Image gallery of a rock that just sold for 400 ethers, or about $ 1.3 million, on Monday afternoon. The transaction marks the latest sale of EtherRock, a collectible cryptocurrency brand that has existed since 2017, making it one of the oldest non-expendable tokens (NFTs) on the blog.
EtherRock is, as its name suggests, a JPEG of a cartoon rock, built and sold on the ethereum blockchain. There are only 100 and this shortage is part of what increases its value.
So what are these rock images for? According to the EtherRock website, “these virtual rocks are for no purpose other than being sold and sold and give you a strong pride in owning one of the only 100 rocks in the game :)”
Following this latest sale, the new minimum price of an EtherRock NFT has risen to $ 1.02 million. Two days ago, the cheapest rock cost $ 305,294. Two weeks ago, was $ 97,716.
The accumulation of the sale price coincides with a broader increase in NFTs, which are blockchain-based tokens that signify ownership of a digital asset. For example, some people buy digital images of apes and change Twitter images to signify membership in the Bored Ape Club.
Following falling demand this spring, the global NFT market experienced a massive rebound, starting in late June.
For example, the NFT OpenSea market topped $ 1 billion in monthly trading volume in August, according to data compiled by The Block, 286% more than in July.
Even Visa has jumped into NFT fashion. The payment processor announced Monday that it had spent $ 150,000 on ether in a “CryptoPunk,” one of thousands of NFT-based digital avatars.
“Purchasing CryptoPunk from Visa is another example of a Fortune 500 race to incorporate NFT into its 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 buying Visa is the biggest investment so far.”