The recent surge in demand for non-fungible tokens (NFTs) has pushed the prices of two major crypto rock-inspired NFTs to six figures. Ethereum-based Rocks, which are projected via the Ethereum blockchain, and Bitcoin Rock Ordinals, which utilized the Bitcoin network, have seen multiple auction bidders offer up six-figure sums for their chosen artwork.
This is a stark contrast to the slump that NFTs experienced earlier this year, when rising transaction fees on the Ethereum network, as well as the sheer confusion created by the “NFT bubble,” caused many investors to lose faith in the trend. However, with demand continuing to rise, and auctioneers now receiving six-figure bids for their artwork, optimists are hoping that the NFT market will return to its former glory.
Encouragingly, these six-figure sales have been achieved without the need for huge promotional campaigns or generous influencer endorsements. The success of both Bitcoin Rock Ordinals and Ethereum Rocks, in particular, demonstrates that there is still a large and passionate following for NFT collecting.
The record-breaking sale of the Ethereum Rocks NFT artwork, titled ‘Mint Boho Chonk’, proved that art-infused NFTs, in combination with vibrant visuals, can still generate massive demand. As a testament to the strength of the NFT community, the artwork sold at an astonishing $123,452 and is likely to inspire more creators to continue innovating within the NFT space.
Likewise, the impressive sale of the Bitcoin Rock Ordinals artwork also showcased how innovative NFTs can achieve premium prices. Titled ‘The Great Cyphermas’, the artwork, which was bought for a price of $121,000, paid homage to the Bitcoin network, with the creator using proprietary algorithms to secure the artwork on the blockchain.
These two record-breaking sales, amongst others, have caused a surge in optimism within the NFT community, with some expecting another surge in the demand for blockchain-backed digital art. Of course, time will tell whether or not these hopes are realized, but for now, the NFT market seems to be on track for a rebound.