An early NFT project called EtherRocks soared in value this weekend, with the reserve price more than doubling in 48 hours.
EtherRocks sold for $100,000
Ether is the latest project to benefit from the current NFT mania.
Trading in digital rocks spiked this weekend, with many now selling for more than $100,000. Just two days ago, Ether Rocks were selling for close to $50,000.
EtherRocks is another early example of an NFT built on the Ethereum network, shortly after the launch of CryptoPunks, the originator of NFTs, in 2017. Only 100 were created, and each subsequent mint became more expensive. Add to that the fact that many of the rocks seem to have been lost in the four years since the project began, and Ether has become a highly limited collectible.
On EtherRocks’ website, the project’s creators state that the virtual stones “serve no purpose other than to be bought and sold, and to give you a strong sense of pride in owning one of only 100 stones in the game.” Nonetheless, NFT collectors and speculators see the value of the stones because of the age of the item and the limited nature of the collection.
In addition, not all Etherstones are created equal, and some colors are rarer than others. While most of the rocks are gray, there are four rocks that show a rare shade of blue that makes them highly sought after. The owner of the blue rocks has priced them at well over $1 million; however, no rocks have yet sold for that much.
The hype over the Ether Rocks is further evidence of what some are calling the “Summer of NFT” frenzy. Over the past month, the popularity of NFT on the Etherite network has surged, with prices for the most sought-after items rising sharply. Leading the craze were CryptoPunks, whose value jumped last weekend when an anonymous whale purchased 88 Punks in a single transaction, raising the reserve price to over $100,000. Other projects such as Bored Ape Yacht Club and Art Blocks also saw the most valuable pieces sell for more than $500,000.