Pet Rocks Go Viral on Blockchain
Author: Rachel Martin
In 2017, one of the earliest NFTs came into existence. These are JPEG clip art images of various shades of rocks that have no inherent value, known as EtherRocks. Only 100 rocks exist and will ever exist, making their rare collectible nature the basis of their value.
Recently, EtherRocks have taken the CryptoArt world by storm, as sales of the NFTs surpassed $1 million USD. Suddenly, the EtherRocks went viral and it is only fuelling their profitability.
There are numerous reasons for this: their rarity (only 100 exist, as mentioned previously), the fact that they are one of the earliest NFT projects, their polarising nature, their meme-ability, and the combination of all of these factors – making them coveted by collectors.
On August 23, 2021, EtherRock 42 was purchased for 400 Ether, approximately $1.3 million USD. UK-based trader Tom Osman tweeted about this sale, stating “1.7 ETH to 400 ETH in 19 days. Think this goes down as my best trade” (Source:https://twitter.com/tomosman/status/1429908946949742592?s=20).
Just days previously, the price floor was just over half a million USD. And two weeks before that, they were selling for $100,000 USD.
As Osman stated in an interview with Vice, this is not the last we will hear of significant price increases for EtherRocks.
“The more people hate the rock, the more it increases in price,” he said.
As more people try to adopt the internet “flex” of owning a unique pet rock, the only way for the prices to go is up, and the only reason for this is to out-flex one another.
You can read more about Ether Rocks here: https://etherrock.com/#!