After the New York Times just raised the NFT column by half a million dollars, it now wonders if this whole scene is a little bubble.
In the March 30th article, the NFT technical question: The next frontier in trading or a new kind of lavender? Author Scott Rayburn questioned the resilience of the current NFT pricing bubble and compared it to the Dutch tulip madness of the 1930s.
Tulip mania for anyone who doesn’t bloom was a bubble in the Netherlands when the price of a single tulip rocket reached 6,700 guilders in February 1637 – enough to buy a house at the time.
The New York Times suggested the story could be coherent given the similarities between the NFT bubble adjacent to COVID-19 and the plague bubble associated with tulips:
It should also be noted that speculation about a rush of assets that have no physical presence flourished during epidemics, when people spend a lot of time indoors. Tulip mania coincided with the outbreak of the plague in the Netherlands, which claimed the lives of a fifth of the population of Amsterdam between 1635 and 1636.
Of course, the financial authorities’ response to the pandemic led to asset price inflations across the board, so NFTs could also be a recipient for people with a lot of money and time in their hands.
The article ended with a good quote from the 1637 satire The Rise and Fall of Flora, Tulip Madness:
“It was crazy.”
SuperRare Raises $ 9 Million
SuperRare NFT Market raised $ 9 million in Series A funding round.
The platform announced on March 31 that Velvet Sea Ventures were spearheading the tour and seeing investments from celebrities such as Mark Cuban, Shams Palihabitia and Ashton Kutcher. Super rare notes:
In just three years, the cryptocurrency market has already become a global phenomenon of over $ 400 million. The investment will allow SuperRare to accelerate growth, significantly serving more artists and collectors as digital fundraising becomes more popular. ”
The platform intends to use the funding to expand “core SuperRare functionality into more scalable social elements such as chat and custom channels.” It also plans to improve marketplace mechanisms and auction functions, expand “supported illustration formats to virtual reality and programmable media,” and hopes to implement a phased expansion.
Egg Polkamon, the latest NFT craze
Polkastarter decentralized exchange has joined NFT’s obsession with the release of Polkamon collectible digital monsters.
The first users of the project were offered the opportunity to take part in the “competition for obtaining eggs”, in which 125,000 users announced an egg token that had the opportunity to “hatch” or get engraved in Polkamon NFT.
“In terms of gas fees alone, we estimate that Polkamon fans have spent over $ 1 million ordering eggs for the chance to participate in the upcoming IDO at Polkastarter,” the blog post said.
The project is currently confirmed on OpenSea, and at the time of writing, the highest sale was a silver “Moonrock x Morningstar Babydragon” for 22 ETH, valued at approximately $ 39,000.
Another OpenSea user seems confident about the project. After purchasing the Polkastarter Babydragon for 14.94 ETH, they are currently listing it for sale for 54.99 ETH (worth about $ 100,000).
Second crack in the sale of an NFT home
Real estate investor Ivan Malpika sold 50% of the St. Louis home, which he listed as an NFT at Mintable in early March.
You can buy half of this St. Louis home through Mintable for less than 30 ETH.
Unfortunately, he told Cointelegraph that he sold it offline to “a new partner who didn’t have cryptocurrency or ETH,” and instead sold it for cash.
“I had a lot of interest in my first NFT property, but new buyers have traditionally wanted to collaborate,” he says. “Because of a lot of interest, I decided to create a new NFT to try the new drug again.” He just posted a 50% stake in another St. Louis like NFT at Mintable for 29.7 ETH.
From NFL to NFT
Former NFL star-turned-star Veron Davis, Rob Gronkowski and Partik Mahoms have become iconic collectibles today with his fall in Rarible.
Davis played 14 seasons in the NFL and won the Super Bowl alongside the Denver Broncos in 2016. Fall is made up of five open copies, one of which depicts Davis’ most outstanding accomplishments, including trophies, Super Bowl strikes, and even the star’s “junior season” iconic character.
The auction will end on April 4.