EtherRock NFTs and Bitcoin Rock Ordinals have recently fetched staggering six-figure sums. As Bitcoin soared past $37,000 and Ethereum surpassed $2,100, excitement bubbled in the crypto community. This rise in value is tied to the anticipation of a Bitcoin ETF approval and BlackRock’s pending application for an ETH ETF.
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Have we bottomed?
The crypto world is abuzz with speculation that the market has finally bottomed out. Adding fuel to this belief are the recent high-value sales of NFTs. On Friday, two digital rock images, one an Ethereum-based NFT and the other a Bitcoin Ordinal, sold for substantial amounts.
An EtherRock NFT, EtherRock #95, exchanged hands for a whopping 100 ETH, equivalent to over $209,000. Hours earlier, a visually similar Bitcoin Rock Ordinal fetched 2.99 BTC, valued at just over $111,000.
These digital collectibles are simple illustrations of gray rocks devoid of any perks or benefits. They don’t even boast distinct backgrounds, underscoring their minimalist nature.
EtherRocks, launched in 2017, initially garnered little attention. It wasn’t until the 2021 NFT bull run that these 100 digital rocks gained popularity, often selling for hundreds of thousands each. The collection’s peak saw a sale for the equivalent of $1.3 million.
Bitcoin Rock Ordinals
In January, a similar collection called Bitcoin Rocks was created on Bitcoin, using the Ordinals inscription. While not as successful as EtherRocks, these have seen significant sales in the secondary market.
The recent high-value transactions of these digital rocks are seen differently in light of current market trends. Many view these sales as a return to the previous crypto bull run’s excesses and absurdities. The crypto community remains split on whether this resurgence is positive or negative.
Speaking of rocks, Blackrock, one of the largest multinational conglomerates, has recently announced it’s preparing to file an Ethereum ETF. In fact, speculation over the approval of a Bitcoin ETF has been one of the reasons behind this recent pump in crypto assets.
Despite these signs of a returning bull market, overall crypto activity is still far from the heights of the previous NFT bull run. Last week’s NFT figures, while encouraging, represent a 93% drop from the market’s apex. However, the high-value sales of these digital rocks suggest a longing for the frenzied excitement of the past era.