By NEAL FREYMAN
Actually, 31-year-old crypto mogul Justin Sun spent $611,710 to buy an EtherRock NFT yesterday. And he can’t even take it home and pet it. Because it’s literally just a Clipart of a rock.
What’s going on: EtherRocks are one of the latest crazes in the world of NFTs (non-fungible tokens), which allow people to acquire ownership of digital assets using blockchain technology.
So why would you want to own one? The same reason you’d buy a rare baseball card—the originals are scarce and some people believe they have tremendous value. EtherRock was one of the earliest NFT projects from way back in 2017.
As of yesterday, the cheapest EtherRock available was selling for 321.12 ether, or $1.05 million.
Zoom out: Reports of NFTs’ deaths have been greatly exaggerated, and after a short lull demand has soared this summer. OpenSea, for instance, became the first NFT marketplace to pass $1 billion in monthly trading volume this month. The platform had just over 300 users in January 2021…now it has nearly 26,000.