Ether Rocks, which sell for millions of dollars, have been around for a long time. However, they just recently gained popularity as a result of the NFTs buzz. What are they, how important are them, and is it just another fad?
The cryptocurrency ecosystem has repeatedly taught us that anything, even a collection of plain, digital rocks with no “real” worth or purpose, may become valuable over time.
Non-fungible tokens (NFTs), which are digital valuables kept on the blockchain and can represent everything from art to music to real-world assets, have been the talk of the industry for the past several months.
The frenzy has seen investors pay exorbitant prices for NFTs such as the infamous Beeple’s “First 5000 Days,” which sold for $69 million. Even well-known corporations such as Twitter and Visa are not immune. The social networking platform established its own NFT collections, while the payments giant just paid $160,000 for its first CryptoPunk NFT.
However, emphasis has now switched to EtherRocks, one of the earliest NFT collections that only came to light this year.
Crypto investors and avid NFT collectors are vying for these virtual pebbles, and their values are skyrocketing. But what exactly are ETHRocks, and how valuable are they?
What exactly are EtherRocks?
Although EtherRocks, or ETHRocks, are relatively new, they are nearly as old as the now-extremely popular CryptoPunks NFTs, which sell for millions of dollars. While the CryptoPunks collection debuted in June 2017, EtherRocks debuted in December of the same year.
ETHRocks is a collection of digital rocks that have been tokenized on the Ethereum network. The NFT is made up of still photos of a “rock” that are all the same in design and shape but have varying color tones. The EtherRocks were inspired by the Pet Rock toy fad in 1975, and only 100 ETHRocks will ever be made.
Surprisingly, the first rock sold for 0.0999 ETH, which was almost $300 at the time. The remaining rocks were sold for between 0.1 and 0.36 ETH. As new stone were coined, the price rose. During the first three years after its release, only roughly 20 of the 100 rocks sold, leaving the rest 80 unclaimed.
However, the recent excitement and spectacular growth of NFTs has driven the value of these virtual rocks through the roof. Currently, all of the rocks have been minted, and many of them are available for purchase on EtherRocks’ NFT marketplace.
What is the most expensive Ether Rock available for purchase?
The pebbles are selling for anything from 31 ETH (about $104,000 at the time of writing) to an absurd 626,262 ETH ($2.1 billion) per one, and they are being purchased. Only a few weeks ago, ETHRock #21 was sold for 45 ETH, which was approximately $134,240 at the time.
The mania is driving up costs even further. The most affordable rock on EtherRocks is presently priced at 95 ETH ($305,000). Some of the rocks have been sold for as much as $612,00, $642,000, $714,000, and even $837,000.
Unlike other NFT collections, which may be traded on third-party NFT marketplaces, ETHrocks can only be purchased on its platform.
The most expensive rock was sold for around $1.3 million, or 400 ETH, at the time of writing. Furthermore, the craze did not spare the crypto industry’s leaders: TRON’s founder, Justin Sun, purchased a rock for $500,000.
What is the worth of ETHrocks?
Despite the excitement surrounding ETHRocks, the NFT collection is worthless. In fact, the official EtherRocks website states unequivocally that the rocks are worthless and serve no purpose.
“These virtual rocks serve NO PURPOSE other than being able to be purchased and sold, and giving you a tremendous sense of pride in owning one of the only 100 rocks in the game,” according to a section of the website.
But it isn’t all. Because the metadata for these rock photographs is not even saved on the blockchain, it is nearly hard to attribute sole ownership to the images.
So, what is the source of the craze? Most ETHRocks buyers claim that their motivation for spending large sums of money on the NFT, which has no real-world value, is to own the second-best historical NFT left behind CryptoPunks.
Holders are more interested in the sentimental component of the non-fungible token than in the monetary advantages or external utility associated with the rocks.
Some believe that the price of EtherRocks will continue to rise. The possibility of institutional engagement in EtherRocks has enticed many customers to purchase the rocks and hold them until the appropriate time comes to sell them and cash out in millions.
Where Can I Buy Ether Rocks?
Users must link their web-extension wallet – MetaMask – to the official website, just like any other dApp on the Ethereum network, by clicking the “Connect to MetaMask” button. To integrate the wallet with the EtherRock.com website, follow the instructions on the MetaMask extension.
After ensuring that you have enough ETH in your balance, you can now explore the marketplace and hunt for pebbles with a BUY button beneath them.
Is This Just Another Seasonal Hype?
With no actual purpose, opponents claim that EtherRocks is merely another passing craze in the crypto sector driven by the rapid growth of the NFT market, and it won’t be long until the euphoria goes down.
However, the price of these virtual rocks is rising by the minute, and wise investors are cashing out. Only time will tell if it will be lost to the pages of history like the good old days of ICOs or become a vital element of the business.