• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, May 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

New Rock NFT sells for a boggling $1.3 million: Smells like money laundering

by Reshab Agarwal
August 24, 2021 - Updated On September 30, 2021
in Crypto, News, NFTs, Trending
Reading Time: 2 mins read
0
New Rock NFT sells for a boggling $1.3 million
TwitterWhatsappLinkedin

NFTs are in a serious bubble right now. I don’t understand why any sane person will pay $1.3 million for the NFT of a rock. Maybe I don’t understand art, or this is just a money laundering technique people are using right now. After a rock NFT was sold for $100,000 now, another one has been sold for $1.3 million, which is a really exorbitant amount.

You might also like

Sesame Street Finds a New Home on Netflix with Fresh Episodes, Classic Content, and More

Sony Cracks Down on Russian PlayStation Accounts Amid Attempts to Bypass Regional Restrictions

Lufthansa Flight Flies Unattended for 10 Minutes After Copilot Collapses Mid-Flight

*NEW ETHER ROCK NFT SELLS FOR $1.3M pic.twitter.com/IoADl9xMcU

— Investing.com (@Investingcom) August 24, 2021

NFTs have become a technique of money laundering

I am not saying or alleging that the buyer of this NFT is involved in money laundering, but it is probable. Since I don’t understand why anyone will pay such a huge amount for this painting. In fact, money laundering is simple, and only a few things are required. First, the person needs to create an art piece like this which is actually pure trash. Then, the person will make a fake identity that will sell the painting and voila, the money laundering is done. This is also the reason that most buyers of such NFTs are anonymous.

As we realise this, the problem of NFTs is much larger than we thought. Apart from being a bubble that could burst anytime, it could suffer from a lot of legal angles in the future. Did you know that one single grey pixel sold for $1.4 million? Now, if that’s not money laundering, I don’t know what to say.

It’s not all bad

Yes, there are a lot of NFTs that are worth the money that they are bought for. For example, the ‘Everydays: the first 5000 Days’ NFT that was sold for nearly $69 million is a masterpiece that has been made over the years. There are many such examples like this. Some artists are actually making use of the NFT market in a great way to find the true value of their artworks. Companies are also taking advantage of the space to make money for their rare items, goodies and even video clips. This is why we should not outrightly reject the space, as it is serving as a great way for many artists to make a ton of money.


What are your thoughts on the New Rock NFT getting sold for $1.3 million? And do you think this is just a way of money laundering? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Bitcoin at $50k is very critical for this bull run

Tags: #CryptofinanceNFT
Tweet54SendShare15
Previous Post

Bitcoin at $50k is very critical for this bull run

Next Post

Visa’s $150,000 Cryptopunk NFT art purchase marks their entrance into the NFT arena

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Sesame Street Finds a New Home on Netflix with Fresh Episodes, Classic Content, and More

by Harikrishnan A
May 19, 2025
0
Sesame Street Finds a New Home on Netflix with Fresh Episodes, Classic Content, and More

A fresh chapter is about to begin for Sesame Street, the iconic children’s program that has helped generations of kids learn their ABCs and 123s. Netflix has officially...

Read more

Sony Cracks Down on Russian PlayStation Accounts Amid Attempts to Bypass Regional Restrictions

by Harikrishnan A
May 19, 2025
0
Sony Cracks Down on Russian PlayStation Accounts Amid Attempts to Bypass Regional Restrictions

Sony has recently launched a large-scale suspension of PlayStation accounts linked to Russian users, catching thousands of gamers off-guard and sparking outrage across online communities. But this crackdown...

Read more

Lufthansa Flight Flies Unattended for 10 Minutes After Copilot Collapses Mid-Flight

by Harikrishnan A
May 19, 2025
0
Lufthansa Flight Flies Unattended for 10 Minutes After Copilot Collapses Mid-Flight

What began as a routine Lufthansa flight from Frankfurt to Seville in February 2024 quickly turned into a tense and unusual situation in the skies, as a medical...

Read more
Next Post
Visa’s $150,000 Cryptopunk NFT art purchase marks their entrance into the NFT arena

Visa's $150,000 Cryptopunk NFT art purchase marks their entrance into the NFT arena

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?