchain, ensuring trust and wider adoption. As blockchain evolves, Chainlink's innovations promise a more inclusive digital future. Its key role in securing and streamlining blockchain applications marks a crucial step forward for digital interactions. Chainlink is pivotal for a secure, compliant, and efficient blockchain ecosystem, shaping the future of digital transactions.

If you are interested in utilizing Chainlink or other blockchain-based solutions for your project, please reach out to contact@nextrope.com

Chainlink vs. Avalanche: Exploring the Blockchain Frontier

Karolina

13 Feb 2024
Chainlink vs. Avalanche: Exploring the Blockchain Frontier

Chainlink emerges as the bridge between the real world and the blockchain. On the other side, Avalanche flashes through the blockchain space with a lightning speed platform that promises scalability without compromise. Both are revolutionaries in their own right, yet their paths are markedly different. Chainlink's quest to secure the integrity of off-chain data in a decentralized manner contrasts with Avalanche's mission to redefine blockchain's scalability and usability. But what happens when these paths intersect?

Overview

Chainlink is a decentralized oracle network that plays a critical role in bridging the gap between smart contracts on blockchain networks and real-world data. It enables smart contracts to securely interact with external data.

  • Decentralized Data Oracles. Chainlink's network of decentralized oracles ensures that data fed into smart contracts is accurate and tamper-proof, mitigating risks associated with relying on a single data source.
  • Smart Contract Connectivity to Real-World Data. It facilitates the seamless integration of external data sources, such as financial market data, weather information, and much more, enabling smart contracts to execute based on inputs from the real world.
  • Chainlink VRF (Verifiable Random Function). This feature provides a secure and provably fair source of randomness for blockchain applications, crucial for gaming, NFTs, and any application requiring random number generation.

READ: "What is Chainlink"

What is Avalanche?

Overview

Avalanche is a highly scalable blockchain platform designed for decentralized applications (dApps) and custom blockchain networks. It distinguishes itself with its emphasis on scalability, speed, and eco-friendliness.

Key Features of Avalanche

  • High Throughput and Low Latency. Avalanche boasts a high transaction output rate with low latency, making it an ideal platform for scaling dApps and financial solutions.
  • Eco-friendly Consensus Mechanism. Unlike proof-of-work (PoW) systems that require significant energy expenditure, Avalanche uses a novel consensus mechanism that is energy-efficient, contributing to a more sustainable blockchain ecosystem.
  • Scalability and Interoperability. The platform supports the creation of multiple custom blockchains that can interoperate seamlessly, facilitating a diverse and scalable ecosystem of applications.

READ: "Avalanche’s Investment in Real-World Assets Tokenization"

As blockchain technology continues to evolve, understanding the nuances between different platforms and solutions like Chainlink and Avalanche becomes increasingly important. Here's how these two blockchain giants stack up against each other:

Underlying Technologies and Architectures:

  • Avalanche utilizes a unique consensus protocol known as Avalanche consensus, combining the benefits of classical consensus algorithms with the decentralized nature of blockchains. This protocol allows for high throughput, quick finality, and energy efficiency.
  • Chainlink, on the other hand, is not a blockchain but a decentralized network of nodes that provide data to blockchain networks. It uses a network of independent node operators who are incentivized to provide accurate data to smart contracts.

Consensus Mechanisms:

  • Avalanche employs a Proof of Stake (PoS) model designed to be lightweight and energy-efficient. Validators participate in reaching consensus by staking AVAX tokens, contributing to the network's security and governance.
  • Chainlink does not use a consensus mechanism in the same way a blockchain network like Avalanche does. Instead, it relies on a decentralized network of oracles to validate and relay data, ensuring the integrity of information provided to smart contracts.

Chainlink is best suited for applications that require secure, reliable, and tamper-proof data inputs from the real world. This includes:

Avalanche is optimized for a wide range of blockchain applications needing high throughput, quick finality, and scalable infrastructure, such as:

  • Scalable DeFi platforms and DEXes.
  • Enterprise blockchain solutions.
  • Custom blockchain networks (subnets).

Examples of Real-World Applications and Partnerships:

  • Chainlink has partnered with Google Cloud for cloud data integration and with numerous DeFi platforms like Synthetix and Aave for price feeds and randomness.
  • Avalanche has formed partnerships with Deloitte for enhancing security and speed in disaster relief platforms and with top DeFi protocols to build on its highly scalable network.

Ecosystem and Community

Development Community and Ecosystem Support:

  • Both Chainlink and Avalanche boast robust and active communities. Chainlink's community is highly engaged in developing external adapters and securing data for smart contracts. Avalanche's community focuses on developing dApps and custom blockchain networks.

Tools, Resources, and Support:

  • Chainlink offers extensive documentation, a vibrant developer community, and grants for projects integrating Chainlink's technology.
  • Avalanche provides developers with comprehensive resources, including tutorials, technical documentation, and funding for ecosystem growth through the Avalanche Foundation.

Tokenomics and Market Performance

  • LINK (Chainlink's token) is used to pay for services within the Chainlink network, including data requests to oracles. It incentivizes node operators to provide accurate data.
  • AVAX (Avalanche's token) serves as the native currency within the Avalanche network, used for transaction fees, staking, and governance.
  • In terms of market performance, both LINK and AVAX have shown significant growth and adoption, reflecting their utility and the demand for their respective network's services. However, their performance can vary based on overall market trends, technological advancements, and adoption rates in their specific use cases.

LINK vs AVAX

Potential for Integration

The potential for integration between Chainlink oracles and Avalanche’s blockchain platform is substantial. Chainlink’s decentralized oracles can provide Avalanche-based applications with secure and reliable real-world data, enhancing the functionality and scope of Avalanche’s already fast and scalable blockchain. This integration can benefit a wide range of applications, from DeFi and insurance to gaming and prediction markets, by providing them with the essential data needed to operate effectively and transparently.

Conclusion

Chainlink and Avalanche, while serving distinct purposes within the blockchain ecosystem, demonstrate a powerful synergy when combined. Chainlink’s ability to provide secure, reliable, and decentralized data complements Avalanche’s high-throughput, scalable blockchain platform, enabling developers to build more complex, useful, and transparent applications.

READ ALSO: "Chainlink vs Polkadot"

If you are interested in utilizing Chainlink or other blockchain-based solutions for your project, please reach out to contact@nextrope.com