Pet Rock NFTs Sell for $100k+ Each, Sparking Cautious Optimism for Crypto Market Recovery
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Recently, JPEG NFTs of pet rocks sold for over $100k each on Ethereum and Bitcoin, sparking optimism that the crypto market may be recovering.
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An EtherRock NFT sold for 100 ETH ($209,000) and a Bitcoin Rock Ordinal sold for 2.99 BTC ($111,000). The images are basic drawings of rocks.
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These collections previously spiked in 2021 during peak NFT mania, with an EtherRock selling for $1.3 million. They are seen as representing crypto market excess.
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Some see the high-priced rock sales as a sign of the market returning to a frenzied bull state, while others are more skeptical.
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But crypto activity still pales compared to 2021 levels. NFT volume last week was 93% below its 2022 peak, so more growth is likely needed for a true bull market.