A digital illustration of a stone sold for 400 ether, or about $1.3 million, as reported by CNBC. In fact, the sale of clip-art (the name given to rights-protected digital drawings that can be inserted into other works) is the latest transaction by EtherRock, a brand of collectible cryptocurrencies that has been around since 2017.
EtherRock is nothing more than an NFT (non-fungible token): a JPEG file of a cartoon rock, built and sold on the ethereum blockchain. What makes the figure so high is its rarity: there are only about 100 worldwide.
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According to the EtherRock website, “These virtual stones have no purpose other than that they can be bought and sold, giving you a strong sense of pride in being the owner of 1 of only 100 stones in the game”
After this latest sale, the new price floor for an EtherRock NFT has been raised to $1.02 million. Two days ago, the cheapest stone cost $305,294. Two weeks ago, it was $97,716.
The increase in the sale price coincides with a larger increase in NFTs, which are blockchain-based tokens owned by a digital asset. After a drop in demand, the overall NFT market staged a massive comeback in late June.
For example, the OpenSea NFT market surpassed $1 billion in monthly trading volume in August, according to data compiled by The Block, an increase of 286% from July.
Even Visa got into the NFT craze. The payment processor announced on Monday that it had spent $150,000 on ether on a “CryptoPunk” – one of thousands of NFT-based digital avatars.
In addition, brands such as Taco Bell, Pizza Hut and Pringles are launching their own NFTs.
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