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Clip art of a rock that just sold for 400 ethers, or about $ 1.3 million, late Monday afternoon. The transaction marks the last sale of EtherRock, a collectible crypto brand that has been around since 2017, making it one of the oldest non-fungible (NFT) tokens in the block.
EtherRock is, as the name suggests, a JPEG of a cartoon rock, built and sold on the ethereum blockchain. There are only 100, and this rarity is part of what increases its value.
So what are these rock photos for? According to the EtherRock website, “These virtual rocks serve NO PURPOSE beyond being able to be brought in and sold, and gives you a strong sense of pride in owning one of the only 100 rocks in the game 🙂 “
Following this latest sale, the new floor price for an EtherRock NFT was raised to $ 1.02 million. Two days ago, the cheapest rock went to $ 305,294. Two weeks ago, it was $ 97,716.
The increase in the sale price coincides with a larger increase in NFTs, which are blockchain-based tokens signifying ownership of a digital asset. For example, some people buy digital images of monkeys and edit their Twitter images to signify their membership in the Bored Ape Club.
After declining demand this spring, the global NFT market made a strong comeback from the end of June.
For example, the NFT OpenSea market exceeded $ 1 billion in monthly trading volume in August, according to data compiled by The Block, up 286% from July.
Even Visa jumped into the NFT craze. The payment processor announced on Monday that it had spent $ 150,000 on ether on a “CryptoPunk” – one of thousands of NFT-based digital avatars.
“Visa’s purchase of CryptoPunk is another example of a Fortune 500 race to integrate NFTs into their marketing strategy,” said Scott Spiegel, co-founder of BitBasel, a Miami-based blockchain startup. “Brands such as Taco Bell, Pizza Hut and Pringles have released their own NFTs, but the purchase of Visa marks the biggest investment in the space to date.”
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