Clip art of a rock sold for 400 ether (about $1.3 million) on Monday afternoon. The transaction marks the latest sale of EtherRock, a brand of crypto collectible that’s been around since 2017, making it one of the oldest non-fungible tokens (NFTs) on the block. EtherRock is, as the name implies, a JPEG of a cartoon rock built and sold on the Ethereum blockchain. There are only 100 out there, and that scarcity is part of what’s driving up its value. So… would you pay $1.3 million for a JPEG of a cartoon rock?

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, writes a weekly column for Adweek, and is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and he hosts the Shelly Palmer #CryptoWednesday Livestream. Follow @shellypalmer or visit shellypalmer.com.

Tags

Categories

PreviousIs "open banking" too little, too late? NextThe U.S. State Department's Cyber Attack

Get Briefed Every Day!

Subscribe to my daily newsletter featuring current events and the top stories in technology, media, and marketing.

Subscribe