Having just flogged an NFT column for half a million dollars, the New York Times is now wondering if perhaps the whole scene is in a bit of a bubble?
In a March 30 article, Art’s NFT Question: Next Frontier in Trading, or a New Form of Tulip? author Scott Reyburn questioned the sustainability of the current NFT bubble in prices and drew comparisons with the Dutch “tulip mania” of the 1630s.
Tulip mania for anyone who doesn’t hodl flowers, was a bubble in the Netherlands that saw prices for a single tulip bulb rocket up to a high of 6,700 guilders in February 1637 — enough to purchase a house at the time.
The NYT suggested that perhaps history was rhyming, given the similarity between the COVID-19 adjacent NFT bubble and the bubonic plague-driven Tulip bubble:
“It should also be pointed out that febrile speculation in assets that have no physical existence has flourished during epidemics, when people spend a lot of time indoors. Tulip mania coincided with an outbreak of bubonic plague in the Netherlands that killed a fifth of Amsterdam’s population between 1635 and 1636.”
The response from financial authorities to the pandemic has, of course, also inflatedTitle: Nifty News: NYT says NFTs in pandemic-fueled bubble, Polkamon eggs produce $1M gas …
Sourced From: cointelegraph.com/news/nifty-news-nyt-says-nfts-in-pandemic-fueled-bubble-polkamon-eggs-produce-1m-gas
Published Date: Wed, 31 Mar 2021 05:37:34 +0100