certify
Home arrow Article arrow Article Detail

Someone paid $1.3 million for a picture of rock

Profile Image

Indrani Bose Follow

INDIA

Aug, 28 2021

Aug, 28 2021

likes | comments 0

Article Image

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. 


likes | comments 0

Profile Image

Indrani Bose

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Innovative Bitcoin Tool Empowers Billions of Companies with Lightning-Fast BTC Payments, Revolutionizing the Trillion-Dollar Market

The LINER (Lightning Index Rate) index is a cutting-edge tool that Amboss, a well-known Lightning data provider, has released in a bid to spur business adoption of Bitcoin's Lightning Network.;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.