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• EtherRock, a first Ethereum-based NFT project from 2017 depicting multi-colored rocks, is now in high demand.
• Two of the 100 NFTs in the pool sold for more than $ 100,000 worth of Ethereum each over the weekend, and the market is almost as high.

Critics of NFT called this year’s market boom a fad, or a short-lived bubble waiting to burst. Well here’s a mix of a perceived fad with one of the best historical examples of a proven fad, and these NFT owners are bankers.

He coined the Ethereum blockchain, EtherRock is a series of 100 NFT images of rocks. All are identical in design, aside from color variations, and are inspired by the classic Pet Rock toy craze that exploded in late 1975. y are not new, however, nor were they designed as a flirty nod to madness. This year’s NFT market: First launched in late 2017.

At the time, however, they were unpopular and most NFTs remained unclaimed for years. But the first neglected NFT project has recently been rediscovered and has become all the rage in the last week, as Ethereum users minted the remaining rocks. Also investor, social media influencer and NFT Entrepreneur Gary Vaynerchuk tweeted about it while discussing the value-added advantage of being one of the first NFT projects.

Now secondary prices are skyrocketing. Over the weekend, two Ether Rocks were sold for over $ 100,000 worth of Ethereum each, including EtherRock No. 21, which sold for 45 ETH (or $ 135,240) Sunday. In addition to confirmed sales of over $ 100,000, the cheapest EtherRocks still on the market are now priced just below that level.

An NFT acts as a title deed to a digital object, be it a video clip, a digital painting, or a drawing of a rock. While some NFTs have additional functional utility, such as interactive video game objects, EtherRocks do not. “se virtual rocks are for NO PURPOSE other than to be [bought] and sold, and it gives you a strong sense of pride in owning 1 of the only 100 rocks in the game,” says the Official Site.

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An alleged owner of EtherRocks, who claimed to have purchased number 74 in the collection. for 15 ETH ($ 46,300) over the weekend, he tweeted about why they think it will be “one of the best investments” they have made in the crypto space.

“As we enter an era of digital collectibles, being one of the earliest and earliest art forms [to] doing something gives them a provenance that is valuable. re is also a nostalgic aspect, collectors will be looking for the first pieces with historical significance, ”he wrote. degenharambe. “ monetary value of art is all an illusion. Pet rocks feature the perfect impact value, it’s so silly it’s perfect. Fate loves irony.

sudden surge in demand for EtherRocks comes during a late-summer surge in the NFT market. market has produced $ 2.5 billion in transaction volume during the first half of 2021, but the excitement around NFTs seemed to fade between late spring and early summer. Lately, however, transaction volumes have been on the rise and bulk sales have made headlines again.

CryptoPunks was one of the biggest beneficiaries of this year’s NFT boom, as the collection’s pixelated avatars have risen significantly in value. CryptoPunk market reached $ 100,000 worth of Ethereum for the first time last week and is currently over $ 131,000 per official Larva Labs Tracker creator.

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re have also been some multi-billion dollar CryptoPunk sales in recent weeks, including one sold for $ 5.4 million in ETH in late July, and another that Vaynerchuk bought for $ 3.7 million around the same time. Last week, a CryptoPunk that was last bought for just $ 443 in 2018 sold for almost $ 4.4 million ETH.

Disclaimer

views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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