By now we have all heard about crypto punks, the character-based NFT collection that consists of 10,000 unique digital characters that has taken the NfT world by storm. Ether Rocks is another NFT collection that is an early Ethereum NFT project that is experiencing a resurgence in popularity. With only 100 in total, the plain jpg images are selling in the low six figures on NFT marketplaces.
Not everyone would pay $100,000 for a rock. However that is exactly what a number of individuals have been paying for a jpg of a plain grey rock. Last weekend two out of the hundred sold for over $100,000 – with Ether Rock #33 selling selling for 45 ETH ($103,958.25).
While the value of crypto rocks may be disputed, it should be remembered that Ether Rocks are only second to the famous Crypto Punks as first-ever set NFTs launched in 2017, making them – in theory, almost as valuable. At least that is what many of the owners believe. Ether Rocks were also minted using a bonding curve – making them the first NFT of their kind, and increasing their value.
As far as unique collectible characters go, Crypto Punks have proven they are by far the most popular among collectors. The cost of Crypto Punk on the lower end sells for hundreds of thousands, with the most expensive selling for a staggering $7.5 million in March of 2021.
Ether Rocks do not quite have the same cult following as Crypto Punks, and yet with the NFT market jumping up over the past few months and Crypto Punks selling for millions at Sotheby’s auctions – it stands to reason that the second-ever set NFTs would also go up in value and demand.
The Ether Rocks official website has a tongue in cheek statement that describes most accurately the value that might lead someone to being an Ether Rock holder:
“These virtual rocks serve NO PURPOSE beyond being able to be [bought] and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game,”
With only 100 rocks in circulation, it is no surprise that the surge in demand for NFT collectibles has resulted in exorbitant prices for popular NFTS, even if they are just digital rocks.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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