Critics of NFTs call this year’s market boom a fad, or a short-lived bubble waiting to pop. Well, here’s a mash-up of a perceived fad with one of the best historical examples of a proven fad—and these NFT owners are making bank.
Minted on the Ethereumblockchainblockchain, EtherRock is a series of 100 NFT images of rocks. They’re all identical in design aside from color variances, and they’re inspired by the classic Pet Rock toy craze that blew up in late 1975. However, they’re not brand new, nor were they designed as a winking nod to this year’s NFT market craze: they were first launched in late 2017.
They weren’t popular at the time, however, and most of the NFTs remained unclaimed for years. But the overlooked early NFT project was recently rediscovered and caught steam over the last week, as EthereumEthereum users minted the remaining rocks. Even investor, social media influencer, and NFT entrepreneur Gary Vaynerchuk tweeted about it while discussing the added value benefit of being an early NFT project.
EtherRock #21 purchased for Ξ45 Ether ($135,240.03)
An NFT acts like a deed of ownership for a digital item, be it a video clip, digital painting, or a drawing of a rock. While some NFTs have additional, functional utility, such as interactive video game items, the EtherRocks do not. “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,” reads the official website.
CryptoPunks are considered the OG's of NFTs, not only due to their heritage—they were minted in 2017, well before this year’s boom—but also how much they’ve influenced other NFT sets since. Curious how much they’ve soared in value in recent months? Here’s a prime example of the incredible price multiplier seen of late.
See this CryptoPunk? It’s #2338 in the set of 10,000 such collectibles, and it’s one of just 88 Zombies in the entire bunch, not to mention one of four “Zombie Mohawk Thin” varian...
One purported EtherRocks owner, who claimed to buy #74 in the collection for 15 ETH ($46,300) over the weekend, tweeted about why they think it will be “one of the best investments” they have made in the crypto space.
“As we get into an age of digital collectibles, being one of the earliest forms of the art and the first [to] do something gives them provenance that is valuable. There is also a nostalgia aspect, collectors will seek early pieces with historical significance,” wrote degenharambe. “Monetary value of art is all an illusion. The pet rocks present the perfect shock value, it’s so stupid that it’s perfect. Fate loves irony.”
The sudden rise in demand for EtherRocks comes during a late summer surge in the NFT market. The market produced $2.5 billion in transaction volume during the first half of 2021, but the hype around NFTs seemed to fade in late spring and early summer. Lately, however, transaction volumes are soaring and big-ticket sales have grabbed headlines again.
CryptoPunks has been one of the biggest beneficiaries of this year’s NFT boom, as the collection’s pixelated avatars have dramatically risen in value. The market floor for CryptoPunks hit $100,000 worth of Ethereum for the first time last week, and currently sits above $131,000 per creator Larva Labs’ official tracker.
There have been a few multi-million-dollar CryptoPunk sales in recent weeks, too, including one that sold for $5.4 million worth of ETH in late July, and another that Vaynerchuk bought for $3.7 million around the same time. Last week, a CryptoPunk that was last purchased for just $443 in 2018 sold for nearly $4.4 million worth of ETH.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
NFT Revolution
NFTs are provably unique crypto tokens that are quickly becoming increasingly popular among digital artists, gaming companies, and investors. Track the NFT revolution here.
Gaming giant Square Enix, the firm behind Final Fantasy and Kingdom Hearts, announced this week that it is expanding its blockchain game Symbiogenesis to Sony’s Ethereum layer-2 network, Soneium.
Symbiogenesis originally launched on Ethereum scaling network Polygon, and is currently wrapping up what’s slated to be its final season of content. But that imminent conclusion isn’t stopping Square Enix from a further affiliation with Sony on the blockchain.
The initiative connects Symbiogenesis with...
Doodles took its next major step forward Friday after switching CEOs in January, launching its ecosystem token—DOOD—on Solana with an airdrop for NFT holders.
The initiative is the first critical launch since Scott Martin, better known as Burnt Toast, assumed the project’s chief executive role, beginning an era in which he planned to introduce more risk while doing away with its previously “extractive corpo” initiatives.
Martin, who is also the artist behind the Doodles brand, previously spoke...
Adidas and the makers of Sui-based game Xociety announced a collaboration this week to release limited edition NFT mystery boxes containing in-game character skins, marking the athletic apparel brand's latest move in the blockchain world.
The collection, launching May 16, will offer 2,600 mystery boxes priced at $129 each, each containing Adidas-themed virtual clothing and accessories for player avatars in Xociety—a "pop shooter" game built on the Sui blockchain.
Each mystery box contains Adidas...