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Someone Just Paid $1.4 Million For a Photograph Of a Rock.

Are NFTs the future?

Someone Just Paid $1.4 Million For a Photograph Of a Rock.

Clip art of rock just sold for 400 Ethereum, or about $1.4 million, late Monday afternoon. The transaction marks the latest sale of EtherRock, a brand of crypto collectible that’s been around since 2017 – making it one of the oldest non-fungible tokens (NFTs) on the block.

EtherRock is, as the name implies, a JPEG of a cartoon rock, built and sold on the Ethereum Blockchain. There are only 100 out there, and that scarcity is part of what’s driving up its value.

Following this latest sale, the new price floor for an EtherRock NFT has been raised to $1.02 million. three days ago, the cheapest rock went for $305,294. Two weeks ago, it was $97,716.

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According to the EtherRock website, “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 increase in sales price corresponds with a larger increase in NFTs, which are blockchain-based tokens that represent ownership of a digital asset. Some people, for example, are purchasing digital pictures of apes and modifying their Twitter photos to represent membership in the Bored Ape Yacht Club.

Current Prices

Following a fall in demand this spring, the entire NFT market experienced a huge recovery beginning in late June.

The overall market is expanding well and where people are jumping onto it without having any experience, some biggest payment processors are getting involved in this market too. because hefty profits, why shouldn’t they?

Even Visa has jumped into the NFTs. The payments processor announced Monday that it had spent $150,000 in the ether on a “CryptoPunk” – one of the thousands of NFT-based digital avatars.

“Visa’s CryptoPunk purchase is another example of a Fortune 500 racing to incorporate NFTs into their marketing strategy,” said Scott Spiegel, co-founder at BitBasel, a Miami-based blockchain start-up. “Brands such as Taco Bell, Pizza Hut, and Pringles have released NFTs of their own, but Visa’s purchase marks the largest investment in the space to date.”

Source: CNBC
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The history of NFTs is yet to be witnessed whereas, we have seen how bitcoin went to the moon and fell back to earth in just a couple of months. There was a time when Wall Street Analysts predicted bitcoin to hit $100,000 but had a massive dip which was unexpected.

With that much hype about Crypto and NFTs, right now the market will surely see a surge but as far as the crypto market is concerned, we have seen a massive dip a few months ago. We can’t say more about this market as one Elon Musk tweet will literally blow up our predictions!

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Written by Hammad Khalid

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