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Ether Rocks: Digital Rock Paintings Fetching Six-Digit Figures on Ethereum Blockchain

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Cryptocurrency traders typically make information for drawing enormous earnings or large losses. Rarely do they create waves for investing in one thing as lifeless as a rock. Well, they do now. A digital portray of a Grey-coloured rock, a part of a pet undertaking from 2017, has bought for an outrageously excessive value. Its non-fungible token (NFT) model was bought for ETH 33 — equal to $100,000 (roughly Rs 75 lakhs). These rocks are one of many first-ever NFT collectible initiatives on the Ethereum blockchain. Only 100 such “pet rocks” have been created.

Put merely, each Ether Rock is a digital portray of a big stone. Each such NFT has a novel color and is similar in form and dimension.

Peter McCormack, the host of the favored What Bitcoin Did podcast additionally shared the information on Twitter.

However, the Ether Rock web site says, “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 have been created by way of a sensible contract and deployed on the Ether blockchain in December 2017, shortly after CryptoPunks’ June 2017 launch. The first Ether Rock was possible minted the identical month for ETH 0.0999 ($289 or roughly Rs 21,500), in accordance with Etherscan. Surprisingly, solely 20 extra rocks have been bought within the first three years of the undertaking’s existence. About 10 extra have been bought this yr. They have been created based mostly on a mannequin that every rock minted pushed up the worth of the following one. As of August 10 (12:23pm IST), Ether value in India stood at Rs. 2.35 lakhs.

The shortage of the rocks, due to their self-proclaimed title of “collectibles,” has pushed their costs very excessive. The value improve was additionally aided by the lately effervescent NFT market.

CryptoPunks have been one of many largest success tales on this planet of NFT, with Ether Rocks now following them.


Interested in cryptocurrency? We focus on all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is on the market on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.



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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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