The NFT craze shows no signs of slowing down, with a newly launched NFT tulip collection showing how some view the current state of the cryptocurrency ecosystem.
The NFT collection seems to be an ironic reflection of the tulip mania-like status of the current NFT scene.
The collection is for sale on the OpenSea NFT market as “113 unique algorithmically generated collection tulips.” The NFTs were created by a digital artist who goes through the Twitter handle @jtbxl, which has a number of pieces for sale on the Rarible platform.
‘Tulip mania’ refers to a period during the Dutch Golden Age when prices for some light bulbs of the newly imported and fashionable tulips reached extremely high levels, and then dramatically collapsed in February 1637.
Angel Investor Brad Mills hit the equation to his 26,000 followers on Twitter on March 11th.
“In five years, people will see the 2021 NFT craze as the Digital Tulip Bubble. Buying tens of thousands of dollars worth of celebrities, sports principles and influencers on social media is like buying their hats and shirts for thousands of dollars.”
Investor and Ethereum attorney Ryan Sean Adams commented on how frothy the current NFT frenzy is by looking at the full-blown market capitalization of Dapper Labs’ signature stream to an extraordinary valuation.
How is FLOW worth $ 40 billion?
Guys … it’s getting stupid again.
– RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) 19 March 2021
The maximum bid of 1.34 billion tokens at a current market price of $ 31 will give FLOW a fully diluted market capitalization of approximately $ 41.5 billion, placing it in third place in the market capitalizations, just above Binance Coin. .
However, the actual market value for the distribution of tokens is currently $ 988 million, based on a circulation of 31.5 million tokens according to Coingecko.
Brave Labs is the firm behind the hugely popular CryptoKitties and the record NBA Top Shots NFT collections.
The Flow blockchain was launched in September 2019 following venture capital investment from Andreessen Horowitz, Warner Music Group, Union Square Ventures and a number of others.
The concept for a new blockchain focus games, social networks and NFTs arose after Ethereum faced major scalability issues in 2017 with the high transaction fees during the CryptoKitties hype.
The same hype now occurs with crypto art and Flow is reaping the rewards. Over the past thirty days, the price of its FLOW token has risen by 63%, reaching a high of just over $ 40 on March 4, according to Coingecko.