With Bitcoin hitting $52K and the entire crypto market riding on an upward trajectory, it’s safe to say we’ve entered a bull market.
Most of the top 10 non-stablecoin cryptocurrencies have enjoyed double-figure percentage returns over the week, signalling unified momentum to buy, buy, buy.
Basking in the glory of this market momentum, investors are finally reaping their rewards after months, if not years of agony.
But just how far is this burst of optimism spreading? After all, the crypto market is notoriously renowned for bogus projects and worthless assets. The infamous Ether Rock NFT collection is a prime example of this.
Rock N Sold
Developed by an anonymous creator in December 2017, Ether Rocks is a CC0 JPEG clipart collection of 100 rocks, which vary in colours but are identical in shape and size.
The project is inspired by Gary Dahl’s 1975 satirical Pet Rock in which people subscribed to the humorous idea of purchasing a rock as a pet. Each rock was packaged in custom cardboard boxes, complete with ventilation holes and straw bedding. Dahl’s absurd concept took the market by storm, selling over 1 million Pet Rocks for $4 each.
Ether Rocks takes a leaf out of Dahl’s bizarre marketing campaign by utilizing the power of community, hype, and satire, whilst offering zero utility to the user.
All 100 Ether Rocks have already been sold but global auction house Sotheby’s is listing one of the NFTs in a sealed-bid auction between 14-21 February 2024.
“By bringing the iconic Pet Rock concept into the digital age through blockchain technology, Ether Rocks invites us to reconsider the boundaries of value, ownership, and cultural significance in the ever-evolving landscape of unconventional trends,” Sotheby’s explains on its auction page.
With an estimate of $500,000 to $700,000, the NFT’s price is mindblowing for non-crypto natives and amazes even the most seasoned crypto enthusiast. Considering each Ether Rock was minted starting at 0.01 ETH, with the last Rock selling at 10 ETH at the time, today’s price of these NFTs is nothing short of astronomical.
Yet, its suggested price range could be regarded as conservative. Earlier this week, Ether Rock #19 was purchased for 279 ETH – worth $739,015 at the time. Its value is now closer to $800,000.
Crypto betting site Polymarket reflects a 63% chance that the Ether Rock will sell for over $600,000 at Sotheby’s auction.
In fact, if the Rock sells for the anticipated target of $600,000, it will only be less than half the price of the collection’s highest sale. In 2021, the most expensive Rock was sold for 420 ETH, costing $1,397,277 at the time.
Rolling Stones, Rolling Markets
The strength of Ether Rocks has largely been on par with the strength of the overall crypto market. When the project hit its all-time high sale in November 2021, the crypto market was in extreme bull mode. Ethereum was above $4K and Bitcoin cleared $60K.
Sotheby’s Ether Rock auction comes at a perfect time as the market is generating momentum in today’s bull cycle.
Whether Ethereum can return to its previous highs is yet to be seen but its strength will certainly be reflected in the price that Ether Rock sells for as investors look for diverse avenues to park their money in.
As Blockhead contributor Anndy Lian explains, “The crypto market is anticipated to be more bullish. This brings the degen narrative back to the scene where this is a way to show their social & cultural capital of the NFTs.”
“Wrapped Ether Rock and BAYC are not just digital assets, but also symbols of status and identity in the NFT community,” Lian added on his blog. “Owning a Wrapped Ether Rock gives the holder a sense of prestige and history, as they own a piece of the early days of NFTs.”
Source: https://www.blockhead.co/2024/02/15/ether-rock-nft-to-sell-for-600k-bull-market-logic-says-yes/
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
press@bybit.com
https://www.bybit.com
