NFT Craze A Reminder Of Tulip Mania? Keep Calm And Buy Non-Fungible Tulips

The non-fungible tokens are mirroring a period in Holland’s golden age known as Tulip Mania — quite literally.

What Happened: A collection comprising of 113 “Non Fungible Tulips” is on sale on the Open Sea marketplace.

The listing makes a reference to the historical period and claims the NFTs to be a “Tulpenmanie (sic) for the modern era.”

The Tulips are the work of an artist who goes by their Twitter handle @jtbxl.

Angel investor Brad Mills had some advice for his Twitter followers.

That’s it. Don’t buy NFTs for thousands of dollars unless you realize this is a super speculative short term game.

When every artist, celebrity & influencer has NFTs, there will be billions of NFTs and it’ll be the same as a Patreon or OnlyFans subscription.

Don’t be a dummy.

— Brad Mills  (@bradmillscan) March 10, 2021

During the Tulipmania, prices of several breeds of Tulip bulbs rose to above the value of a furnished luxury house in 17th century Amsterdam, according to a paper by Earl Thompson of the University of California at Los Angeles.

Why It Matters: An NFT piece by Beeple titled “The First 5000 Days” recently sold for $69 million. The artist then offered the same amount to Tesla Inc TSLA CEO Elon Musk for an NFT song on NFTs. 

Musk later changed his mind about selling the NFT song. The NFT hype has reached such proportions that even the Musk tweet that announced the sale of the NFT song got an auction bid of $1.12 million.

On Thursday, Musk took a dig at NFT investors by tweeting an illustration of a party scene.

While Musk may have changed his mind on selling his song, his partner the Canadian artist Grimes has sold NFT art worth $6 million. Others that have made hay in the NFT sun include Lindsay Lohan and the street artist Banksy.

Banksy’s “Morons,” whose physical copy was burned by cryptocurrency enthusiasts, sold for $394,000 in March.

Price Action: Bitcoin BTC/USD traded 1.47% lower at $58,242.20 at press time while Ethereum ETH/USD traded 1.69% lower at $1,801.38.

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