The NFT frenzy shows no signs of slowing down thanks to the newly launched NFT tulip collection, which embodies how some see the current state of the crypto-art ecosystem.
The NFT collection appears to be an ironic reflection of a state of mania similar to Tulip Mania current NFT scene.
The collection is sold on the OpenSea NFT market as “113 unique algorithmically generated collector’s tulips”. The NFTs were created by a digital artist who works on the Twitter handle @jtbxl and who has a number of pieces for auction on Rarible platform.
“Tulip Mania” refers to the period during the Dutch Golden Age, when the prices of some recently introduced and fashionable tulip bulbs reached extremely high levels and then collapsed dramatically in February 1637.
Angel investor Brad Mills made a comparison to its 26,000 followers on Twitter on March 11.
“In 5 years, people will look at the NFT madness until 2021 as a Digital Tulip Bubble. Buying NFTs from celebrities, sports startups and social media influencers for tens of thousands of dollars is like buying their hats and T-shirts for thousands of dollars. “
Ethernet investor and advocate Ryan Sean Adams commented on how frothy the NFT’s current frenzy is as he watched the fully diluted market capitalization of the Dapper Labs FLOW to rise to extraordinary valuations.
How is a $ 40 billion TOK?
Guys … that’s all stupid again.
– RYAN SΞAN ADAMS –rsa.eth (@RyanSAdams) March 19, 2021
A maximum supply of 1.34 billion in chips at the current market price of $ 31 would give FLOW a fully diluted market cap of approximately $ 41.5 billion, placing it next in the market capitalization rankings, just above Binance Coin.
However, its actual market cap for circulating tokens is currently $ 988 million based on Coingeck’s circulation of 31.5 million tokens.
Dapper Labs is the company behind the wildly popular CryptoKitties and record best NBA missiles NFT collections.
Yours Flow blockchain was introduced in September 2019 after venture capital investments by Andreessen Horowitz, Warner Music Group, Union Square Ventures and many others.
The concept of a new blockchain focused on games, social networks and NFT was created after Ethereum faced major scalability issues with high transaction fees in 2017 during the CryptoKitties hype.
The same hype now occurs in cryptocurrencies, and Flow benefits. Over the past 30 days, the price of his FLOW token has risen 63% and, according to Coingeck, reached a all-time high of just over $ 40 on March 4.