• Pet rock NFTs are fetching six figures from investors

  • The latest craze to resurface in the effervescent nonfungible token (NFT) scene is EtherRocks, a 2017 collection of digital pet rocks.

    On August 8, a single EtherRock sold for a whopping 45 ETH, which was worth approximately $135,240 at the time.

    EtherRock was one of the first crypto collectible NFTs to be issued on the Ethereum blockchain, following the June 2017 launch of CryptoPunks. Every EtherRock depicts a still image of a stone, with each token sporting a different color but being the same shape and size.

    The project’s smart contracts were deployed on December 25, 2017, and only 100 EtherRocks will ever be minted. According to Etherscan, the first EtherRock was sold on December 26, 2017 for 0.099 ETH (roughly $300 at the time).

    According to Etherscan, only about 20 more rocks were sold in the first three years of the game’s existence, fetching prices ranging from 0.1 to 0.36 ETH. Following slow but steady sales in the first half of 2021, the recently brisk NFT market prompted investors to rush the remaining EtherRock supply, causing prices to skyrocket.

    With each of the 100 EtherRocks sold, many of the tokens are now available for resale on popular NFT marketplaces. Secondary prices range from 31 ETH ($96,100) to 626,262 ETH (approximately $1.9 billion).

    Gary Dahl, an advertising executive, first introduced physical pet rocks as a collectible toy in 1975.

    On August 10, Ran Neuner, co-founder and CEO of Onchain Capital, tweeted that NFTs are the ultimate store of value and inflation hedge, making a lighthearted comment on the growing popularity of tokenized pet rocks:

    “There are 7 billion people on the planet, 21 million Bitcoins, but only 100 rocks. Can you imagine what would happen if institutional money began to flow into rocks? It is only a matter of time before a Rocks ETF is approved.”
    CryptoPunks has been one of the most successful NFT collectors, with tokens regularly fetching six-figure prices. On August 4, a shrewd collector recently profited $80K from a CryptoPunk resale after purchasing the token for next to nothing.

    What's your reaction?