Japanese contemporary artist Takashi Murakami apologizes to holders of his NFTs after the collection’s value plummeted from $260,000 to $2,000.
Following the extreme market conditions that saw the price of Bitcoin and other digital assets tumble, the value of the Japanese artist’s Murakami Flowers plunged from $260,000 to a measly $2,000.
In the face of this adversity, Murakami took to Twitter to express his thoughts and issued an apology to his fans for the poor timing of his NFT launch. He wrote:
Dear holders of Murakami Flowers, I appreciate your continuing patronage, although the project’s floor price and transaction prices remain stagnant. I am very sorry.
2021 was the year for NFTs, with several projects gaining traction left and right. In light of this newfound hype, Japanese artist Takashi Murakami was one of the many artists who decided to launch an NFT project of his own called Murakami Flowers.
Unfortunately for Murakami, he launched his project just before the great 2022 crypto market crash—leaving him devastated. Artnet News considers Murakami’s timings to be poor, and he missed the NFT boom.
Notably, the famed artist delayed the minting of his NFTs to spend another year ironing out the project’s technical details.
The Murakami Flowers is not the only collection that was affected by the recent crypto meltdown. Just last week, floor prices of the three popular collections were down by 31%, 27%, and 16%, respectively.
Subsequently, average prices are also down by similar amounts for BAYC and MAYC. Meanwhile, CryptoPunks held better with a decline in the average price by almost 2%.
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