Is EtherRocks more than just a NFT representing Pebbles?
EtherRocks, an NFT representing Pebbles was launched in 2017 but is far more than that. This is probably one of the oldest projects in the ecosystem that supports NFTs.
It is estimated that 100 EtherRocks have been created by artists from an image database that is free from copyright fees. It is not surprising that they did not gain popularity at the time with an NFT representing Pebbles.
How an NFT representing Pebbles became Popular
The first time Internet users learned about the Pebbles was in early August. The rest was taken care of by the networks.
Gary Vaynerchuk, who has 2.3 million Twitter followers, shared the project on August 4. Within a matter of hours, all remaining 50 EtherRocks were mined, allowing the auction to begin.
4 days after that, EtherRocks had already begun to trade at astronomical amounts – as much as 45 ETH, or $135,000 at that time.
In terms of the NFT market, however, it seems that these sales were just the beginning of a significant craze for simple rocks, which would eventually grow to be surprisingly large.
EtherRocks coveted from all sides
Justin Sun of the Tron Project (TRX), the founder of the popular blockchain platform, became the latest victim of the hype surrounding EtherRocks on August 22.
He purchased EtherRock 87, the cheapest one on the NFT market at the time, for 187 ETH, or $611,000. His social media posts proclaimed that he had just purchased a gem for half a million dollars.
It’s clear from Justin Sun’s investment portfolio that he has made one of the most lucrative investments he can possibly make. It was observed on August 22 that EtherRocks with the lowest end price was sold for more than $1 million.
Several of these NFTs were sold later for between $600,000 and $800,000 after the price was revised downward. One can, for instance, buy a 24-carat diamond for that price and this has the advantage of being made out of raw diamond and existing in the real world.
The hype around NFT projects grows as more projects emerge. Despite the fact that they are only stones, older ones continue to excite collectors. The situation on the NFT market, however, isn’t as rosy as it seems.
The Situation on the NFT Market
Even if you thought that that was an end to the story, we haven’t even touched on everything yet. In case you forgot what NFTs are, they are tokens that contain metadata that can be specialized by the user in identifying specific images associated with them.
There are many projects that lack rigor when it comes to creating this metadata. As a result of this, the JPEG containing the NFT is not even stored in the token, as Andrew Kang explained recently:
In fact, the JPEG metadata is not even stored, which means that the property has no permanent connection to the visual representation.
It is therefore possible that holders of these EtherRocks may in the future find themselves with a token to which the images are no longer attached, which illustrates once again the highly speculative nature of a lot of the hype surrounding NFTs.
In general, it is hard to believe that companies can resist the urge to take advantage of this craze. Marvel, the industry giant in the superhero industry, has also taken the NFT route with a superhero series featuring Spider-Man.
The world of traditional finance has struggled to accept cryptocurrencies since their inception. Thankfully, with the rise of large players like Visa, it seems that this problem is finally being resolved.
Visa takes part in the NFT program
Visa is projected to take a number of actions. A Bitcoin credit card, launching a cryptocurrency, changing an existing currency, and still, it was thanks to NFT that the company was able to take the whole ecosystem by storm today.
This morning, Visa announced the acquisition of NFT out of the blue, to say the least. Great investment by the company has been the acquisition of CryptoPunk #7610 from the eponymous series that has helped NFT achieve great success and democratization in the past year.
Over the past 60 years, Visa has amassed a collection of historic business artifacts – from the first paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT commerce, Visa welcomes cryptopark number 7610 to its collection.
The company paid about $165,000, or 49.5 ETH, to acquire this NFT.
Does Visa participate in the NFT market?
A white paper has also been published by Visa together with this purchase to help businesses and companies understand how the NFT market can be integrated into their business models.
Visa has published a 17-page document explaining the basics of NFTs, what they are and how they can be useful for both businesses and brands.
They’ve become a great way for individuals and businesses to leverage unique assets, attract fans and potentially generate revenue while staying ahead of the curve and keeping up with innovation.
The company’s participation in this burgeoning ecosystem is perhaps a good sign for the long-term future of the company.
In recent months, the company made headlines when it processed the first cryptocurrency transaction processed by a traditional payment processor. Through this action, the company has made it possible to make transfers using the stable currency of USDC through its system.
As the NFT market grows every day, your money may too if you know what you’re doing. The Ethereum 101 section has addressed a wide range of questions. Find out how to get Ethereum and how to buy Ethereum on Binance.