The non-fungible token (NFT) boom is far from over. In fact, earlier this week EtherRock #33, a JPEG of a grey rock, sold for 33 ETH equivalent to about $103,000.
Read CRYPTONEWSLAND onTo clarify, at the time of writing ETH is trading at $3,149.75 up 20% in the last week.
The exorbitantly priced rock NFT is part of the CryptoPunks rock NFT series launched in 2017. As such, the rock NFT series was one of the first NFT projects on Ethereum.
CryptoPunks consist of 10,000 unique digital collectables on the ETH network. In addition, as one of the earliest NFT projects, CryptoPunks were an inspiration for the ERC-721 standard. The standard now powers most NFT projects on Ethereum.
Notably, when the CryptoPunks NFTs initially launched anyone with an Ethereum wallet could claim the NFTs. However, the scarcity and uniqueness of the NFTs caused their prices to appreciate over time as seen with the rock NFT.
Presently, NFTs have become one of the most popular projects run on ETH. In fact, a few days ago NFT marketplace OpenSea accounted for the highest gas price on ETH. OpenSea contributed about 15% of the Ethereum daily 1,559 ETH burn.
One of the reasons why NFTs are so popular is their scarcity. As such, CryptoPunks followed this model with only 100 collectables in its rock series. While all the rocks have been sold, this is the first rock NFT to sell for such a high price.
Notably, the NFT boom started in March this year after an NFT by Beeples sold for a staggering $69 million. Since then NFT adoption has gone mainstream with several celebrities creating their own NFTs.
Some popular NFTs by celebrities include collections by Snoop Dogg, Floyd Mayweather, Paris Hilton and more recently Marvel. The popular franchise launched its first NFT fashioned after Spider-Man.
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