The crypto community had an odd comeback this week amid strong trends in traditional cryptocurrencies: the selling of relatively insignificant JPEGs, which brought back memories of the NFT frenzy that dominated news in 2021 and 2022. Optimism for a possible spot Bitcoin ETF propelled Bitcoin above $37,000, and the expectation of an upcoming ETH ETF application from BlackRock propelled Ethereum above $2,100.

In the middle of this market optimism, Pet Rock JPEGs—digital photos of decorated rocks—saw a spectacular comeback in sales. Contrary to predictions, two distinct on-chain images, one stored on Ethereum as an NFT (Non-Fungible Token) and the other on Bitcoin as an Ordinal, sold for six figures on secondary markets on Friday.

Bitcoin Rocks and EtherRocks: Six-Figure Deals

EtherRock #95, which is a piece of the EtherRocks collection, was sold for a whooping 100 ETH, or more than $209,000. Concurrently, an Ordinal from the aesthetically similar Bitcoin Rock collection was sold for 2.99 BTC, exceeding $111,000 in value at the time of the transaction.

It’s important to remember that these JPEGs don’t provide any premium memberships, benefits, or secret features. These are simple pictures of barely differentiated gray rocks with minimal illustration—not even backgrounds are included. The apparent market value attached to these comparatively insignificant digital assets highlights how speculative some transactions in the cryptocurrency realm can be.

Comparisons of Crypto Activity with NFT Bull Run

Even while NFT trading volume hit its highest level since August and Bitcoin Ordinals trading saw a significant uptick earlier in the week, the present numbers pale in comparison to the frenetic activity that was observed during the NFT bull run of 2021 and 2022. Compared to the market’s peak in April 2022, trading volume has decreased by 93%, according to recent NFT estimates.

The significant amounts of money that were traded for these virtual pebbles show that the cryptocurrency community is still eager to make riskier and more unusual transactions. It appears that some patterns are still capturing enthusiasts’ attention as the crypto landscape changes, as evidenced by their longing for the bubbly, frantic enthusiasm of the previous NFT era. Another fascinating incident in the erratic history of the cryptocurrency market is the sale of Pet Rock JPEGs.