Ethereum Whales Are Spending $100,000 on Digital Rocks
Rarer rocks are currently being listed for more than $1.5 million.
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An early NFT project called EtherRocks has soared in value this weekend, with the floor price more than doubling in 48 hours.
EtherRocks Sell For $100,000
EtherRocks is the latest project to benefit from the current NFT mania.
Trading of the digital rocks spiked this weekend, with many now selling for more than $100,000. Just two days prior, EtherRocks were selling for closer to $50,000.
Current #EtherRock Price Floor: Ξ35 Ether ($105,070)
Rock ID 95 Ξ35 ETH
Rock ID 46 Ξ37.68 ETH
Rock ID 81 Ξ39 Ether
Rock ID 5 Ξ42 Ether
Rock ID 25 Ξ42 Ether
Rock ID 59 Ξ42.22 Ether
Rock ID 27 Ξ50 Ether
— EtherRock Price (@etherrockprice) August 8, 2021
Launched shortly after NFT progenitor CryptoPunks in 2017, EtherRocks are another early example of NFTs built on the Ethereum network. Only 100 were ever created, with each subsequent mint becoming more expensive. Paired with the fact that many rocks look to have been lost in the four years since the project’s inception, EtherRocks have become a highly limited collection.
On the EtherRocks website, the project’s creators state that the 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.” Despite this, NFT collectors and speculators see value in the rocks due to the project’s age and how limited the collection is.
Additionally, not all EtherRocks were created equal, with some colors being rarer than others. While most rocks appear in shades of gray, four display a rare blue hue, making them highly sought after. The owners of blue rocks are pricing them at well over $1 million; however, none have sold for that much yet.
Moved my blue Ether Rock up to 500 $ETH because institutions are coming to buy the rocks
— LilMoonLambo (@LilMoonLambo) August 7, 2021
The EtherRocks hype is further proof of the mania surrounding what some are calling “NFT summer.” Over the past month, NFTs on the Ethereum network have surged in popularity with massive price increases for the most sought-after projects. Leading the craze is CryptoPunks, which jumped in value last weekend when an anonymous whale bought 88 Punks in a single transaction, raising the floor price north of $100,000. Other projects, such as Bored Ape Yacht Club and Art Blocks are also seeing the most valuable pieces sell for upwards of $500,000.
Disclaimer: At the time of writing this feature, the author owned BTC and ETH.