NFT news: EtherRock 95 captures the attention of the blockchain industry with a sale at 100 Ethereum (ETH), or $209,990, as also confirmed on social X (formerly Twitter).
See below all the details of the news.
Summary
Ethereum: the NFT frenzy continues with EtherRock 95
As anticipated, in the tumultuous world of non-fungible digital assets (NFTs), one virtual stone, known as EtherRock 95, recently caught the attention of the community with an extraordinary sale at 100 ETH, equivalent to $209,990.
This enigmatic purchase raised questions about the increasing valuation of NFTs and the perception of value in the cryptocurrency market. It also shows how investors are willing to pay stratospheric prices for unique digital pieces.Â
We emphasize that this virtual stone, among the first issued on the Ethereum blockchain, has now set a new record for spending in the NFT arena.
However, while some see these transactions as a form of digital artistic expression, others raise concerns about excessive valuations in the NFT market.Â
The purchase of EtherRock 95 underscores the growing popularity and volatility of this sector, opening a debate about how much the world is willing to pay for uniqueness and rarity in the digital realm.
Brief history on the NFT EtherRocks phenomenon
EtherRocks, so-called “domestic pet rocks,” are an NFT collection that originated back in 2017. As mentioned above, the collection is one of the first issued on the Ethereum blockchain, born shortly after the launch of CryptoPunks in June 2017.
Each EtherRock features a static image of a stone, with tokens identical in shape and size, differing only in color.
Only 100 EtherRocks were minted, with smart contracts implemented on Dec. 25, 2017. Moreover, Etherscan data indicate that the first EtherRock was sold on Dec. 26, 2017 for 0.099 ETH, equivalent to about $300 at the time.
In the following years, only about 20 rocks were sold, but the following explosion of the NFT market then triggered the price surge.
Indeed, after steady sales in the first half of 2021, investors rushed to acquire the remaining EtherRocks, driving prices on secondary markets from 31 ETH ($96,100) to an incredible 626,262 ETH (about $1.9 billion).
CryptoPunks: the resurrection of NFTs and the new vitality of the market
The non-fungible token (NFT) sector has gone through a period of declining trading activity since the beginning of the year, but it currently appears to be experiencing a noteworthy positive transformation.
One of the key elements that is driving this recovery, according to on-chain data, is the CryptoPunks non-fungible token collection. As we know, CryptoPunks, a series of 10,000 unique pixel art characters on the Ethereum blockchain, has enjoyed wide acclaim and fervent collector attention for several years.
However, in recent months, the collection has seen relatively low interest in conjunction with the general downturn in the NFT market. But now something has changed.
According to data from IntoTheBlock, a blockchain analytics firm, trade volume for CryptoPunks’ NFT collection has increased significantly, from $200,000 to over $3 million in the previous week.
Recall that trade volume is a critical metric for measuring market interest, trading activity, and liquidity of a collection of non-fungible tokens.
Therefore, high trading volumes often suggest increased liquidity and growing demand for NFTs within a collection. Hence, the resurrection of CryptoPunks could be a sign of new vitality in the NFT market.
In addition, the increase in transaction volume for the CryptoPunks collection has led to a remarkable 1,000% increase in sales volume.
According to statistics provided by CryptoSlam, this collection ranks at the top of Ethereum-based NFT collections in terms of sales volume.
Another indicator of the growing demand for CryptoPunks non-fungible tokens is the steady increase in the minimum price. Currently, the minimum value of this NFT collection has risen to about 59.4 ETH, registering an increase of about 27% over the past seven days.
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