Just days before the collection’s price floor crossed $1 million USD, a clip art NFT JPEG of a rock sold for $608,000 USD.
Even the most basic version of the Ethereum-based NFT at the time, according to a new message from Twitter account EtherRock Price on August 22, reached a stunning 321.12 ETH, which is nearly $1,046,742 USD. The most expensive one went for 420 ETH, which is roughly $1,397,277 USD. EtherRocks were selling for roughly $300,000 USD just a day before, a significant increase over the $100,000 USD price tag two weeks prior.
While the massive increase in value may appear appealing to potential investors, Decrypt points out that EtherRocks are nothing more than JPEG photographs of rocks with no inherent worth other than to be traded, making the market highly speculative and erratic. There are a total of 100 EtherRocks, with the illustrations coming from a royalty-free clip art library. The project was inspired by the 1970s Pet Rock craze, and while most people may not understand why individuals are willing to spend so much for them, NFT collector Andrew Kang adds, “Owning something so absolutely worthless is a typical example of a flex.”
Current #EtherRock Price Floor: Ξ321.12 Ether ($1,046,742.02)