According to critics of NFTs, the current market boom is a fad or a short-lived bubble about to burst. Here’s a mash-up of a supposed trend with one of the best historical examples of a confirmed fad—and these NFT owners are raking in the dough.
EtherRock is a set of 100 NFT photos of rocks that were minted on the Ethereum network. Apart from color variations, they’re all identical in design and were inspired by the iconic Pet Rock toy craze that exploded in late 1975. However, they aren’t fresh new, and they weren’t created as a wink to this year’s NFT market craze: they were initially released in late 2017.
However, they were not well-liked at the time, and most of the NFTs went unclaimed for years. However, the long-forgotten early NFT project was suddenly uncovered and gained traction in the last week as Ethereum users minted the last of the rocks. Even NFT entrepreneur, investor, and social media influencer Gary Vaynerchuk tweeted about it while explaining the added benefits of being an early NFT project.
Secondary market values are now skyrocketing. EtherRock #21, which sold for 45 ETH (or $135,240) on Sunday, was one of two Ether Rocks that sold for more than $100,000 worth of Ethereum over the weekend. Aside from the confirmed sales above $100,000, the cheapest EtherRocks still on the market are priced just below that threshold.
While some NFTs, such as interactive video game elements, have additional, functional utility, the EtherRocks do not. The official website states, “These virtual rocks serve NO PURPOSE other than being able to be [purchased] and sold, and giving you a tremendous sense of pride in being an owner of 1 of the only 100 rocks in the game.”
Over the weekend, one putative EtherRocks owner, who claimed to have purchased #74 in the collection for 15 ETH ($46,300), tweeted about why they believe it will be “one of the best purchases” they have made in the crypto sector.
“As we move into the era of digital treasures, being one of the first kinds of art and the first [to] do something offers them tremendous pedigree. There’s also a nostalgic element to it; collectors will seek out early pieces with historical significance,” degenharambe remarked. “Art’s monetary value is all a ruse. The pet rocks provide the ideal shock value; they’re so ridiculous that they’re great. Fate is a sucker for irony.”
The rapid increase in EtherRocks demand coincides with a late-summer surge in the NFT market. During the first half of 2021, the market generated $2.5 billion in transaction volume, but the excitement surrounding NFTs began to dissipate in late spring and early summer. However, transaction numbers have recently increased, and big-ticket deals have once again dominated the news.
The collection’s pixelated avatars have skyrocketed in value, making CryptoPunks one of the largest benefactors of this year’s NFT surge. Last week, the CryptoPunks market floor surpassed $100,000 in Ethereum for the first time and is now at $131,000, according to designer Larva Labs’ official tracker.
There have also been a few multi-million-dollar CryptoPunk transactions in recent weeks, including one that sold for $5.4 million in ETH in late July and another that Vaynerchuk purchased for $3.7 million around the same time. In addition, a CryptoPunk purchased for just $443 in 2018 was recently sold for approximately $4.4 million in ETH.
John Cena has Described his NFT Sales as a “Catastrophic Disaster”
Wrestling Entertainment offered 500 $1,000 gold tier packages with Cena’s NFT, but only a small percentage of them were sold.
According to professional wrestler and actor John Cena, fans only bought 7.4 percent of the World Wrestling Entertainment, or WWE, NFTs that he made accessible last month.
Cena said it was a mistake to offer his WWE NFTs as part of a package including physical collectibles — a hat, shirt, wristbands, belt, towel, autographed picture, and the digital collectible — at Florida Supercon 2021 on Sept. 12. Instead, the group provided 500 $1,000 gold tier packages with the NFT, but only a tiny percentage of them were sold.
“I talk a lot about failure,” Cena remarked, “and this notion failed.” “I and the WWE thought $1,000 was a reasonable pricing point. We were mistaken. We were completely incorrect.”
“We sold 37 of them. It was a catastrophic failure.”
Cena and WWE produced two tiers of NFTs for the wrestler: a 24-hour auction of a “John Cena Platinum NFT” and 500 limited edition NFTs the following day as part of the bundle mentioned above of physical collectibles. The platinum NFT reportedly sold for $21,000, with the highest bidder receiving VIP seats to WrestleMania 38 in Dallas or WrestleMania 39 in Los Angeles, as well as hotel accommodations.
