Ethereum whales spend $ 100,000 on digital rocks

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An early NFT project called EtherRocks gained value this weekend, with the floor price more than doubling in 48 hours.

EtherRocks sells for $ 100,000

EtherRocks is the latest project to benefit from the current NFT craze.

The digital rock trade increased over the weekend, with many now selling for over $ 100,000. Two days earlier, the EtherRocks were selling for almost $ 50,000.

Current #EtherRock price floor: 35 ($ 105,070)

ID Rock 95 Ξ35 ID ETHRock 46 Ξ37.68 ID ETHRock 81 Ξ39 ID EtherRock 5 Ξ42 ID EtherRock 25 Ξ42 ID EtherRock 59 Ξ42.22 ID EtherRock 27 Ξ50 Ether

Latest purchasesΞ45 Ether 1h agoΞ33 Ether 12h ago #EtherRocks pic.twitter.com/MU6gY15jhZ

– EtherRock Prize (@etherrockprice) August 8, 2021

Launched shortly after NFT’s progenitor CryptoPunks in 2017, EtherRocks is another early example of NFT being built on the Ethereum network. Only 100 were created, with each subsequent mint becoming more expensive. Coupled with the fact that many rocks appear to have been lost in the four years since the start of the project, the EtherRocks have become a very limited collection.

On the EtherRocks website, the creators of the project state that the virtual rocks “serve NO PURPOSE beyond being able to be bought and sold, and give you a strong sense of pride in owning one of the 100 only rocks in the game “. Despite this, collectors and NFT speculators see the value of the rocks due to the age of the project and the limit of the collection.

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 tint, making them highly sought after. The owners of Blue Rocks value them at over a million dollars; however, none has yet sold.

I moved my blue Ether Rock up to $ 500 ETH because the institutions come to buy the rocks

And @ 0xSisyphus is now 8% owner of my rock pic.twitter.com/CSc0zLQBbT

– LilMoonLambo (@LilMoonLambo) August 7, 2021

The EtherRocks hype is further proof of the mania surrounding what some are calling “the NFT summer”. Over the past month, NFTs on the Ethereum network have grown in popularity with massive price increases for the most sought-after projects. Leading the craze is CryptoPunks, which rose in value last weekend when an anonymous whale bought 88 Punks in a single trade, raising the floor price north by $ 100,000. Other projects, such as Bored Ape Yacht Club and Art Blocks, also see the most valuable pieces selling for over $ 500,000.

Disclaimer: At the time of writing this feature, the author owns BTC and ETH.

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