The NFT craze shows no signs of slowing down with the newly launched collection of NFT tulips, summarizing how some view the current state of the crypto ecosystem.
The NFT collection appears to be an ironic reflection of the tulip mania status of the current NFT scene.
The collection is on sale in the OpenSea NFT market as “113 collectively generated algorithmically unique tulips.” The NFTs were created by a digital artist known as @jtbxl on Twitter, who has several pieces for auction on the Rarible platform.
‘Tulip mania’ refers to a period during the Dutch Golden Age, when the prices of some recently introduced and fashionable tulip bulbs reached extraordinarily high levels and then fell dramatically in February 1637.
Angel investor Brad Mills made the comparison to its 26,000 followers on Twitter on March 11th.
“In 5 years, people will see the 2021 NFT craze as the digital tulip bubble. Buying NFTs from celebrities, sports beginners and social media influencers for tens of thousands of dollars is like buying your hats and shirts for thousands of dollars . “
Ethereum investor and supporter Ryan Sean Adams commented on how frothy the current NFT frenzy is when looking at the fully diluted market capitalization of Dapper Labs’ FLOW token that has achieved extraordinary appreciation.
How is FLOW worth $ 40 billion?
Guys … all of this is getting stupid again.
– RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) March 19, 2021
The maximum supply of 1.34 billion tokens at a current market price of $ 31 would give FLOW a fully diluted market capitalization of approximately $ 41.5 billion, placing it third in the market capitalization tables, therefore above Binance Coin.
However, its actual market value for outstanding tokens is currently $ 988 million, based on a circulation of 31.5 million tokens, according to Coingecko.
Dapper Labs is the company behind the popular CryptoKitties and record NBA Top Shots NFT collections.
Its Flow blockchain was unveiled in September 2019 after venture capital investment by Andreessen Horowitz, Warner Music Group, Union Square Ventures and several others.
The concept of a new blockchain aimed at games, social networks and NFTs emerged after Ethereum faced major scalability problems in 2017 with high transaction rates during the CryptoKitties advertising campaign.
The same hype is occurring now with cryptographic art and Flow is reaping the benefits. In the past thirty days, the price of its FLOW token has increased by 63%, reaching an all-time high on March 4 of just over $ 40, according to Coingecko.