An EtherRock stone picture was sold at a price tag of RM13 million because the picture has only 100 pieces in the world.
EtherRock is an image in JPEG format featuring a cartoon rock built and sold in the Ethereum blockchain. Since there are only 100 units of the stone picture, the selling price can reach hundreds of thousands of ringgit.
According to the EtherRock website, the virtual stones have no ‘purpose’ other than to be sold and give a sense of pride to be one of the 100 owners of the stones in the world.
It is common knowledge that the main purpose of people willing to spend big to buy NFT is because they want to be the official owner of the NFT because the name of the NFT purchase will be displayed legally as the owner.
One of the reasons it can be sold at a high price is because of supply and demand factors.
Want to know what other reasons people want to buy NFT? Want to know how supply and demand work?
