Thread by @degenharambe

ROCK THREAD: Why I spent $46,300/15 ETH for a PNG file of a grey pet rock and why I think it could end up being one of the best investments I make since getting into crypto. A thread (continued) #EtherRock #EtherRocks

#EtherRocks were created on December 25, 2017 (Christmas Day). The contract allows for the minting of 100 total rocks, making rocks one of the earliest and scarcest NFT projects on the Ethereum blockchain, arriving shortly after #cryptopunks and #mooncats. (Continued)

The rocks were minted using a bonding curve, likely making them the first NFT project to ever do this. The first rock minted in 2017 costed around .1 ETH, and the last rock minted cost around 10 ETH. (continued)

As we get into an age of digital collectibles, being one of the earliest forms of the art and the first do something gives them provenance that is valuable. There is also a nostalgia aspect, collectors will seek early pieces with historical significance. (Continued)

With only 100 existing and about 20 estimated to be dead in wallets that are forgotten about/not accessed for 3-4 years, they are likely around 1/80. The EtherRocks weren’t very popular around their inception, and only 6 rocks were minted in the first year (continued)

of the smart contracts existence. There is a gap of no activity on the contract of over 769 days.

Fast forward to the NFT bull run and mania of 2021, and the remaining 65+ rocks were quickly minted over a few days earlier this week. (continued)

FOMO ensued quickly, and the price floor is now ranging between 25 and 30 Eth. The highest rock sell is 29 ETH or $89,639. This is in a time where crypto punks are selling for millions. Monetary value of art is all an illusion. (continued)

The pet rocks present the perfect shock value, it’s so stupid that it’s perfect. Fate loves irony.

The community is great, the 2017 dev is active and in contact with us, and the community had their first DAO call yesterday. With the help of some NFT OGs in the (continued)

community, there are plans to get the rocks listen on Opensea as well as fractionalizing. If you think a $100,000 rock is insane, see you at 1 million. I got a pebble I can (maybe) sell you. Im pretty attached to my rock. We like the rocks. (Continued)

The rocks are currently available and bought/sold on EtherRock.com From my experience, you have to use a desktop and connect MetaMask to view any available rocks. The site won’t let me fully access or connect on mobile.