Cryptocurrency investors have been in the news for either drawing huge profits or losing fortunes. Here is one such instance where they created a wave by investing a huge sum of money on a lifeless rock, that too a digital portray. Yes, it is true. A grey rock, as part of a pet challenge from 2017, was bought for an exorbitant rate. Its non-fungible token (NFT) was bought for ETH-33 which is equals $100,000 (roughly Rs 75 Lakhs).
Current #EtherRock Price Floor: Ξ35 Ether ($105,070) Rock ID 95 Ξ35 ETHRock ID 46 Ξ37.68 ETHRock ID 81 Ξ39 EtherRock ID 5 Ξ42 EtherRock ID 25 Ξ42 EtherRock ID 59 Ξ42.22 EtherRock ID 27 Ξ50 Ether
Last PurchasesΞ45 Ether 1h agoΞ33 Ether 12h ago #EtherRocks pic.twitter.com/MU6gY15jhZ
— EtherRock Price (@etherrockprice) August 8, 2021
There are a total of 100 such ‘pet rocks’. This is considered to be the first-ever NFT collectible task under the Etherum blockchain. According to Ether Rock website, “These virtual rocks serve NO PURPOSE beyond being able to be bought 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 rocks were first created via smart contract and deployed on the Ether blockchain in December 2017, shortly after CyptoPunks launch. According to Etherscan, the first rock was sold in the same month for 0.0999 Ether which is roughly Rs 21,500.
Only 20 rocks were sold in the first three years of the project’s existence. The tactics behind the selling of each rock is primarily based on a model where every rock minted pushed up the next rock’s price.
It is said that the market shortage of rocks were due to the self-proclaimed title of “collectibles” which has pushed their prices so high. In addition, the other possible reason for the price increase was also due to the recent surge in the NFT market.
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