The NFT artwork depicting a rock was sold for 400 Ether, approximately $1.3 million, on August 23.
According to CNBC, the digital artwork of a rock, part of the EtherRock collection, was sold for 400 Ether, equivalent to $1.3 million. EtherRock consists of 100 rocks and has been around since 2017. They are among the oldest NFT projects currently available.
EtherRock Collection. (Photo: EtherRock).
True to its name, EtherRock is a JPEG image of a cartoon rock, created and sold on the Ethereum blockchain. With only 100 rocks available, the “rarity” contributes to the value increase of EtherRock.
So, what is the purpose of these “NFT rocks”? According to the EtherRock website, they serve no purpose other than being bought and sold, providing “a sense of pride in owning one of the 100 rocks.”
Following the aforementioned transaction, the floor price of an EtherRock has risen to $1.02 million. Just two days prior, the cheapest rock was priced at $305,294. Two weeks ago, its lowest price was $97,716.
The rising sale prices align with the recent NFT boom. NFTs use blockchain-based tokens to represent ownership of a person’s digital assets. For instance, recently, several individuals purchased digital artwork of monkeys and changed their Twitter profile pictures to show they are members of the Bored Ape Yacht Club.
After a slowdown in the spring of this year, the NFT market has been revitalized since late June. The NFT marketplace OpenSea surpassed $1 billion in monthly transactions in August, a 286% increase from July, according to data from The Block. Even Visa has joined the NFT frenzy. The payment processing service announced it spent $150,000 in Ether to purchase a CryptoPunk NFT avatar.
