Ether Rock NFT to Sell For $600K? Bull Market Logic Says Yes

Ether Rock NFT to Sell For $600K? Bull Market Logic Says Yes

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/

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3 Dampak Teknologi Blockchain terhadap Dunia di Masa Depan

3 Dampak Teknologi Blockchain terhadap Dunia di Masa Depan

Pakar teknologi blockchain, Anndy Lian, membeberkan sejumlah dampak penggunaan teknologi blockchain terhadap dunia di masa depan. Ini dia jelaskan secara glambang kepada techopedia.

Penulis buku Blockchain Revolution 2030 itu ditanya begini: “Apa dampak penggunaan teknologi blockchain yang paling krusial terhadap dunia pada dekade mendatang?”

Lantas apa penjelasan dan jawaban Lian terhadap pertanyaan tersebut? Berikut ini dampak-dampak teknologi blockchain terhadap dunia di masa depan menurut Anndy Lian.

1. Cepat dan Mudah Transfer Uang Lintas Negara

Lian menjabarkan, teknologi blockchain akan membuat pengiriman uang dan pembayaran menjadi lintas batas.

Teknologi Blockchain dapat memungkinkan transaksi uang lintas batas negara menjadi lebih cepat, lebih murah, dan lebih aman tanpa perantara atau biaya.

“Teknologi Blockchain juga dapat mendukung penciptaan dan adopsi mata uang kripto, stablecoin, dan CBDCs (central bank digital currencies), yang dapat menawarkan bentuk uang alternatif atau pelengkap terhadap mata uang fiat tradisional,” tuturnya.

2. Setiap Orang Bisa Mengontrol Datanya Sendiri tanpa Otoritas Pusat

Blockchain, lanjut Lian, juga akan berdampak pada manajemen data dan pembuatan identitas digital.

Dia mengatakan, teknologi Blockchain dapat menyediakan cara untuk menyimpan, berbagi, dan memverifikasi data dengan cara yang terdesentralisasi dan tidak dapat diubah tanpa bergantung pada otoritas atau perantara terpusat.

“Teknologi Blockchain juga memungkinkan pembuatan dan pengelolaan identitas digital, yang dapat memberi user lebih banyak kontrol, privasi, dan keamanan atas data pribadi dan aktivitas online mereka,” ujarnya.

 

Source: https://genpop.id/posts/286848/3-dampak-teknologi-blockchain-terhadap-dunia-di-masa-depan

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Ethereum NFTs rally, with EtherRock and BAYC leading sales

Ethereum NFTs rally, with EtherRock and BAYC leading sales

Additional Comments by Anndy Lian

Pudgy Penguins floor price reached a new all-time high over the weekend. What was the catalyst behind this?

Firstly, I want to give credit to the change in management last year. They have made good decisions during the bear times. Secondly, a possible factor that contributed to the price increase was the general bullish sentiment and growth of the NFT market, especially on the Ethereum network. Pudgy Penguins is one of the oldest and most established NFT collections on Ethereum, and it has a loyal and active fan base. The project has also expanded from 8,888 NFTs to a suite of real-life products and experiences, such as live events, physical merchandise, and licensing opportunities.

Wrapped Ether Rock 46 sold for 496k today, 4 days after BAYC 1726 sold for $668k. What's driving interest in these large sales, that we haven't really seen in months?

Personally, I think 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 and 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. Owning these NFTs grants access to exclusive perks, access special events, and enjoy unique IP rights. Similarly, 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. These NFTs also attract celebrities and influencers, such as Stephen Curry and Jay-Z, who changed his Twitter profile picture on their social media accounts. These endorsements boost the popularity and value of the NFTs, as more people want to join the club and emulate their idols. I believe the same hype will happen again in this bull run.

What is Anndy Lian's official website?

It is https://anndy.com.

 

 

Ethereum-native nonfungible tokens (NFTs) are starting to make a comeback, according to growing sales figures this week.

Wrapped Ether Rock #46 sold for $496,658 on Feb. 12, four days after Bored Ape Yacht Club (BAYC) #1726 was sold for $668,297, according to NFT data aggregator CryptoSlam. These represent the second- and third-largest sales of the month, following the $1.53 million sale of CryptoPunk #5363 on Jan. 31.

According to Anndy Lian, intergovernmental blockchain expert and author of the book NFT: From Zero to Hero, Wrapped Ether Rock and BAYC aren’t just NFTs but represent a status symbol that grants the holder prestige in the NFT community:

“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 and cultural capital of the NFTs.”

While the sale of BAYC #1726 seemed a strategic move, the Wrapped Ether Rock sale paints a different trend, Ilan Rakhmanov, founder and CEO of ChainGPT, told Cointelegraph:

“The Ether Rock sale seems like a price pump by someone who is trying to get more attention to the collection, as the actual sale price is much higher than any offer, which averages around $500.”

Ethereum’s NFT sales volume has risen 99.42% over seven days to $159.5 million, driven by a 25% sales increase by the Nobody collection, which generated $8.76 million worth of weekly sales. Bitcoin’s NFT sales fell 25% to $47.5 million during the same period.

According to Yehudah Petscher, NFT strategist at CryptoSlam, nonfungible token traders are shifting back to Ethereum following a surge of interest in Bitcoin Ordinals inscriptions and Solana-native NFTs:

“We used to just have cycles between assets, like crypto, memecoins, NFT art and NFT PFPs. Now, we have cycles between blockchains to factor in, too. Traders move to where there’s liquidity and opportunity, and they saw those opportunities elsewhere.”

Contributing to Ethereum’s sales increase, the Pudgy Penguins collection’s floor price rose to a new all-time high of 21.5 Ether ($53,427) on Feb. 10 before retracing to the current 20.28 ETH ($50.395). This is 13.1% away from the 22.94 ETH ($57,000) floor price of the Bored Ape Yacht Club, the second-largest Ethereum-native NFT collection, according to NFT Price Floor data.

The seven-day sales volume of Pudgy Penguins also rose 143% to $6.8 million, making it the fourth-largest NFT collection by weekly sales volume across all blockchains, according to CryptoSlam.

Interest in the collection started surging in December after the announcement of Pudgy World Alpha, a blockchain-based, open-world gaming experience set to release in Q1 2024.

The NFT market has been in a downtrend since May 2022. The floor prices of top blue-chip NFT collections CryptoPunks and BAYC are down 48% and 82% from their all-time highs, respectively.

 

 

 

Source: https://cointelegraph.com/news/ethereum-nft-market-revival-etherrock-bayc-lead-sales

 

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