Murakami.Flowers is collection of 11,664 NFTs from artist Takashi Murakami
In the May 2022 edition of DappRadar’s New Dapps Report, we 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 that provide readers with a high-level perspective of promising randomly generated NFT collections. The report focuses on financial metrics, including sales activity and price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews.
Takashi Murakami is a visionary Japanese designer and artist who is no stranger to NFTs. He previously created the highly successful CloneX collection with RTFKT (which we covered in our January Edition Dapp Report). This time, Murakami ventured to create a much more personal collection of 11,664 NFTs in the ‘’Super Flat’’ visual style, which 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 over $18 million in sales and a total volume of over $113 million in less than two weeks
- The floor price of the collection appreciated over 3,696% since minting on May 4th
Murakami.Flowers – Floor price growth of 3,696%
Blockchain: Ethereum
Launch 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 climb. Murakami.Flowers is the 11th most traded collection in the last seven days, and it’s the 7th most traded collection in the previous two weeks with a volume of over $113 million. The floor price, which is currently 4.1 ETH, has appreciated 3696% from the mint price. The average price rose sharply in the first week, reaching as much as 10 ETH and dipping in the subsequent days to 5.18 ETH at the time of writing, which is an appreciation of 4,696% from the mint price.
Added Utility – strong visual appeal but an unclear roadmap
Murakami.Flowers has released its plans for post-launch support on its official website. In the words of Murakami, the goal of the collection is to bridge the traditional art community and the new NFT digital art community. He aims for his art to stand the test of time and survive for the next 100 years. Murakami pledges to release an online video game, real-life exhibitions, and various merchandise associated with the collection. The project will eventually transition into a DAO. The roadmap for Murakami.Flowers has not yet been finalized. The collection is still in the nascent 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 Engagement
Murakami.Flowers does not have social channels usually associated with NFT projects, such as a Discord server or 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 traders, which is relatively low when compared to his previous project CloneX, which has 9,444 unique traders. The collection had a lot of hype, as is customary on a release day. Still, likely due to a lack of usual social channels and direct line of communication to the community, the mentions of the collection steeply subsided.
Team Overview
The project is being developed by Takashi Murakami and his own production company Kaikai Kiki Co., Ltd.
Technical Overview
Like most NFT projects, Murakami.Flowers stores its metadata using IPFS rather than fully on-chain. This type of storage is common among NFTs, as it is too data-heavy to store the visually rich project entirely on-chain. Although there are no known technical issues associated with the project, it is always advisable to exercise caution, especially due to the lack of transparency of the development team and their experience with running NFT projects.
- Audit status: no audits performed yet
- Storage: NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals live on IPFS for immutable ownership.
- Contract address: 0x7D8820FA92EB1584636f4F5b8515B5476B75171a
Whale Wallet Analysis
Murakami.Flowers currently has a Unique Holders Ratio of 38%, indicating a relatively concentrated collection. A lower ratio indicates higher susceptibility to sudden price changes. At 2.15%, its whale concentration is very low. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders.
One notable whale, 0xcspr.eth is among the top five holders. They hold 41 flowers, or 0.56%. The light involvement of notable whales indicates that the collection is at low risk of price manipulation. Their absence also sometimes shows a reduced 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 venture into the digital world of NFTs with RTFKT was very successful and their collaboration resulted in the CloneX project.
Much like CloneX, Murakami.Flowers has performed very well. The collection accrued a total volume of over $113 million in less than two weeks. The floor price of the collection appreciated over 3,696% since minting on May 4th. The highest sale occurred on the day of the mint, wherein Flower #9125 sold for 100 ETH / $ 242,2008.
Murakami has undoubtedly had a good track record in the past. His art pieces have had significant critical acclaim and also performed well financially. One of his pieces, the Lonesome Cowboy, sold for $15.1 million on Sotheby’s in 2008 ($19 million by today’s prices), and a buyer purchased a CloneX for 450 ETH / $1.2 million last February. However, it is uncertain whether he has the know-how to run an NFT project independently. Some of the usual features like an official roadmap, social channels, and a publicly disclosed development team are missing.
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