Murakami.Flowers – Murakami returns to his roots

Murakami.Flowers is a collection of 11,664 NFTs by artist Takashi Murakami In the May 2022 edition of DappRadar’s New Dapps Report, we take a look at popular and interesting NFT collections, and this time we cover Murakami.Flowers Official. The New Dapps report serves as an executive overview and analysis of financial metrics for NFT collections….


Murakami.Flowers is a collection of 11,664 NFTs by artist Takashi Murakami

In the May 2022 edition of DappRadar’s New Dapps Report, we take a look at popular and interesting NFT collections, and this time we cover Murakami.Flowers Official. The New Dapps report serves as an executive overview and analysis of financial metrics for NFT collections.

This New Dapps Report is part of a series of executive reports giving readers a high-level perspective on promising randomly generated NFT collections. The report focuses on financial metrics, including sales activity and price analysis, and distribution metrics, such as the proportion of sole proprietors and the concentration index of whales. Additionally, it dives into whale behavior patterns and technical and social descriptions.

Takashi Murakami is a visionary Japanese designer and artist who is no stranger to NFTs. Previously, he created the successful CloneX collection with RTFKT (which we covered in our January issue Dapp Report). This time, Murakami ventured out to create a much more personal collection of 11,664 NFTs in the “Super Flat” visual style he pioneered. He continues his tradition of excellence with Murakami.Flowers.

Please do not consider this document as financial advice. Data updated on: May 12, 2022

Table of Contents

key takeaways

  • Murakami.Flowers is the 11th most traded collection in the last seven days, with a total volume of more than $18 million in sales and a total volume of more than $113 million in less than two weeks
  • The minimum price of the collection has appreciated by more than 3,696% since it was minted on May 4

Murakami.Flowers – 3.696% minimum price growth

block chain: Ethereal

Release date: May 4, 2022

Edition size: 11,664 – Limited Edition

Traits: 10

Attributes: 432

Floor price: 4.1 ETH

Murakami.Flowers generated nearly $20 million in sales in its first week. Despite the subsequent pullback in daily volumes, the overall volume continues to increase. Murakami.Flowers is the 11th most traded collection in the last seven days, and is the 7th most traded collection in the previous two weeks with a volume of over $113 million. The minimum price, which is currently 4.1 ETH, has appreciated 3696% of the mint price. The average price increased considerably in the first week, reaching up to 10 ETH and falling in the days after that to 5.18 ETH at the time of writing, which represents an appreciation of 4,696% from the mint price.

Added utility: strong visual appeal but an unclear roadmap

Murakami.Flowers has posted its post-launch support plans on its official website. In Murakami’s words, the goal of the collection is to unite the traditional art community and the new NFT digital art community. His goal is for his art to stand the test of time and survive for the next 100 years. Murakami is committed to releasing an online video game, real-life exhibits, and various merchandise associated with the collection. The project will eventually transition to a DAO. The roadmap for Murakami.Flowers has not yet been finalized. The collection is still in the early stages, and things are subject to change. At the time of writing, there are no other utilities associated with the collection other than the aesthetic visual element.

Social Awareness and Commitment

Murakami.Flowers does not have social channels usually associated with NFT projects, such as a Discord server or a Twitter account. The project has an Instagram account that has over 147,000 followers and is used to post promotional art for the collection.

Murakami.Flowers has a total of 1,875 unique merchants, which is relatively low compared to its previous project CloneX, which has 9,444 unique merchants. The collection had a lot of hype, as usual on a launch day. Still, likely due to a lack of regular social channels and a direct line of communication with the community, mentions of the collection dropped off drastically.

team summary

The project is being developed by Takashi Murakami and his own production company Kaikai Kiki Co., Ltd.

technical summary

Like most NFT projects, Murakami.Flowers stores its metadata using IPFS instead of storing it entirely on-chain. This type of storage is common among NFTs, as it is too heavy to store the visually rich project entirely on-chain. Although there are no known technical issues associated with the project, caution is always advised, especially given the lack of transparency from the development team and their experience running NFT projects.

  • Audit Status: No audits yet
  • Storage: NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and the images live on IPFS for immutable ownership.

Whale Wallet Analysis

Murakami.Flowers currently has a proportion of unique holders of 38%, indicating a relatively concentrated collection. A lower ratio indicates greater susceptibility to sudden price changes. A 2.15%, its concentration of whales is very low. A higher concentration of whales suggests a higher risk of price manipulation by prominent collection holders.

One notable whale, 0xcspr.eth, is in the top five headlines. They contain 41 flowers, or 0.56%. The slight participation of notable whales indicates that the collection has a low risk of price manipulation. Their absence also sometimes shows a lesser financial attractiveness of the collection. Potential buyers are always advised to exercise due diligence.

Summary

Takashi Murakami has established himself as an influential artist working in the traditional art industry for over 29 years. His first foray into the digital world of NFT with RTFKT was very successful and his collaboration resulted in the CloneX project.

Like CloneX, Murakami.Flowers has done very well. The collection amassed a total volume of over $113 million in less than two weeks. The minimum price of the collection has appreciated by more than 3,696% since it was minted on May 4. The highest sale occurred on minting day, with Flower #9125 selling for 100 ETH / $242,2008.

Murakami has certainly had a good track record in the past. His artworks have garnered significant critical acclaim and have also performed well financially. One of his pieces, the Lonesome Cowboy, sold for $15.1 million at Sotheby’s in 2008 ($19 million at current prices), and one buyer bought a CloneX for 450 ETH / $1.2 million last February. However, it is unclear if he has the skills to run an NFT project independently. Some of the usual features are missing, such as an official roadmap, social channels, and a publicly disclosed development team.


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