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Rarity calculations are similar to those used by many other rarity sites. If you're interested in the theory behind the rarity calculations, this article gives a very good overview.

Each NFT is ranked by:

• Assigning a score to each attribute based on the number of other NFTs in the same collection with the same value for the attribute. The exact formula is:
  attribute score = number minted / number with same value
• Attributes with a value of "None" are scored based on the number of other NFTs that also do not have a value for the attribute, because sometimes not having a particular attribute could be rare!
• All attribute scores are summed to give a total score for the NFT.
• NFTs are ranked starting at rank 1 for the highest score (rarest) to lowest score (least rare).

The method used here to calculate an NFT's rarity based on individual attributes, while good, does have some shortcomings:

• Very rare attributes contribute significantly to the score. This could result in large changes in ranking in the earlier days of the project when some attributes are rare, but may not be as rare as NFTs are minted.
• For the more common items with higher ranks, where the bulk of the NFTs sit, NFTs can be very different in rank despite having similar scores.
• As the combination of attributes possessed by an NFT aren't considered, the algorithm cannot determine the uniqueness or rarity of the NFT as a whole. If a particular combination of attributes is considered particular rare and valuable, this may not be reflected in the rarity ranking.
• Rarity is just one way of ranking NFTs in a collection. Take it with a pinch of salt.