Investors Spending Millions For Pet Rock NFTs!

The latest trend that has reappeared in the field of non-fungible tokens (NFT) is the series of digital pet rocks from 2017 dubbed EtherRocks. On the 8th of August, a piece of EtherRock was sold at a price of up to 45 ETH, which was worth approximately US$135,240 at the time.

EtherRock is one of the first cryptocurrency collectible NFTs issued on the Ethereum blockchain. This was issued shortly after the launch of CryptoPunks in June 2017. Each EtherRock displays a still image of a stone, and each token has a unique color but the same shape and size. On December 25, 2017, the project’s smart contract was implemented. It is said that only 100 EtherRocks will be minted ever.

According to Etherscan, it is said that the very first EtherRock was sold for 0.099 ETH on December 26, 2017, which was valued at about $300 at the time. Besides, Etherscan shows that in the first three years of the game’s existence, only about 20 of these rocks were sold for 0.1 to 0.36 ETH. In the first half of the year 2021, the sales of NFTs were slow but steady. However, the recent vibrant NFT market has motivated investors to accelerate the remaining EtherRock shipments. This has resulted in triggering a sudden price spike of these rocks.

People Reselling Pet Rock NFTs

All the 100 EtherRocks have been sold off. People are now reselling a lot of these tokens on popular NFT marketplaces. Moreover, the secondary price ranges from 31 ETH (96,100 USD) to as high as 626,262 ETH (approximately 1.9 billion USD). The advertising executive, Gary Dahl launched the concept of physical pet rocks as a collectible back in 1975. Ironically, Ran Neuner, co-founder, and CEO of Onchain Capital commented on the growing popularity of tokenized pet rocks. He tweeted on August 10 that NFTs are the ultimate store of value and inflation hedge:

“There are 7bn people in the world, 21m Bitcoin – But only 100 Rocks in the world. Can you imagine what happens when institutional money starts flowing into rocks? It’s a matter of time until a Rocks ETF is approved.”

CryptoPunks has become one of the most popular NFT success stories in the world of NFT collections. This is because tokens have often been receiving six-figure prices. On the 4th of August, a smart collector made a profit of $80,000 by reselling CryptoPunk after purchasing the token for virtually nothing.