NFT mania shows no signs of slowing down with the recently released NFT tulip set, reflecting how some see the current state of the coding ecosystem.
The NFT cluster appears to be an ironic reflection of the tulip-like situation of the current NFT landscape.
The collection is sold in the OpenSea NFT Market as “113 unique algorithm generated tulips.” Created by Twitterjtbxl, NFTs is a digital artist who has several artworks up for auction on the Rarible platform.
Tulipania dates back to the Dutch Golden Age, when the prices of some modern and trendy tulips reached very high prices and then fell sharply in February 1637.
On March 11, angel investor Brad Mills compared 26,000 followers on Twitter.
“In five years, people will view the NFT mane from 2021 as a digital lily bubble. Buying NFTs by celebrities, athletes, and social media affecting tens of thousands of dollars is like buying hats and shirts for thousands of dollars.”
Ethereum investor and attorney Ryan Sean Adams has commented on how frustrating the current NFT craze is, and looks at the completely diminishing market value of Dapper Labs FLOW token to an exceptional valuation.
The maximum offer of 1.34 billion tokens at the current market price of $ 31 would give FLOW a fully diluted market value of around $ 41.5 billion, placing it in third place on the market floor, just above Binance coin.
However, the actual market value of the traded tokens is currently $ 988 million, based on trading of 31.5 million tokens, according to Coingecko.
Dapper Labs is the company behind the hugely popular CryptoKitties and record-breaking NFT NBA Top Shots.
The Flow blockchain was unveiled in September 2019 following venture capital investments from Andreessen Horowitz, Warner Music Group, Union Square Ventures, and several other companies.
The new blockchain concept targeting gaming, social media, and NFT came after Ethereum had major scalability issues in 2017 due to high transaction fees during the CryptoKitties hype.
The same hype is happening now with the art of cryptography, and Flow reaps the benefits. Over the past 30 days, the price of the FLOW token has risen 63%, reaching its highest level on March 4, at just over $ 40, according to Coingecko.