Hyundai Card vice president Chung Tae-young described the increased interest in non-fungible tokens (NFT) and metaverse as having saved crypto from the tulip mania phase.
Through his sharing on the social media site, Facebook, Chung admitted that although the crypto market has its fluctuations, it is clear that the crypto currency has passed the phase of tulip mania which was famous in the Dutch Golden Age era in the Netherlands.
Hyundai Card is a credit card firm under the Hyundai Motor Group located in Seoul, South Korea.
The company once partnered with Kakao’s blockchain subsidiary, Ground X to introduce NFT for credit cards and payment record generation.
While NFT is still seen as absurd for a handful of communities, Chung believes NFT and the metaverse have brought real meaning to the use of virtual assets.
This also includes diversifying crypto investments similar to digital culture and real estate.
For the record, the era of tulip mania is often associated with a bubble crypto market because in the 17th century there was a situation where a tulip was equal to the value of a house.
