This Week’s Crypto Optimism
This week, the crypto world is buzzing with optimism as Bitcoin soared past $37,000 and Ethereum went over $2,100 for the first time in 18 months. The excitement is due to the anticipated approval of a spot Bitcoin ETF and a pending ETH ETF application from BlackRock. This surge has raised hopes that the market’s bottom may finally be in sight. Additionally, two separate on-chain images of illustrated rocks—one on Ethereum as an NFT and the other inscribed on Bitcoin as an Ordinal—sold for six-figure sums on secondary markets.
The Value of NFTs
Even though these JPEGs don’t come with any perks or memberships, they still sold for significant amounts. EtherRocks, which initially launched in 2017 with little fanfare, gained popularity during the NFT bull run in 2021. The 100-piece collection became a way to satirize the absurdity of value and the crypto market. Similarly, a new collection called Bitcoin Rocks emerged when an unaffiliated user inscribed almost identical images to EtherRocks onto small denominations of Bitcoin.
Market Response
While some see these sales as a harbinger of the return of financial foolishness that defined the previous crypto bull run, others are divided about whether it’s a good or bad thing. Despite this, recent activity is nowhere close to levels seen during EtherRocks’ last ascendance. While trading volume has increased, it’s still not at the levels witnessed during the 2021/2022 NFT bull run.
Hot Take: The Resurgence of Crypto Antics
While recent NFT figures show a decrease in trading volume from the market’s peak in April 2022, these pricey digital rock purchases indicate a desire for the same frothy excitement that defined that earlier era.
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