The recent emergence of a new breed of non-fungible tokens (NFTs) called Rock Ordinals and EtherRock tokens has rekindled the hopes of many crypto enthusiasts for the return of the NFT mania. Early in 2021, the NFT space was largely quiet due to the bear market, but with the addition of these new tokens, a renewed energy is sweeping the industry.
EtherRock and Rock Ordinals have sparked the interest of investors, including knowledgeable crypto traders and mainstream investors alike. In April 2021, one EtherRock token was sold for over $200,000 and another for $3,500, setting a new record for the highest-priced NFTs ever sold. Moreover, Rock Ordinals have been trading for hundreds of thousands of dollars as well, with some recently selling for upwards of $178,000.
These eye-popping figures have rekindled hopes of an NFT comeback. While some worry that such exorbitantly priced tokens are based on speculation and hype, others see the emergence of these tokens as evidence of the booming digitization of art and culture, a trend that NFTs are well-suited to accommodate.
In addition to capitalizing on the growing popularity of digital art, Rock Ordinals and EtherRock tokens are being championed for their potential as innovative investment tools. Each token is backed by multiple assets, potentially allowing investors to hedge their investments by diversifying across different assets. This could provide greater stability than investing in traditional non-fungible tokens.
Whether the NFT market can sustain its current state of exuberance remains to be seen, but with tokens like Rock Ordinals and EtherRock quickly garnering six-figure sums, it appears that the NFT mania has been rekindled.