Ether Rocks: Digital Cave Paintings Fetching Six Digit Digits On Ethereum Blockchain



Cryptocurrency investors often make the news for huge profits or massive losses. They rarely create waves to invest in something as dead as a rock. Well, they’re doing it now. A digital painting of a gray-colored rock, part of a 2017 pet project, sold for a shockingly high price. Its non-fungible token version (NFT) was sold for 33 ETH, the equivalent of $ 100,000 (around Rs 75 lakhs). These rocks are one of the very first NFT collection projects on the Ethereum blockchain. Only 100 of these “pet rocks” were created.

Simply put, each Ether Rock is a digital painting of a large stone. Each of these NFTs has a unique color and is identical in shape and size.

Peter McCormack, host of the popular What Bitcoin Did podcast, also shared the news on Twitter.

However, the Ether Rock website says, “These 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 only 100 rocks in the world. Game.”

The rocks were created via a smart contract and deployed on the Ether blockchain in December 2017, shortly after CryptoPunks launched in June 2017. The first Ether Rock was likely minted the same month for ETH 0.0999 ($ ​​289). or about Rs 21,500), according to Etherscan. Surprisingly, only 20 additional rocks were sold in the first three years of the project’s existence. About 10 more were purchased this year. They were created on the basis of a pattern that each stone struck increased the price of the next. As of Aug 10 (12:23 am IST), the price of ether in India stood at Rs. 2.35 lakhs.

The rarity of the rocks, due to their self-proclaimed title of “collectibles”, has pushed their prices very high. The price increase was also helped by the recent boom in the NFT market.

CryptoPunks have been one of the biggest success stories in the NFT world, with Ether Rocks following them now.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


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