Long before the rise in popularity of NFTs, the WWE veteran promoted the crypto space on social media. He shared a picture of the physical token before the 2017 Bitcoin (BTC) bull run when the price was in the $4,000s. The Undertaker, a retired professional wrestler who was a member of the WWE until 2020, has also appeared in NFT collections.
It’s unclear whether the NFT’s price — Cena estimated the digital artwork to be worth around $500 — or the actual memorabilia put off wrestling fans. In July, an entrepreneur held simultaneous auctions for an Apple co-founder Steve Jobs job application and an NFT. The real paper sold for $343,000, while the NFT received a final bid of 12 Ether (ETH), or $27,460 at the moment.
NFT Data Aggregator NFTGO is now Officially Released!
NFTGO recently announced that it was officially released!
This marks the beginning of a professional NFT data aggregation platform for NFT beginners, buyers and researchers.
For those who are unfamiliar, NFTGO is an aggregator that collects and visualizes real-time data around NFT assets and their trading volume across all chains, specifically Etheruem, Flow, BSC, Polkadot, etc. As a result, you can gain a comprehensive understanding of NFT market trends and optimize your NFT purchase and investment decisions through the NFTGO platform.
Nowadays, NFTs have penetrated almost every industry. Based on blockchain technique, virtual assets have gained much attention because of their uniqueness, indivisibility, rarity, and verifiability in gaming, art, sports, media, etc.
When people first enter this virtual world, some questions are frequently asked: How to discover the most trendy & valuable NFT? How to purchase NFTs? What is the market trend of NFTs? How to know the return on investment?
How to evaluate my NFT assets?
Well, hold on, all these questions could be well answered on NFTGO. Building “The gateway to the NFT ecosystem” and revolutionize the NFT marketplace is why NFTGO, a professional and user-friendly NFT data aggregator, is designed and launched.
NFTGO offers its users several key services to better revolutionize the NFT ecosystem and solve the problems below:
- Visualization of Market Data
- Asset Search Engine
- MarketPlaces Aggregator
- NFT Evaluator & Oracle
- NFT Wallet
NFTGO collects and visualizes real-time data on NFT trading and asset across the network catering to users’ needs. As a result, users can gain a comprehensive understanding of NFT market trends and optimize their NFT purchase and investment decisions.
NFTGO provides a multi-dimensional ranking of NFT-related indicators for users and investors. NFTGO also provides the latest rankings of assets, collections, holders, and whales based on its aggregated data.
Therefore, you could…
- Discover high-value NFT projects and assets;
- Track NFT whales；
- Assess the investment value of NFTs and NFT tokens;
- Trace NFT owners across the network;
- Overview ranking based on total value and its increase of total market cap,
- collection growth, asset value, the number of holders, holding value of whales, etc.
3. Asset Search Engine
NFTGO is just a “Google” with multi-functions in NFT fields, and it is much more needed currently. NFTGO aggregates high-quality NFT assets and builds a special index based on their metadata, allowing users to search for NFT assets in one platform and change their exploration of the NFT world more conveniently and efficiently.
After typing the asset you are looking for in the search bar, users can get overall data of the asset or collection, including their basic information, traders/total value/volume trends, NFT value, holders, liquidity, NFT assets, and deals, etc.
What’s more, you can search specific whale addresses on NFTGO and know their NFT holdings.
Take CryptoKitties as an example.
NFTGO provides users with the basic information on the NFT project they are looking for, like hyperlinks to its homepage, transaction coin(s), contract, rank, and asset category(in this case, collectibles). Besides, they can refresh to get the latest information, share it with friends or the community, and check likes to judge its popularity. Also, they can get information on its market performance and better their purchase and investment based on the statics of traders, total value, volume, NFTs launched holders and liquidity. Finally, specific information on its NFTs can also be found, including the value of its top hot NFTs and recently created NFTs. In addition, the prices of the latest deals can also be used as a gauge in investing NFTs of a similar kind.
What’s more, users can also refer to the top 10 NFTs and holders of the project as guidance for their foray into the NFT ecosystem.
