Just recently, a clip art depicting a rock sold for 400 ethers, or about $1.3 million. One of the oldest non-fungible tokens (NFTs) on the market, EtherRock has been around for about four years.
The Ethereum Rock is a JPEG of the rock. It is built and sold on the Ethereum Blockchain. Due to its scarcity, it's worth so much; there are only 100.
So, what's the point of these rock pictures? "These virtual rocks serve no purpose other than serving as a place to buy and sell, and giving you a strong sense of pride to own one of the only 100 rocks in the game," says the EtherRock website.
EtherRock NFTs are now priced at $1.02 million, following today's sale. Earlier this week, the cheapest rock went for $305,294. They were $97,716 two weeks ago.
Sales are running up at the same time as NFTs, which are blockchain-based tokens that represent ownership of a digital asset.
Since the end of June, the NFT market has experienced a massive rebound following a dip in spring demand.
According to data compiled by The Block, OpenSea performed 286% higher than July last year when it came to trading volume on the NFT marketplace.
NFTs are even being adopted by credit-card giant, Visa. As part of a series of NFT-based digital avatars, the payment processor spent $150,000 in ether on a CryptoPunk.