NFT popularity is in a different league right now. People are literally paying any amount for anything without thinking too much. The fact that a Rock NFT got auctioned for $100k just proves that. We all played with pebbles as kids, but who knew a simple jpeg file of the same would go for such a price. The buyer of the NFT paid in Ethereum, and the approx amount was 33 tokens.
The Rock NFT
$100,000 for a rock drawing is outrageous, and I am not capable enough to comprehend why anyone in their right might will buy it. The Rock NFT goes in line with the crypto punk NFTs collection that also sold for exorbitant amounts. Reports suggest that the NFTs claim to be collectables and are in limited quantity owing to the high prices. There are 100 of them in total, and all of them are already sold. Many NFT makers use this trick to instil a vague sense of uniqueness.
We all have seen an NFT sell for $69 million, and even though the price was very high, it had 5000 artworks that took over 10 years to complete. This made the same unique and actually worth of such a price. But scribbles and drawings that even a 7-year-old kid could make are not worth such prices in my eyes. Now I am wondering if the markets are really so negligent and full of money, I will mint my own rocks and sell them.
What are your thoughts on the Rock NFT that got auctioned for $100,000? And do you think that in any way the price is justified? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Ukraine passes new bill for payments in cryptocurrency.
