Murakami to wind back from NFTs
Acclaimed Japanese contemporary artist Takashi Murakami says he may not release anymore nonfungible tokens moving forward, after first jumping into the market in late 2021.
Murakami is a world-renowned artist that has a career spanning back to the late 1980s. He has released two NFTs collections to date, firstly with the Clone X collection in partnership with RTFKT in December 2021, and then with the Murakami.Flowers collection in May 2022.
Speaking with The Guardian in a Sept. 20 interview at the Asian Art Museum as part of his new solo art exhibition dubbed Unfamiliar People, Murakami simply stated: “Maybe I’m done releasing NFTs.”
Murakami.Flowers in particular proved to be a challenging project for the artist, as he delayed its launch to fine tune the project before eventually rolling it out May 2022, right as the crypto and NFT markets crashed.
With floor prices and sales being stagnant after launch, Murakami ultimately apologized to the people who bought his NFTs. However the community seemed to understand at the time, given that broader market factors were at play.
Still despite this, Murakami.Flowers has generated 26,713 Ether (ETH) or $42.52 million worth of secondary trading volume to date, with an NFT floor price of 0.36 ETH ($573) according to data from OpenSea.
NFT artist wins multi-million dollar contract dispute
NFT artist Danny Casale, also known as Coolman Coffeedan, has won a multimillion-dollar profit-sharing related contract dispute with Web3 art curators DigiArt.
As per a Sept. 22 report from ArtNet, Casale signed on to be repped by DigiArt back in May 2021, with the firm helping him gain exposure in exchange for a 50-50 split of his NFT sales and the exclusive “right to market and offer for sale all non-fungible tokens created by Casale” up until the contract expired on May 2, 2022.
However, DigiArt sued Casale in March 2023 over an alleged breach of contract after the artist launched an NFT project by himself on Dec. 21, 2021 called Coolman’s Universe.
The project consists of 10,000 cartoon avatar NFTs and to date, has gone on to generate 26,399 ETH ($42 million) worth of secondary sales according to data from OpenSea.
DigiArt alleged that Casale “wholly ignored his contractual obligations” by launching the project, but failed to list any specific monetary damages in the complaint. The firm also admitted to…
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