In a sale that has left the whole of CryptoTwitter bewildered once more, an NFT Rock art has been sold for 400 ETH. This is the dollar equivalent of $1,326,280.00 as at the time of purchase. This comes just a day after Visa announced their purchase of CryptoPunks NFTs for $150,000. EtherRock launched in 2017 and has been around for creating NFTs. This makes it one of the oldest NFT projects in the space.
Only 100 EtherRock NFTs can ever be available on the market. This makes them extremely rare, and consequently, pegs a high price on each of them. Each rock has a unique ID that makes it completely inimitable. As of August 24, 2021, all 100 EtherRock NFTs and have owners.
According to the EtherRock platform, currently, the most expensive rock is EtherRock 1. It is selling for a whopping 10,000 ETH. This sale involved the purchase of EtherRock 42. Apart from EtherRocks and CryptoPunks, other NFT artists, such as the Bored Ape Yacht Club, are gaining popularity in the NFT space.
What is EtherRock NFT
An EtherRock NFT is simply a JPEG image of an animated rock. Information on the EtherRock website clarifies that the virtual rocks serve “NO PURPOSE” beyond being traded on the open market. Despite having no purpose, these humongous NFT purchases help to suave the direction of the masses onto NFTs.
EtherRock claims that the main advantage of owning these virtual rocks is the sense of pride you will have in owning a rare digital item. However, in light of recent events, this is not entirely accurate. NFTs hold considerable potential since they are the gateway for real-world assets to get tokenized on the blockchain.
How to Buy EtherRock NFTs
For those of you who have money to spend on virtual rocks, here is a simple guide on how to buy one:
Step 1: Go to the Metamask website and download Metamask.
Step 2: Proceed to create a wallet. Afterward, ensure that you securely store your seed phrase (Preferably offline) to avoid loss of funds.
Step 3: Head over to the EtherRock website and connect your Metamask Wallet to the website. (Note: You must be using a Web3 Browser such as Brave or Chrome).
Step 4: Select the rock you want to buy from the list of Rock IDs.
Step 5: Click on “BUY,”. Then, a Metamask window will pop up for you to confirm the transaction.
Step 6: Congratulations, you now own one of the rarest collectibles in the history of Non-Fungible Tokens.
Conclusion
The NFT craze seems to only be beginning. At this pace, almost every rare piece on the OpenSea marketplace will be selling for a fortune. The incredible thing is that actually are buyers for these products at these ridiculous prices. This is an indication of a budding market that is yet to stabilize and mature. Young markets are characterized by volatility, and they stabilize as they mature.