Hyundai Card vice president Chung Tae-young said on Wednesday the rise of NFTs (non-fungible tokens) and the metaverse is helping crypto to move past the Dutch tulip mania stage.

Fast facts

  • “Although there might be ups and downs, it seems cryptocurrencies are passing the ‘Dutch tulip stage,’” Chung wrote in a Facebook post
  • Hyundai Card, the credit card arm of South Korea’s largest automobile manufacturer Hyundai, had previously teamed up with internet giant Kakao’s blockchain subsidiary Ground X to develop NFTs for credit card and payment history issuance.
  • Chung said NFTs and the metaverse have opened doors for appropriate use of virtual assets, and diversifying crypto investment into the likes of digital culture and real estate.
  • Crypto fever is often compared to the Dutch tulip bulb market craze of the 17th century, when a speculative bubble surrounded the highly sought-after plant.
  • In April 2021, Chung shared a Facebook post that raised concerns about crypto over uncertainties and investor protections.