2021-08-11 15:15:00

Digital painting of ‘Ether Rock’ mints unbelievable 7 digit figure on Ethereum Blockchain

In everyday life, the investors of cryptocurrency are making headlines for their effort of making large profits or huge losses. One such unique incident has shown people how investors made a splash by spending a lot of money on a ‘lifeless rock’. Even if the rock is a digital painting representation.  

Recently, the grey piece of rock has been purchased for an exorbitant price which was a part of a 2017 pet project. This is considered to be the first-ever non-fungible token (NFT) collectable task under the Etherum blockchain. The NFT was purchased for ETH-33 which equals the worth of $100,000. This is roughly ₹75 Lakhs in Indian currency. 

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According to the sources, there are only 100 of these ether rocks in total. This is thought to be the very first NFT collectable job on the Etherum network. The Ether Rock website, 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.”

About Ether Rock’s History

Back in December 2017, these rocks were produced via a smart contract and published on the Ethereum Blockchain. This was done after the debut of CyptoPunks. According to Etherscan, the very first rock was purchased for 0.0999 Ether which is approximately Rs 21,500 in the same month. 

Earlier, In the first three years of the project’s existence, just 20 rocks were bought. The techniques used to sell each rock are largely based on a paradigm in which each new rock produced raises the price of the following rock. 

According to history, the market shortage of rocks is attributed to their self-proclaimed status as ‘collectables,’ thus this process leads to driving up their costs. Furthermore, the recent spike in the NFT market might be one of the reasons for the price increase.

Recently, As per the above tweet, the current Ether Rock 35 which has the rock ID 95 is sold at a price of $105,070. All the other ether rocks also have separate rock IDs.   

On Wednesday, leading cryptocurrencies were trading in a range of prices. Bitcoin fell marginally, but other digital tokens soared by up to 54% owing to the increased investor interest. The worldwide crypto market value increased to $1.88 trillion, up approximately two per cent from the previous day. In addition, the overall crypto market volume stayed stable at $109.50 billion. On the other hand, the trading of Ethereum has increased by one per cent.   

(Image Credit: Unsplash)

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