It’s hard to predict what makes the NFT market tick, especially when seemingly mundane artworks trigger investor frenzy for inexplicable reasons. Take, for instance, the latest non-fungible token craze EtherRocks -- a collection of 100 identical paintings of stones, differentiated only by color -- which are selling for jaw-dropping prices on Ethereum.
On August 8, one EtherRock sold for 45 Ether, which was roughly equal to $135,240 at the time. On the same day, another token from the collection fetched 33 ETH, or $100,000.
EtherRocks were some of the first nonfungibles minted on the Ethereum blockchain, following the launch of CryptoPunks collectibles in 2017. Every digital painting in the collection is of the same size and shape, and can only be distinguished by its unique color. The project’s smart contracts were deployed in December 2017.
Creators of the EtherRock have already clarified that there’s no purpose behind their creation. The project’s website says:
Nonetheless, NFT collectors are using every means at hand to snag a rock for their personal collection.
Like CryptoPunks -- which were developed as an experiment -- EtherRocks weren’t always in vogue. In fact, data from Etherscan shows that the collection sold only 20 rocks in its first three years. The first token was sold on 26 December 2017 and was bought for merely 0.99 ETH ($300 at the time).
Slowly, but steadily the collectibles found more customers in the first half of 2021 and the recent explosion of the NFT space pushed buyers to heighten demand for the remaining rocks.
Presently, all 100 tokens in the EtherRock collection have been bought and anybody looking to buy one has to deal with astronomical resale prices, ranging from $96,000 to a whopping $1.9 billion.
Giving a hilarious overview of the situation, Ran Neuner, the CEO and co-founder of Onchain Capital, tweeted: