What are Ether Rocks? Meet the NFT Digital Rocks Craze
Selling for millions of dollars, Ether Rocks were here for years now. However, they became popular only recently, following the NFTs hype. What are they, are they valuable, and is it just another hype?
The Bitcoin industry has repeatedly shown us that anything can become valuable over time, even a collection of common, purposeless digital pebbles.
Non-fungible tokens (NFTs), which are digital valuables recorded on the blockchain and may represent everything from art to music to physical assets, have been the talk of the industry for the past several months.
Investors have paid exorbitant prices during the frenzy to purchase NFTs like the famed Beeple’s “First 5000 Days” which sold for $69 million. Even well-known businesses like Twitter and Visa are keeping up. The social networking site has started its NFT collecting, while the world’s largest payments company just paid $160,000 for its first CryptoPunk NFT.
The focus has now switched, however, to Ether Rocks, one of the earliest NFT collections that just gained notoriety this year.
These digital pebbles are in high demand from fervent NFT collectors and cryptocurrency speculators, and their values are skyrocketing. But what are ETH Rocks specifically, and what value do they hold?
How much are Ether Rocks valued at currently?
The rocks are now in great demand for purchase and range in price from 31 ETH (about USD 104,000, at the time of writing) to an astounding 626,262 ETH (approximately USD 2.1 billion) each. Only a few weeks ago, Ether Rock number 21 was sold for 45 ETH, which at the time was equal to around USD 134,240.
The demand for one Ether Rock is driving up prices even further. In the Ether Rocks market, the least expensive rock is presently priced at 95 ETH (USD 305,000). Over the previous several days, some of the rocks have sold for as much as USD 837,000, USD 612,00, USD 642,000, and USD 714,000.
Unlike other well-known NFT collectibles, the ETH Rocks can only be sold on its markets.
The most expensive Ether Rock was sold at the time the article was published for around USD 1.3 million, o 400 ETH. The top players in the cryptocurrency sector have joined this trend, with Justin Sun, the inventor of TRON, paying USD 500,000 for an Ether rock.
What is the actual value of Ether Rocks?
Ether Rocks have no value in the actual world. According to the website, “These virtual rocks serve NO PURPOSE other than being able to be purchased and sold, and giving you a tremendous sense of satisfaction in owning 1 of the only 100 rocks in the game.”
Customers of ETHRocks argue that they want to spend a lot of money on an NFT that is worthless in the real world to possess CryptoPunks, the second-best historical NFT still in existence.
Customers love the memories associated with these vintage NFT treasures rather than the financial advantages or external utilities related to these rocks.
A few analysts predict that Ether Rocks prices will rise for some time to come. Rumors claiming that institutions are involved with Ether Pebbles have drawn more customers to purchase the rocks and patiently wait for the ideal moment to sell them and earn millions of dollars.
How to Buy Ether Rocks?
Users must click the “Connect to MetaMask” button on the official website to link their web extension wallet, MetaMask, to the Ethereum network just like any other dApp. To allow the wallet to interface with the EtherRock.com website, follow the instructions on the MetaMask extension.
You may now explore the market and just seek rocks with a BUY button below them after making sure you have enough ETH in your account.
Just Another Seasonal Hype?
Critics contend that because Ether Rocks serve no practical use, they are merely another short-lived novelty in the cryptocurrency industry brought on by the explosive rise of the NFT sector.
However, the price of these digital pebbles is currently rising steadily, and savvy investors are profiting. Only time will tell if it will quickly be forgotten like the ICOs of yore or whether it will play a significant role in the industry.