EtherRock NFT sells for $1.3 million

Clip artwork of a rock simply offered for 400 ether, or about $1.3 million, late Monday afternoon. The transaction marks the most recent sale of EtherRock, a model of crypto collectible that is been round since 2017 – making it one of many oldest non-fungible tokens (NFTs) on the block.

EtherRock is, because the title implies, a JPEG of a cartoon rock, constructed and offered on the ethereum blockchain. There are solely 100 on the market, and that shortage is a part of what’s driving up its worth.

So, what are these rock pics good for? Based on the EtherRock web site, “These digital rocks serve NO PURPOSE past with the ability to be introduced and offered, and providing you with a robust sense of delight in being an proprietor of 1 of the one 100 rocks within the sport :)”

Following this newest sale, the brand new worth ground for an EtherRock NFT has been raised to $1.02 million. Two days ago, the most affordable rock went for $305,294. Two weeks ago, it was $97,716.

The run-up in gross sales worth coincides with a wider surge in NFTs, that are blockchain-based tokens signifying possession of a digital asset. For instance, some persons are shopping for digital photographs of apes and altering their Twitter photographs to indicate membership within the Bored Ape Membership.

Following a dip in demand this spring, the general NFT market staged an enormous comeback, beginning on the finish of June.

For example, NFT market OpenSea surpassed $1 billion in month-to-month buying and selling quantity in August, in line with knowledge compiled by The Block, up 286% from July.

Even Visa has jumped into the NFT craze. The funds processor introduced Monday that it had spent $150,000 in ether on a “CryptoPunk” – one in all 1000’s of NFT-based digital avatars.

“Visa’s CryptoPunk buy is one other instance of a Fortune 500 racing to include NFTs into their advertising and marketing technique,” stated Scott Spiegel, co-founder at BitBasel, a Miami-based blockchain start-up. “Manufacturers reminiscent of Taco Bell, Pizza Hut, and Pringles have launched NFTs of their very own, however Visa’s buy marks the biggest funding within the area so far.”