The Ordinals, a collection of cryptographic rock music created by the team at EtherRock, recently sold for a whopping six figures in a single sale on the Ethereum blockchain. A single card, valued at $102,000, is now the most expensive music NFT of all time. The sale marks the return of NFT mania, which has been dormant since the CryptoPunks craze of 2020 cooled off.
The completion of the sale highlighted a growing trend within the crypto collecting world, as NFTs have become increasingly valuable over the past year. The sale of such high priced art pieces marks a return to the days of CryptoPunks and ERC-721 tokens.
Ordinals are created using 5 unique audio tracks and a unique visual artwork, with the EtherRock team encoding their entire process into immutable cards which are then stored on the Ethereum blockchain. By their nature, these EtherRock collectibles are wholly original and are available in very limited quantities, which helps to set them apart from traditional digital collectibles such as CryptoKitties or CryptoPunks, which have a much higher supply and are therefore less valuable in the market.
The team behind EtherRock claim that the Ethereum blockchain provides a much-needed level of security for digital collectibles, ensuring that their creations cannot be counterfeited or stolen. Thanks to the immutable nature of the Ethereum blockchain, the asset data of the Ordinals (e.g. track titles, artwork, price, etc ) cannot be changed or manipulated by malicious actors.
The Etherrock team believe that these aspects, combined with the rare nature of their Digital Audio Collections, will ensure that they remain valuable and desirable in the long term. EtherRock’s co-founder, Rowan Seymour, believes that this sale “validates that EtherRock is becoming one of the most sought-after music NFTs in the world.” He went on to say that “there is a growing demand for unique and high-quality digital collectibles, and at EtherRock we are meeting that demand with our innovative approach to digital art and music.”
Given the success of this sale and the increasing interest in digital collectibles, it appears that EtherRock is likely to become an even more valuable asset in the near future. As more people become familiar with the Ethereum blockchain, NFTs such as Ordinals will surely become even more desirable and thus, even higher priced.
