- An NFT series of digitized blossoms inspired by the Dutch tulip bubble is generating excitement in the crypto community, with one piece selling for over $55,000.
- The NFTs, which were released on Monday, pay homage to the 16th-century Dutch tulip mania and eventual catastrophe.
- The tulip frenzy has become a contemporary metaphor for how mob hysteria can lead to price speculation gone wild.
An NFT series of pixelated flowers inspired by the Dutch tulip bubble is generating excitement in the crypto community, with one piece selling for over $55,000.
The 50 NFTs, which were released on Monday, are a direct reference to the 16th-century Dutch tulip craze, which saw colorful tulip bulbs auctioned at exorbitant rates until collapsing. According to the BBC, one tulip bulb went for 20 times the annual pay of a competent worker during the peak of the bubble.
According to the artist, the collection sold out on NFT marketplace OpenSea within hours, paying “homage to the investors who risked it all to make a fortune”
One of the NFTs in the collection sold for as much as 17.5 ether, or $55,785 in today’s money.
The tulip craze that swept Dutch society has become a modern metaphor for how mob hysteria may lead to wild price speculation based on the “greater fool” idea that someone would always purchase your expensive flower, eventually leading to a terrible catastrophe.
However, several academics have recently pointed out that the history of the tulip bubble is frequently oversimplified. They claim that the “mania” was limited to a small group of irrational investors rather than becoming a societal phenomenon. The evidence that the tulip price fall damaged anyone’s finances is scant.
Still, some observers have compared today’s meme-stock and crypto phenomenon to the tulip bubble, citing sky-high prices for GameStop and AMC stock or bitcoin as signs of an inevitable crisis.