The general crypto market downturn shows no signs of slowing down, with the crypto winter continuing to freeze many non-fungible tokens (NFTs).
EtherRock, an NFT collection that saw some of its NFTs sell for $1.8 million last year, is a perfect example, today worth a fraction of their former value. Many of the best offers on OpenSea for EtherRocks are now in the hundreds or thousands of dollars.
Launched in 2017, EtherRock was a non-fungible token (NFT) collection built and sold on the Ethereum blockchain. The EtherRock project was inspired by the Pet Rock trend from the 1970s, making it one of the oldest NFTs in the short history of the crypto industry.
EtherRock NFTs were simply a tokenized JPEG photo of a carton rock. The NFT project featured a limited edition of 100 NFTs. However, its limited edition drove its price up and led to a massive surge in its adoption in the NFT market last year.
The Fall Of EtherRock NFTs
EtherRock came into the spotlight last year amid the crypto market hype and the NFT mania that left many digital assets recording new all-time highs.
Late in the year, the flagship crypto Bitcoin (BTC) reached above $69,000, while its second-largest crypto asset Ethereum (ETH) sold above $4,800.
In August 2021, EtherRock NFTs sold in the six and seven figures. Incredibly, even its cheapest rock sold at $305,294.
EtherRock 93 purchased for Ξ420 Ether ($1,828,302)
1 hrs 14 mins ago (Nov-02-2021 05:05:32 AM +UTC)
Txn: https://t.co/ARnvC8OGh8#EtherRock #EtherRocks pic.twitter.com/0gRErK7Njy
— EtherRock Price (@etherrockprice) November 2, 2021
NFT Market Health Today
According to DappRadar, Bored Ape Yacht Club (BAYC) is the best-selling NFT collection today a year on from NFT rocks.
ImmutaSwap.io NFTs and Mutant Ape Yacht Club (MAYC) NFT collection follow that in the top five list for 24 hour trading volume.
The newly launched MoonPudgy NFTs collection and Pudgy Penguins NFTs have also topped the top ten best selling list. Earlier this week, one of Pudgy Penguin’s rare NFTs spiked more than 70%, selling for over $600,000 despite the recent crypto meltdown.
Tamadoge (TAMA) is another meme-themed token recently making headlines in the NFT industry. Tamadoge has already raised more than $7.5 million in its presale.
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