If you've heard of CryptoPunks, you know that NFTs (non-fungible tokens) can be whacky. However, they can also be extremely valuable under the right circumstances. CryptoPunks aren't the only NFTs proving this. EtherRocks is another category of NFTs making the grade.
Recently, an EtherRock NFT sold for $600,000—but that's cheaper than any EtherRock you'll find on the market right now. What are EtherRocks, and why are they so expensive?
EtherRock is your pet rock dream come true.
According to the EtherRock website, EtherRocks are an early-form NFT that tokenize clipart of pet rocks. The digital collectible is only slightly younger than CryptoPunks, which is largely considered the first NFT.
While there are 10,000 CryptoPunks, EtherRocks are much rarer. The 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."
Much like tangible art, EtherRocks' value stems from public perception. The more people are willing to pay for an EtherRock, the more it's worth.
BitTorrent CEO and Tron founder drops $600,000 on EtherRock
On Aug. 22, Sun tweeted "Just spent half a million dollars on a rock" but the reality is even pricier. Sun actually dropped $600,000 on an EtherRock of his own.
This isn't Sun's first NFT purchase. In the past, he invested in artistic NFT pieces for valuations up to $6 million.
EtherRock valuations are soaring
Good luck finding an EtherRock worth $600,000 right now. As of Aug. 22, the cheapest EtherRock on the market was worth $1 million. That's more than the $300,000 cap on Aug. 21 or the $100,000 cap two weeks prior.
How EtherRock NFTs work
NFT diehards can purchase an EtherRock with Ether (tokens from the Ethereum blockchain). Since all virgin rocks have been sold, interested buyers can only purchase active "pet rocks" on the market. Of course, that would mean EtherRock holders are willing to sell. Many are likely holding on to their intangible possession in hopes its valuation will inflate even more.
When you purchase an EtherRock, you're purchasing a blockchain-based token that proves you have ownership over the digital item—a JPEG of a pet rock. The images have modest roots—they stem from a royalty-free clip art database.
How to buy an EtherRock
In order to get your hands on an EtherRock, you need to acquire enough Ether to make a purchase. EtherRock valuations are rising quickly, so you need to keep tabs on how much Ether you need.
Much like CryptoPunks, investors will need to connect to the Ethereum mainnet using the MetaMask plugin for Chrome. Install the plugin, then refresh etherrock.com to see which virtual pet rock NFTs are available for purchase. You can use your funded crypto wallets to purchase when EtherRocks are available.