EtherRock recently shook the world after concluding the record-breaking sales of EtherRock 27. The sale involved 836,000 dollars, setting a record for the industry. The venture is not stopping and continues to set new records.
The project started in 2017 with CryptoPunks on the Ethereum network. However, despite the simple reputation and appearance of the projects, both managed to reach worldwide stature within a limited time. On the other hand, EtherRock’s rock.jpeg has garnered multimillion-dollar staus with its scarcity and minimal intrinsic value.
The rocks have no inherent value besides unique color, with every rock coming with the same size and shape. However, EtherRock was smart enough to mint only 100 EtherRocks, creating artificial scarcity for them. As a result, it steered the rocks’ popularity and value to new heights. Like every collectible, the rarer the item, the more it is valued.
Experts believe that 20% of the original rocks are either forgotten or placed in dead wallets. Even this adds to their value since most of them are inaccessible. A week ago, EtherRock 61 sold for 250k dollars, establishing a record. However, the project took no time to establish a new record with the sale of EtherRock 27.
Currently, EtherRocks are valued at around 269 Ether, amounting to almost 900,000 dollars. With only 20 EtherRocks up for sale, the scarcity and rarity are natural.
Arthur Hayes, CEO of BitMex, stated that owning such rare collectibles is a flex within the cryptocurrency sector. That is the only possible reason that explains why such a simple, pixelated item holds such value.
Arthur talked about the NFT project in a blog, stating EtherRocks are the ultimate flex due to their rarity and exclusiveness. In addition, owning an EtherRock offers a boost to social status, catering to modern users.
With projects like JUST NFT surfacing in quick succession, the NFT sector is set to experience even more movement.