Murakami to wind back from NFTs
Acclaimed Japanese contemporary artist Takashi Murakami says he may not release any more nonfungible tokens (NFTs) moving forward after first jumping into the market in late 2021.
Murakami is a world-renowned artist who has a career spanning back to the late 1980s. He has released two NFT collections to date: the Clone X collection in partnership with RTFKT in December 2021 and 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 NFTs. Source: OpenSea
Murakami.Flowers, in particular, proved to be a challenging project for the artist. He delayed its launch to fine-tune it before eventually rolling it out in May 2022 as the crypto and NFT markets crashed.
With floor prices and sales stagnant after the launch, Murakami ultimately apologized to those who bought his NFTs. However, the community seemed to understand at the time, given that broader market factors were at play.
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 multimillion-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.
According to 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.
Coolman’s Universe NFTs. Source: OpenSea
The project consists of 10,000 cartoon avatar NFTs and, to date, has generated 26,399 ETH ($42 million) 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 not attempting to enforce the agreement until months after the project had launched.
Additionally, DigiArt also did not provide a written start date on the contract with Casale, along with several other important details.
This ultimately led Judge Wendy Berger of the United States District Court for the Middle District of Florida to rule in favor of Casale and dismiss the case.
“The draft contained several blanks, including the effective date, the name of the artist, and the allocation of net sale proceeds…in the body of the e-mail, [DigiArt’s] representative stated that the profit split would be ’50/50’ ‘on initial NFT drops,‘” the court document read.
Krapopolis’ long-awaited debut
Krapopolis, the NFT-linked animated series from Rick and Morty co-creator Dan Harmon, is finally set to air in September after being announced in June 2021.
The show is set to debut with the first two episodes on Fox on Sept. 24 and will then feature on Fox’s Animation Domination series block alongside The Simpsons, Family Guy and Bob’s Burgers, starting from Oct. 1.
#Murakami #step #NFTs #Dan #Harmons #NFT #show #debut