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Someone paid $1.3 million for a picture of rock

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Indrani bose Follow

INDIA

Aug, 28 2021

Aug, 28 2021

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Late Monday afternoon, on the Ethereum blockchain, a pixelated picture of a rock got sold for 400 ether or about $1.3 million as per ETH value at press time.

The new price floor for an EtherRock NFT went to $1.02 million due to the sale of this Clipart of a rock. The cheapest rock went for $305,294 two days ago. Two weeks ago, it was $97,716. In 2019, the NFT total market cap was a few tens of millions of dollars showing itself heated up in a big way. NFT marketplace OpenSea surpassed $1 billion in monthly trading volume in August 2021 which is up 286% from July.

Some people are buying digital images of apes and changing their Twitter images to highlight membership in the Bored Ape Yacht Club. Last week Tron founder Justin Sun got one of these JPEGs for over $500,000, one he fashioned with ‘laser eyes’ for displaying on Twitter.

Other company purchasing rocks

Payments leader VISA declared of investing $166,000 for purchasing its first-ever NFT which is in ether on CryptoPunk #7610. The CryptoPunk which is one of thousands of NFT-based digital avatars was got from a pseudonymous NFT collector. Visa’s purchase marks the largest investment in this arena to date. As per Scott Spiegel, co-founder at BitBasel, a Miami-based blockchain start-up “Visa’s CryptoPunk purchase is another example of a Fortune 500 racing to incorporate NFTs into their marketing strategy,”. Brands likes Taco Bell, Pizza Hut, and Pringles have also released NFTs of their own.

What is EtherRock ?

EtherRock is a JPEG of a cartoon rock, built and sold on the ethereum blockchain. Since 2017 this type of crypto collectibles is there hence it is the oldest non-fungible tokens (NFTs) on the block. Scarcity in the circulating supply led to allure thereby raising the value as there are only 100 out there.

What makes EtherRocks so expensive?

It is one of the earliest and rarest Ethereum assets, hence it gives a strong sense of pride to the holders owning 1 of the only 100 rocks in the game. According to the EtherRock website these virtual rocks has no particular purpose other than being able to be bought and sold. 


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Indrani bose

CBW - External Analyst

INDIA

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