In what one would have called a speculative bubble, the non-fungible token (“NFT”) market just got even crazier. It first started with jpegs of “cryptopunks” selling for hundreds of thousands. Then pictures of rocks selling of upwards of millions. And now this. An NFT market was just launched to that is selling jpegs of tulip bulbs.
— Alpha Investors (@redditinvestors) August 24, 2021
As explained on the OpenSea market place, the Dutch Tulip Field is poking fun of the tulip mania that happend in 1637:
“The 16th century Dutch were known for their economic and financial prowess. During the Republic’s Golden Age, a trader imported inconspicuous tulip bulbs that grew effortlessly in a field near Amsterdam. As these flowers bloomed, so did their popularity. Traders rushed to purchase tulip bulbs to meet skyrocketing demand. This collection pays homage to the investors who risked it all to make a fortune. Only 50 Tulips will be presented as part of this collection. Each Tulip is named after a famous Dutch figure. Tulips 1-10, 11-20, 21-30, 31-40, and 41-50 contain tenths of a secret unlockable message. Piece 10 of these messages together and send us a picture of you or a friend in the unlocked location for a special edition SHINY TULIP! Only 5 SHINY TULIPS will be minted. Browse and explore to learn more! Will you help recreate the Dutch Golden Age?”
Despite the ironic nature and foretelling sign of what could happen to this market, the tulip craze for jpegs was real.
In less than 2.5 hours every tulip bulb was sold. Some for thousands of dollars.
SOLD FOR 14 ETH!
Tulip 26/50: The Mondrian has been claimed for approx. $45k!
That’s a new record for our humble collection. ??? pic.twitter.com/8qUhErADLD
— Bubbles Utonium (@PowerpuffBlue2) August 24, 2021
And it doesn’t appear to be slowing down. Since the launch, 80.3 ETH worth of tulip bulbs have been sold, which translates into over $250,000 USD.
What is next? Not too sure. The founder of the tulip mania NFT project are staying tight lipped. But they hinted that more projects are to come, that could be even more exciting than the tulip bulbs.