Digital& NFT

My $1 Million Digital Rock Is Bigger Than Yours

The world of non-fungible tokens (NFTs) keeps managing to throw curve balls and surprises in the world of collectibles and digitization. Many people still have no earthly idea why most (or all) NFTs have value, but the supply and demand metrics rule in economics. If there is a demand, a supply will be there. So how exactly does one easily explain that a digital rock just sold for more than $1.3 million (400 ETH)?

EtherRock launched shortly after CryptoPunks in 2017. It was one of the first crypto collectible NFTs on the Ethereum blockchain. The EtherRock website notes that there are only 100 of their “rocks” that can ever be available. And their site also notes that each new virgin rock gets more and more expensive.

Here is where the kicker is — there is no purpose behind this. Ether Rock’s site on entry looks about as plain and generic as you could imagine. The site admits right up front:

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

So if there is no purpose at all other than a strong sense of pride, how does one justify paying 400 ETH or more than $1.32 million? Ether Rock is built entirely on the Ethereum blockchain. It has a decentralized smart contract which is used to buy and sell these rocks, and the details will need explaining to most people.

The other trick to this NFT is that all 100 of the rocks have already been sold. The website for Ether Rock notes that buyers can purchase non-virgin rocks if their owners have listed their rock(s) for sale.

Some days it is hard to tell if a joke is being played. Other days it is hard to tell if you are brunt of the joke or if you just don’t understand the punchline. This is actually no joke, but what does it all really mean?

You can track more on this on Twitter via @etherrockprice or via their Discord account if you want to see more and if you want to know the prices of other Ether Rocks.

Apparently you can spend even more on other Ether Rocks than this sale, if you are so inclined. That is all on you.

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