Nonfungible tokens (NFTs) are back in the spotlight this week after separate high-profile sales of EtherRock NFTs and Bitcoin Rock Ordinals for over $100,000 each.
The sales come amid a resurgent cryptocurrency market, with Bitcoin rallying past $37,000 for the first time since May 2022 and Ethereum surging above $2,100 on renewed optimism.
With crypto prices rallying, the mood among cryptocurrency investors has shifted to guarded hope that the market may have put in a definitive low.
NFTs Back in the Limelight with Major EtherRock Sale
The hugely popular EtherRock collection consists of 100 indistinguishable grey boulder NFTs on the Ethereum blockchain.
EtherRock #95 from the popular EtherRock NFT collection sold for 100 ETH earlier today, valued at around $209,000 at the time, while a Bitcoin Rock Ordinal NFT from a comparable collection was also sold for 2.99 BTC, worth over $111,000.
The Bitcoin Rock Ordinals are a set of similar rock images inscribed on the Bitcoin blockchain.
While neither collection comes with any special benefits or utilities beyond the NFTs themselves, these seemingly basic images of rocks have accrued tremendous speculative value.
Should we tell him? https://t.co/oLF2UsZ6FV pic.twitter.com/x7CGTuLFqD
— BITCOIN ROCKS ◉ (@ordrocks) November 10, 2023
Social media reaction to the sales appears divided. Some see it as a welcome return to the “frothy frenzy” of last year’s peak market, while others consider it reminiscent of the overexuberance and “absurdity” that eventually led to the crypto crash.
NFT trading volume hit a 6-month high this week but still pales in comparison to the manic activity of Spring 2022 before the decline.
Though these rock sales have crypto circles wondering if the good times are returning, metrics indicate it is likely still too early to declare a new bull run.
EtherRock Frenzy Recalls the 2021 NFT Bull Run
The major sale of EtherRock #95 for over $200,000 this week is reminiscent of the massive 2021 NFT bull run.
At the peak last November, one EtherRock sold for $1.3 million as buyers scrambled to get in on the hype surrounding these digital rocks.
The creator, who goes by “Nakamoto”, said EtherRocks was meant to showcase how the value of art is an illusion. “Fate loves irony,” they said about the irrational exuberance.
In January 2022, the Bitcoin Rock Ordinals were launched as an intentional imitation of EtherRocks, inscribing near-identical rock images onto Bitcoin’s blockchain through the process of “burning” satoshis.
Though not as popular initially, these Ordinals have also racked up big sales in recent months.
The EtherRock phenomenon especially highlights how hype and speculation drive crypto markets, with owners of rare NFTs able to find willing buyers during frenzied times.
Of course, markets can change direction quickly. For now, it’s a waiting game as to whether the crypto space is truly ready to return to its former fervent interest in digital collectibles and artwork.
If more five and six-figure sales start happening, however, it may be a sign that NFT mania is positioned for a dramatic comeback.
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