This week, part-GD, part-cautious optimism spread across crypto circles like Bitcoin. It raised over $37,000. Regarding approval, for the first time in 18 months, we are pleased to announce that A Place Bitcoin ETFand Ethereum More than $2,100 In similar news, a pending ETH ETF application from BlackRock.
Below is a clear surge of hope in crypto –at lastBut for those who protest that it wouldn't be a real bull market without the obnoxiously expensive, seemingly pointless trading of JPGs, there's now reason to rejoice on that front, too.
On Friday, two separate on-chain tokens—one hosted on Ethereum as an NFT, the other hosted on Bitcoin as a token—sold on secondary markets for six-figure sums respectively.
An NFT from the EtherRock Collection went on sale this morning for 100 ETH or over $209,000. A few hours ago, a visually identical Bitcoin Rock stock was sold for 2.99 BTC, which is worth more than $111,000 at the time of writing.
JPEGs don't come with any associated memberships or benefits, or eye candy. They are, quite simply, indistinguishable gray rocks presented in simple illustrations, without even a background.
Stupid as a rock?
EtherRocks It was first launched in 2017 to little fanfare. At the height of the NFT bull run at the end of 2021, the 100-piece set caught fire—primarily for fun in the price and crypto markets. Individual EtherRocks are regularly sold periodically Hundreds of thousands of dollars per piece; An affordable one to sell 1.3 million dollars.
“The monetary value of art is all an illusion,” wrote the Etherrocks buyer at the time. “Pet Stones provide absolute shock value, it's so silly and perfect. Fate loves comedy.”
In January, obviously Unaffiliated User instructions Engraved A collection of 100 images on small denominations of Bitcoin similar to EtherRocks, creating a new collection: Bitcoin Rocks. While the Ordinals collection hasn't had the same success as its Ethereum predecessor, it has. Five-figure secondary market sales In recent months.
Given recent market trends, however, Friday's sales seem to be striking differently. Many Twitter users saw the news as a return to the kind of vulgarity, vulgarity and outright financial stupidity that characterized previous crypto bull runs.
Members of the crypto community seem divided on whether that's a good thing or a bad thing.
But despite the return of bull market antics, crypto activity is nowhere near the levels it enjoyed when EtherRocks last emerged. Although Bitcoin Ordinals trading is actually a Six months high Earlier this week, the volume of NFT trading was posted The best numbers since AugustIn the year Those numbers still pale in comparison to the kind of volume seen during the 2021/2022 NFT bull run.
The encouraging NFT figures seen last week, for example, are down 93% from the market's peak trading volume in April 2022. But these pricey digital rock purchases signal at least one kind of need for bubbly, frenetic pleasure. old age.
Edited by Andrew Hayward.
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