Cryptocurrencies and non-fungible tokens (NFTs) often go hand-in-hand, particularly the second largest crypto, Ethereum (ETH). There have been numerous stories of crypto investors and enthusiasts buying NFTs, which may seem pointless to anyone outside of the industry, but the most recent development might just be the most puzzling.
Justin Sun, Tron’s CEO, recently purchased an NFT of a ‘pet rock’ as he looks to get involved in the so-called ‘pet rock craze’ that has enveloped the entire NFT market lately.
Buying a picture of rock for half a million dollars?
Just when we all thought that the situation could not get any more ridiculous following the success of canine-centered altcoins such as Dogecoin (DOGE) and Shiba Inu (SHIB), many individuals are now actively spending hard-earned dollars on cartoon-like images of rocks. These drawings had originally been issued as official NFTs on Ethereum’s blockchain years ago in 2017.
As such, Justin has made it known that he is beyond ecstatic to now own ‘EtherRock 87’, which is one part of a much bigger 100 image collection. The purchase had cost him over $611,100. To put it another way, this amount is normally how much it would cost to buy a house for a single-family over in Denver, Colorado. Justin had then proudly updated his own profile picture on Twitter, which now shows a rock that has ‘laser eyes,’ which is usually a common social media-based indication of someone involved in crypto.
A wise purchase or just a flex?
Naturally, there have been countless people who have heavily criticized Justin’s recent purchase and have stated that the aforementioned amount of over half a million dollars could have been used for a more beneficial purpose, such as charity. Justin is not the only one who has been the target of such accusations, as nearly everyone involved with NFTs has been accused of having ‘lost touch with reality as these people continue to spend money on seemingly pointless endeavors. Others like Gary Vaynerchuck have defended such actions, however, and the NFT market in general, as individuals like him believe that this is only the first step towards a new era of complete digitalization. Still, it is hard to argue against the idea that Justin did not make his purchase just to show off to everyone else.
Interestingly enough, this is not the first time that the world had become enamored with selling rocks, as in the 1970s, there had been a similar addiction. Gary Dahl had famously managed to make a fortune via the selling of actual rocks as pets several decades ago in 1975, which many believe was a testament to his brilliant marketing skills.