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Tron CEO buys Ethereum Pet Rock for $611,000

Sun 22 Aug 2021 ▪ 15h00 ▪ 3 min read — by Katie Donaldson

We’ve seen plenty of strange and confusing NFTs — but this one might be taking the cake. Ethereum Pet Rock NFT is the newest purchase by Tron CEO Justin Sun. The businessman reportedly spent $611,000 (~£448,000) on EtherRock 87.

One of the most famous NFT collections

The cartoonish drawings of rocks were issued as non-fungible tokens (NFTs) on the Ethereum blockchain in 2017. The rock hype is sweeping the crypto market since the price floor for a JPEG of grey-colored rocks is now set at $1 million (~£730,000).

According to the EtherRock website, “only 100 rocks can ever be available, and each new virgin rock gets more and more expensive”. As of writing, all “virgin rocks” have been sold. Non-virgin rocks are available for purchase on the EtherRock website. 

Tron CEO updated his Twitter profile picture to his new “rock with laser eyes”. 

Why would you buy something so pointless?

Sun has sparked a heated discussion on Twitter. Many have pointed out that major crypto investors seem to have lost touch with reality. 

This is not the first time that Tron CEO has shocked his followers with such an ill-conceived waste of money. He paid $4.5 million (~£3.3 million) for a dinner with Warren Buffett that took place in February 2020. He also owns several other NFT artworks but those made significantly less noise in the media.

The NFT collection itself is a tribute to entrepreneur Gary Dahl who made a fortune by selling people rocks as pets in 1975 because of his superb marketing skills. 

Tron CEO Justin Sun has bought into the pet rock craze by purchasing an NFT for $611,000 (~£448,000). Many are critiquing him for such an investment.

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Katie Donaldson avatar
Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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