Facebook
Twitter
LinkedIn
Reddit
Pinterest
Flipboard
Email
Messenger
WhatsApp
NFT of a Rock Sells for $1.7 Million
According to today’s crop of rich kids, flaunting your wealth through material possessions is sooooooo 2012, man. Although losing much of its initial hype, non-fungible tokens (NFTs) have made a triumphant comeback, with a clip art JPEG of a rock recently selling for 400 ether or about AUD$1.7 million for us rookies still using fiat currency.
You’ll also love:
CryptoPunk #7523 NFT Sells at Sotheby’s for $15M
The Bizarre Rise of NFT Digital Diamonds, the Rarest of All Crypto Investments
What Does Smol Mean? The NFT Trend with ‘Smol Dick’ Energy
Current #EtherRock Price Floor: Ξ305 Ether ($1,018,898.25)
Rock ID 62 Ξ305 Eth
Rock ID 57 Ξ325 Eth
Rock ID 89 Ξ333 Eth
Rock ID 38 Ξ345 Eth
Rock ID 48 Ξ666 Eth
Rock ID 66 Ξ666 Eth
Rock ID 77 Ξ777 EthRecent Sales
Ξ400 Eth 25 mins ago
Ξ250 Eth 16 hrs agoATH
Ξ400 Eth 25 mins ago pic.twitter.com/CwXAxtJHW8— EtherRock Price (@etherrockprice) August 23, 2021
The transaction marks the latest sale of EtherRock, a crypto collectible launched in 2017 – making it one of the oldest NFTs in the game. Built and sold on the ethereum blockchain, EtherRock is simply a JPEG of a cartoon rock. With only 100 available, its scarcity has driven up the price tag and led to a huge surge in the market.
Following the most recent sale, the new price floor sits at around USD$1.2 million (AUD$1.65 million). Incredibly, the cheapest rock two days ago was USD$305,294 (AUD$420,000) and two weeks ago; it was USD$97,716 (AUD$135,000). And what inherent value do these magical rocks possess to warrant the cost? Well, according to the EtherRock website, “These virtual rocks serve NO PURPOSE beyond being able to be brought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game :)”
The EtherRock project was inspired by the Pet Rock trend from the 1970s, and while most of us may be scratching our heads as to why any sane human being would pay for them, NFT collector Andrew Kang explains that “the ownership of something so utterly useless is a quintessential example of a flex.”
The NFT craze isn’t limited to just wealthy individuals online; even multinational companies are starting to get in on the action. On Monday, payment processing giant Visa announced that it spent USD$150,000 (AUD$206,000) in ether on a CryptoPunk – a trendy digital-based avatar. “Visa’s CryptoPunk purchase is another example of a Fortune 500 racing to incorporate NFTs into their marketing strategy,” said Scott Spiegel, co-founder at BitBasel, a Miami-based blockchain start-up. “Brands such as Taco Bell, Pizza Hut, and Pringles have released NFTs of their own, but Visa’s purchase marks the largest investment in the space to date.”
You’ll also love:
CryptoPunk #7523 NFT Sells at Sotheby’s for $15M
The Bizarre Rise of NFT Digital Diamonds, the Rarest of All Crypto Investments
What Does Smol Mean? The NFT Trend with ‘Smol Dick’ Energy
Sam Mangioni
Sam Mangioni is an experienced Staff Writer with an extensive background in digital content production and news. Prior to working for Man of Many, Sam spent three years at Southern Cross Austereo where he served as a Content Producer and News Reporter for the flagship Triple M Breakfast Program. The Sydney-based reporter completed a Bachelor of Commerce from Macquarie University Majoring in Marketing in 2014. A specialist in sport, lifestyle and gear coverage, Sam's work has also featured in Fight News Australia.
