Actually, 31-year-old crypto mogul Justin Sun spent $611,710 to buy an EtherRock NFT yesterday. And he can’t even take it home and pet it. Because it’s literally just a Clipart of a rock.
What’s going on: EtherRocks are one of the latest crazes in the world of NFTs (non-fungible tokens), which allow people to acquire ownership of digital assets using blockchain technology.
So why would you want to own one? The same reason you’d buy a rare baseball card—the originals are scarce and some people believe they have tremendous value. EtherRock was one of the earliest NFT projects from way back in 2017.
- “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 :)” the EtherRock website states.
As of yesterday, the cheapest EtherRock available was selling for 321.12 ether, or $1.05 million.
Zoom out: Reports of NFTs’ deaths have been greatly exaggerated, and after a short lull demand has soared this summer. OpenSea, for instance, became the first NFT marketplace to pass $1 billion in monthly trading volume this month. The platform had just over 300 users in January 2021…now it has nearly 26,000.