Ethereum whales spend over $110,000 on digital rocks

Several digital rocks have been sold for over $110,000 last weekend partly boosted by a spike in trading.

Ethereum whales spend over $110,000 on digital rocks

EtherRocks are another early example of NFTs built on the Ethereum network, released shortly after NFT progenitor CryptoPunks in 2017. Each subsequent mint became more expensive as only 100 were produced.

In addition to the fact that many rocks appear to have gone missing since EtherRocks was founded four years ago, the collection has become highly limited. The floor price of EtherRocks, an early NFT project, has more than doubled in the past few days

Several digital rocks have been sold for over $110,000 last weekend partly boosted by a spike in trading. It was just a few days ago that EtherRocks were closer to $50,000.

Unlike many crypto assets, EtherRocks claims that its virtual rocks "serve no purpose other than to be able to be bought and sold." But cryptocurrency collectors and speculators still value the rock collections due to NFT's young age and limited number of them.

In addition, some colours of EtherRocks are rarer than others. Among the vast majority of rocks, four have a rare blue coloration, which makes them extremely valuable. Owners of blue rocks are asking well over $1 million for them; however, none have yet been sold for that amount.

EtherRocks' hype is further evidence of what some are calling the "NFT summer." Ethereum-based NFTs have seen massive price increases in the past month based on massive demand.

Non-fungible token sales surged in July as buyers flocked once again to the digital collectibles market in the wake of a broad recovery in cryptocurrency prices last month, according to nonfungible.com data.

Data showed that 157,801 NFT sales were completed in the 30 days ended Aug. 1, with a record spending of $363.8 million, compared with 111,030 NFT sales in the 30 days before.