ETHRocks And What You Need To Know

The NFT craze appears to have captured a lot of interest in the digital commerce industry lately as new arts are being exchanged for fortunes and even old ones once created before the hype are now selling for millions of dollars.

The crypto and digital space tend to create unprecedented opportunities for financial freedom. No one would have thought that a collection of virtual rocks in the form of art collectibles, having no real use or purpose, would be worth millions of dollars today.

Ether Rocks have been here for years now. However, they had only gotten into the spotlight as a result of the hype surrounding NFTs recently.

Ether Rocks are one of the oldest NFT collections and although they are only getting recognized now, they are as old as they are now popular Cryptopunk NFT recently purchased by global payment giant– Visa.

Crypto investors and NFT collectors are racing to gain custody of one of these virtual rocks even as their prices skyrocketed outrageously.

ETHRocks is basically a collection of digital rocks tokenized on the Ethereum blockchain.

The NFT consists of still images of different rocks, with similar shapes and designs, but different color tones. The Ether Rocks NFT was inspired by the Pet Rock toy craze in 1975 and only 100 ETHRocks will ever exist.

It might interest you to know that the very first EthRock NFT was sold for 0.0999 ETH worth around $300 at the time. Subsequent rocks were sold for 0.1 and 0.36 ETH. The price of the NFT increased as new rocks were minted. During the first 36 months of its inception and launch, only 20 rocks out of the 100 available were sold.

An explosive growth of NFTs has contributed immensely to the recognition and sales of the ETHRocks with their prices shooting over the moon.

The ETHrocks have been put on sale on the NFT marketplace and are selling for 31 ETH which is approximately $104,000 at the time of writing these lines to an outrageous 626,262 ETH ($2.1 billion) for one, and they are being bought by NFT enthusiasts. Barely a month ago, ETHRock #21 sold for 45 ETH, worth about $134,240, at the time.

The cheapest rock in the EtherRocks NFT's marketplace is currently at 95 ETH ($305,000). In the last few days, some of the rocks have been sold for $612,00, $642,000, $714,000, and even $837,000.

Unlike other NFT collections that can be sold on third-party NFT marketplaces, the ETHrocks can only be traded on its platform.

At the time of this writing, the most expensive rock was sold for almost $1.3 million, which is 400 ETH. Industry leaders including Justin Sun of Tron bought an ETHrock for $500,000.

The price at which these Rocks are being sold has given rise to questions like "what is the Value of ETHrocks?"

The NFT collection has no real value and on the official website of ETHRocks, it was clearly stated that the rocks are valueless with no purpose.

“These virtual rocks serve NO PURPOSE beyond being able to be bought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game.”

The metadata of these NFTs are not stored on the blockchain and this makes it almost impossible to tie their sole ownership to the images.

Buyers of the ETHRocks NFTs say their sole reason for buying the valueless rocks is to own the second-best historical NFT after CryptoPunks.

Although the hype surrounding these NFTs is causing a buzz in the industry, critics and skeptics argue that it is just another trend in the crypto space that will pass. However, the price of these rocks with no real-world value keeps increasing. Whether or not it'll be lost in history, sentimental predictions are not enough to draw a conclusion on this trend.

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