Why is the rarity ranking of NFT important?

There are several reasons why checking the rarity ranking of NFTs is important. 1. Helps collectors to make informed buying or selling decisions Rarity tools shade light about an NFT project, giving collectors quality information that could precede investment in the project.

What is NFT & how does it work?

In many NFT sales, what the buyer gets is simply the unique entry in the blockchain database that identifies them as the owner of the digital good — the token, rather than the thing the token represents.

What is a nonfungible token (NFT)?

It stands for "nonfungible token." Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain.

Why do people like NFTS so much?

Lots of people have praised NFTs as they're a way for creators of purely digital art to gain more recognition for their work. With the introduction of assets like cryptocurrencies, many believe the world is moving in a more digital direction and digital art is another big part of this.