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| Madness NFT.. Million dollars for a picture of a rock |
NFT token rock clip art has sold for 400 Ethereum, or about $1.3 million.
The deal marks the final sale of EtherRock, a registered trademark of one of the first non-fungible-type cryptocurrencies that launched shortly after CryptoPunks launched in 2017.
As the name suggests, EtherRock is a JPEG image of a rock being built and sold on the Ethereum blockchain. Only 100 pieces are available, and this rarity is what makes them so valuable.
According to EtherRock, these virtual rocks have no other purpose than buying and selling, and they make you proud to own just one of 100.
Following this latest sale, the price of EtherRock's new floor has been raised to $1.02 million. The lowest price for a rock band two days ago was $305,294. Two weeks ago it was $97,716.
The rise in sales prices coincides with the exponential growth of non-fungible tokens, the blockchain-based tokens that represent ownership of digital assets.
For example, some people buy digital photos of monkeys and edit their photos on Twitter to indicate that they are members of the Bored Ape Yacht Club.
Madness NFT.. Million dollars for a picture of a rock
After declining demand this spring, the irreplaceable coin market has largely recovered since the end of June.
For example, the monthly trading volume of the NFT OpenSea market exceeded $1 billion in August, up 286% from July.
Even Visa entered the world of irreplaceable tokens. The payment processing giant has announced that it has spent $166,000 on Ethereum's CryptoPunk. One of thousands of digital avatars based on irreplaceable tokens.
Scott Spiegel, co-founder of blockchain startup BitBasel, said, “Visa’s acquisition of CryptoPunk is yet another example of Fortune 500 companies competing to integrate non-fungible tokens into their marketing strategies.
"Brands such as Taco Bell, Pizza Hut and Pringles Potato Chips have released their irreplaceable tokens," he added. But buying Visa is by far the biggest investment in this area.