NFTs: A Contemporary Tulip Mania or a Unique Digital Revolution?

The Curiosity Sparked by a “Right Click Saver”: Diving into the History of Tulips

Originally published at https://www.kaloh.xyz on May 2, 2023.

Recently, a discussion with a “Right Click Saver” sparked my interest in exploring the historical phenomenon known as Tulip Mania. Comparisons were drawn between this 17th-century speculative bubble and the current NFT (Non-Fungible Token) frenzy.

Intrigued by the parallels, I delved into the history of tulips and their relevance to blockchain art and NFTs. In this article, we’ll examine the Tulip Mania craze, draw comparisons to the NFT market, and highlight the unique aspects that differentiate NFTs from tulips.

The Semper Augustus purportedly sold for 5,500 fl. would have had an equivalent value in gold equal to $178,200 (evaluated at $1,200 per ounce) at a time when such purchasing power would have been much greater.

The Tulip Mania

Tulip Mania unfolded during the Dutch Golden Age in the 17th century when tulip bulbs, imported from Turkey, captured the fascination of the Dutch upper class.

The demand for tulips grew rapidly, leading to their inclusion in exchanges and a surge in prices. At its peak in 1637, tulip bulbs were selling for exorbitant sums, sometimes surpassing ten times the annual income of skilled craftsmen. The tulip trade became so pervasive that it disrupted other industries, with bulbs…