As expected, some investors lost their funds to mouth-watering offers that turned out to be scams. Three years down the line, the attention has shifted from ICOs and DeFi has taken the center stage. More recently, non-fungible tokens have become the latest buzzword. Once again, critics have cried foul and warned on the ongoing craze.
Bruno Fruscalzo, President of NFT Inc., has said that the NFTs are very much like past manias, with a specific reference to the tulip mania.
In the 17th century, people went crazy over the sales of exotic flower bulbs, paying huge sums for the tulips. This was the first major financial bubble as prices dramatically collapse in February 1637. Fruscalzo explained:
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Source: Cryptocurrency - investing.com