4. MarketPlaces Aggregator
With the emergence and increase of decentralized NFT trading markets and lack of interoperability between different platforms, users have a greater demand for a platform that collects and shares NFT trading information and empowers them to buy and sell NFTs accordingly quickly.
Therefore, besides an asset search engine, NFTGO is also equipped with cross-platform trading information aggregation. As a result, the function can enable its users to get in-depth, comprehensive information on NFT trading and, more importantly, to get a better purchase experience with greater accessibility and efficiency.
5. NFT Evaluator & Oracle
Since the launch of CryptoKitties in 2017, the valuation of NFTs has always been hindered by several factors: Low market liquidity, NFT diversity, High speculation. However, in the Web3 world, data is the basis to drive the asset valuation. Diversified standards could be set and solved by NFTGO’s huge database and on-chain information with a series of research specialists. But, math is the truth, and data matters more.
Therefore, with a data aggregation engine hosting various basic and advanced indicators, NFTGO is building a set of NFT valuation models that keep abreast with the latest market conditions to equip its users with more insights.
To Da Moon
In the future, NFTGO aims to leap again to be an NFT “Disney Land” to create an integrated virtual economy with a complete set of experiences around NFT. With expansive opportunities waiting ahead in the promising NFT world, NFTGO is more than excited and courageous to change the game to da moon.
FTX: Steph Curry Partnership and $290,000 NFT
FTX, a leading cryptocurrency exchange, has announced a collaboration with Steph Curry and has seen a surge in activity on its NFT platform.
FTX CEO Sam Bankman-Fried revealed that the platform would now include an NFT marketplace, allowing its crowds of foreign and US users to manufacture, purchase, and sell the tokens on the Solana and Ethereum networks.
The first FTX NFT sells for more than $200,000
Shortly after its opening, the new marketplace was inundated with fish-related submissions, resulting in significant spamming. As a result, the company raised its $10 fee to $500 in order to significantly limit the number of spammers.
In a tweet, Bankman-Fried quickly announced a $500 one-time billing fee. “Due to a large number of submissions, many of which were just a photo of a fish,” tweeted the FTX CEO, “we are now charging a one-time $500 fee to submit NFTs.” “Hopefully, this will help to cut down on spam.”
One of the first notable incidents after the FTX marketplace’s launch was when the CEO of the crypto exchange witnessed his own test NFT listing sell for US$270,000.
Stephen Curry, a basketball superstar, has joined FTX as an ambassador
In other news, FTX has attracted Stephen Curry, one of basketball’s brightest stars, as its global ambassador, and he will receive an equity part in FTX Trading Limited. The exchange announced a press release on September 7.
According to the press release, the cooperation with the crypto exchange is the first in the crypto field for the basketball sensation.
“Curry’s investment in FTX Trading Limited strengthens the company’s position as the most trusted and fastest-growing marketplace for buying, selling, and trading Bitcoin, cryptocurrency, NFTs, and other digital assets. In addition, through numerous planned projects, he will take on the role of global ambassador to increase the reach of the FTX brand and tout the potential of cryptocurrency to new audiences throughout the world,” according to the news release.
Sorare, a Fantasy Soccer NFT Platform, has Raised $680 Million in a Round Led by SoftBank
Instagram Issues A Warning To A Colombian NFT Artist For Selling Cocaine NFTs
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Rarestone Capital Makes a Strategic Investment in Rainicorn to Strengthen the Play-to-Earn NFT Farming Industry
Daily Users Indicator Spikes in the Splinterlands NFT Card Game
Dapper Labs, an NFT Powerhouse, Signs a Deal with Google
StreetArt – Sidewalk to Cyberspace
Purpose-Driven NFTs: Purple Penguin x Project Ark release Pebble and Friends by Mercenary Art Studio
Justin Sun explains why he spent $500k on EtherRock NFT: It’s the same as Picasso in 1932
An OpenSea Executive Took Advantage of the Platform’s Clout to Push his own NFTs
Cryptocurrency for Real Estate: Door Coin
Has The NFT Bubble Already Burst?
GaryVee explains why NFTs are not a scam…
Fractional NFT Ownership With Wilder Worlds NFT Marketplace
Johnny Harris explains what NFTs are and how can they change the world.
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