Clip art of a rock that just sold for 400 ethers, or about $ 1.3 million, late Monday afternoon. The transaction marks the most recent sale of EtherRock, a brand of crypto collectibles that has been around since 2017 – making it one of the oldest non-fungible tokens (NFTs) on the block.
EtherRock is, as the name suggests, a JPEG of cartoon rock built and sold on the Ethereum blockchain. There are only 100, and that scarcity is part of what adds to its value.
So what are these rock art for? According to the EtherRock website, these virtual rocks are for NO PURPOSE other than being brought and sold, giving you a strong sense of pride in owning 1 of the only 100 rocks in the game 🙂 “
Following this latest sale, the new price floor for an EtherRock NFT was raised to $ 1.02 million. Two days ago, the cheapest stone was $ 305,294. Two weeks ago it was $ 97,716.
The rise in selling price coincides with a wider surge in NFTs, which are blockchain-based tokens that indicate ownership of a digital asset. For example, some people buy digital pictures of monkeys and change their Twitter pictures to show membership in the Bored Ape Yacht Club.
After a slump in demand this spring, the overall NFT market experienced a massive comeback from the end of June.
For example, the NFT marketplace OpenSea topped $ 1 billion in monthly trading volume in August, according to The Block, up 286% from July.
Even Visa jumped into the NFT frenzy. The payment processor announced Monday that it had spent $ 150,000 in Ether on a “CryptoPunk” – one of thousands of NFT-based digital avatars.
“Visa’s CryptoPunk purchase is another example of a Fortune 500 race to incorporate NFTs into their marketing strategy,” said Scott Spiegel, co-founder of BitBasel, a Miami-based blockchain start-up. “Brands like Taco Bell, Pizza Hut, and Pringles have launched their own NFTs, but the Visa purchase is their biggest investment yet.”