​​Rock Images Steal the NFT Spotlight After EtherRock Sells for $1,300,000

Pointless rocks sell for stupidly high prices as the crypto world wonders what to make of them.

Rock Frenzy

The Non-fungible token craze is hitting new levels of madness. A ‘rare,’ red rock NFT from EtherRocks sold for 400 Eth, equivalent to $1,326,280.00.  Seriously. A digital rock over a million dollars. The price floor has rocketed too: 305 Ether ($1,018,898.25) according to the EtherRock Price Twitter account. 

As if this price hasn’t rocked your world enough, the price of the rocks continues to climb. Just a mere few days ago, the prices were settling for around $100,000. 

Still an outstanding figure for just a digital rock. But now, lifting one of these rocks is a true flex – as there is only 100 in circulation.

“In fact, the rock jpeg metadata isn’t even stored meaning ownership doesn’t even permanently tie to any visual representation,” explained Andrew Kang in his Fat Rock Thesis from a Twitter thread on August 21.

But that (lack thereof) design adds to the idea of uselessness which is what makes the rock so desirable in the first place. The ownership of something so utterly useless is a quintessential example of a flex.“

So how do you––a plebe––handle this? Rocks are selling for more than your entire being.

The NFT frenzy has reached a Sisyphean metaphor––a rock between a hard place? The company admits the rocks have no purpose. It’s a joke. We must see it for the entertainment that it is. 

Art Collecting or Money Laundering?

The high price for such simple pieces of rock art has created such a buzz that some have been quick to suspect suspicious activity. Some say tax evasion, some say money laundering. Whatever the purchases may be, we can only see them after the fact and try to put a story together. 

Physical art has long been an avenue for the ultra-rich to flaunt their wealth and engage in potential nefarious activities. Justin Sun–famed Tron founder and known provocateur–bought one for half a million dollars. 

That should raise some eyebrows, but these actions should be of no surprise.  Other NFTs have sold for high prices and the prospect of idiotic prices was not unexpected. 

Kang himself pointed to the absurdity of the purchases in his thesis: “As rocks become increasingly expensive, the community becomes increasingly exclusive. There are fewer and fewer people in the world retarded enough to spend $X on a digital rock.”

As wild and volatile as the crypto image is to the traditional investing world, it must look even more bizarre. One should be quick to note the true values of bullion and fiat: it’s all faith. As NFTs continue to rock the art world they will be plagued by similar problems as the traditional art world. 

Source : bsc.news