Clipart of a rock sold for 400 ether, or about $1,3 million, late Monday afternoon. The rock belongs to the NFT collection EtherRock, a set of NFT images that has been operating since 2017 — making it one of the oldest non-fungible tokens in crypto.
The rock art sold at the end of Monday afternoon only for 400 ethers, or approximately $1.3 million. The transaction represents EtherRock’s newest sale, a crypto-collectible brand that has been operating since 2017 — making it one of the oldest non-fungible tokens on the market.
EtherRock is a cartoon rock JPEG created and sold on the ethereum blockchain, as the name suggests. There are only 100, and that scarcity is part of what drives its worth.
Just spent half million dollars on a rock 😂 pic.twitter.com/4zDmDgzERz
— Justin Sun 🅣🌞 (@justinsuntron) August 22, 2021
Following this recent transaction, the EtherRock NFT’s new price floor was increased to $1.02 million. The cheapest rock jumped to $305,294 two days ago. It was $97,716 two weeks ago. The increase in sales prices corresponds with a widening growth in NFTs, which are blockchain tokens that represent digital asset ownership.
For instance, some individuals purchase digital pictures of apes and change their Twitter photos to show their participation in the Bored Ape Yacht Club.
Following a fall in demand this spring, a huge rebound took place on the entire NFT market beginning at the end of June.
What are NFTs, even?
An NFT is essentially a digital collectable item that maintains value as a kind of money and as a form of art or culture. Much as art is regarded as an investment that holds value, so are NFTs today.
Let’s break the word first. NFT is for non-fungible tokens — a digital token, like Bitcoin and Ethereum, which is a kind of cryptocurrency. However, as opposed to a normal Bitcoin coin, an NFT is unique and cannot be traded like this (hence, non-fungible).
So what makes an NFT more unique than a normal cryptocurrency? The NFT contains additional information, raising it beyond basic money. They are just like any other piece of the tangible collection, except you’ve got a JPG file instead of getting an oil painting on canvas to display on your wall, for example.
NFTs are part of a blockchain thus they are separate tokens that include additional information. This additional information is an essential element, so that art, music, video (and so on) may be taken into account, in the form of JPGS, MP3s, movies, GIFs and more. As they retain value, they may be purchased and sold just like other kinds of art. As they are art, the market will decide if they are worth anything.