Commotion! This JPEG Format Stone Image Sold For IDR 12 Billion, How Can It Be?

This EtherRock sold tens of billions (Gizmodo)

JAKARTA – Recently a simple stone image called EtherRock 27 in the form of a non-fungible token (NFT) has been sold at a very high price of 836 thousand US dollars which is equivalent to Rp12 billion. The sale of the NFT has set a new record for the all-time high price in the NFT digital art universe.

EtherRock is an NFT project that was released in 2017 together with the phenomenal NFT CryptoPunks. Both were launched on the Ethereum blockchain network.

The sale of the EtherRock 72 set a new all-time high for the project and marked its impressive rise following the re-emergence of NFT in the crypto space. The NFT EtherRock 72 image is a gray rock image known as a plain “rock.jpeg”. In addition to the form of NFT, what makes the price expensive is because of the intrinsic value and scarcity of these digital assets.

Launching Yahoo Finance, the stone image actually has no value other than its unique color, shape and size of other stone images are also the same. However, EtherRock has a limited supply of only 100 prints. This has boosted the price and popularity of EtherRock.

Digital art is similar to other collectibles, where the rarer a work is, the higher the price. It is estimated that currently around 20 percent of the total 100 stones that have been minted are locked in dead wallets. This condition will only make EtherRock increasingly rare to find in the NFT market.

Previously, the sale price of the EtherRock 61 had been purchased for 250 US dollars (Rp 3.5 billion). The price had set a new record at that time. However, EtherRock's latest base price is currently at 269 ETH or around 900 thousand US dollars (Rp 12.9 billion). On the market today there are only 20 EtherRocks circulating. This limited number indicates the scarcity of NFT assets.

Arthur Hayes, the former CEO of BitMex, explained that NFT ownership is rare and expensive in the crypto industry as "flexible". He also explained that although the stone image is simple, because it is rare, its value will continue to increase. In addition, what makes it expensive is because of the exclusive access to the EtherRock community.

In the end, Hayes revealed that the ownership of EtherRock will become a status symbol and a sign of wealth in cyberspace, especially on social media. EtherRock is similar to art and rare collectibles found in museums and galleries.

Each NFT has cryptography that proves ownership of the digital asset. Hayes mentioned that the more expensive, the greater the Flex.

"The clearer the NFT is worthless and expensive, the bigger the Flex," he concluded.

The founder of the cryptocurrency Tron (TRX), Justin Sun is reported to have made a purchase of EtherRock 87 at the end of last week. Sun has also changed his social media profile picture to use the rock image. The stone image is also combined with the addition of a laser eye as a marker of ownership of Bitcoin digital assets. That is, the combination of stone images and laser eyes is a symbol of new wealth in digital asset ownership.

Justin Sun has also founded the JUST NFT Fund in early 2021. JUST NFT is aimed at a network that can transfer the world's artworks into blockchain technology. The institute focuses on the world's best artists and works of art. JUST NFT only takes works worth a minimum of US$1 million (Rp14.3 billion) and the average works purchased are US$10 million (Rp143.9 billion).

“JUST NFT will build a bridge between blockchain and the world's top artists, supporting the growth of genuine NFT artists in the crypto world,” said Justin Sun in a statement.

In addition to buying EtherRock, Sun has also purchased Beeple's "OCEAN FRONT" NFT assets for US$6 million (Rp86.4 billion). Proceeds from the purchase are said to be used to raise funds for charity.