Self-professed financial experts often refer to the Bitcoin price momentum as “tulip mania”. After all, they hope to see this bubble burst before it can put them out of a job. Bitcoin and altcoins are not in a bubble, though, and they aren’t going away anytime soon either. The Tulip is an upcoming ICO which seemingly aims to poke fun at these experts for not realizing how things are evolving right now.
Buying Into The Tulip ICO Mania
While it is true the current Initial Coin Offering craze is eerily similar to the tulip mania of the seventeenth century, it remains to be seen how things will play out. The tulip market eventually crashed and the product became virtually worthless. The same may eventually happen to a lot of ICO projects, as very few of them will actually succeed in delivering on their initial promise. All the money in the world couldn’t change that fact, nor should it.
One project focusing on tulips is none other than The Tulip ICO. Given all of the remarks by financial “experts” on how cryptocurrency and ICOs are two tulip markets waiting to pop, it was only a matter of time before someone created an ICO project known as The Tulip. Its website sure looks professional and may even persuade some people to invest. Very few individuals conduct their due diligence when looking at initial coin offerings, after all.
What The Tulip offers is not something we haven’t seen or heard before. In fact, it is by far one of the more comical ICOs we have come across in a while. The project describes itself as “blurring the lines between art, technology, and human psychology.” It’s got an artistic touch, but we all know none of this need be taken seriously whatsoever. Indeed, it is a project designed to illustrate a point and scoff at the self-professed experts who think they know it all.
Moreover, The Tulip token will be sold at auction to the highest bidder. However, this will not be your typical auction, as it will remain open for the lifespan of a “forced tulip bulb of the Tulipa Kaufmanniana Early Harvest variety.” One has to give the project’s creator credit for coming up with this design and some intriguing wording on the site itself. The auction commences when the bulb enters a “phase of simulated winter and ends when The Tulip dies.”
Perhaps unsurprisingly, there is even a whitepaper to further explain The Tulip and its goals. It will be created as an ERC20 token on the Ethereum blockchain, with the auction platform serving as a decentralized application. To be more precise, this decentralized application is a smart contract which can be viewed through Etherscan. So far, this contract has collected 0.065 Ether, worth US$19.18 at the time of writing.
Considering that there will only be one token to ever be created, the ICO project checks all the right boxes in terms of scarcity. It does appear 20% of the sale price will be used in connection with a “hand in hand hurricane relief fund”, whereas the remainder will go toward funding the future works of an “artist”. No one knows who that artist is, though.