Japanese contemporary art icon Takashi Murakami is set to re-enter the NFT space with a new digital collection—despite a turbulent past with the medium.
On July 24, Murakami announced via X (formerly Twitter) that his latest work, “108 Flowers Revised,” a digital trading card series, will be launched on Base, Coinbase’s Layer 2 blockchain, on July 31. The release comes amid renewed interest in the NFT market, which has seen a recent upswing thanks to bullish crypto sentiment and high-profile purchases by NFT whales.
NFT Market Heats Up Again
According to CoinGecko, the total global NFT market cap crossed $6 billion as of July 23—doubling from its April low of around $3 billion. A recent buying spree, including an $8.6 million acquisition of blue-chip NFTs like CryptoPunks and Chromie Squiggles, has reignited enthusiasm in the sector.
Nick Ruck, Research Director at LVRG, noted that the surge reflects a return of risk appetite among investors and a broader crypto bull market. He emphasized that NFT categories with strong artistic value and brand recognition are likely to be the first to benefit in this revival.
Against this backdrop, Murakami’s return appears well-timed. But history suggests his NFT journey has been anything but smooth.
A Troubled NFT Past: Murakami.Flowers
Murakami’s most notable foray into NFTs began with the release of Murakami.Flowers, a pixelated NFT interpretation of his iconic smiling flower motif. The series launched in 2022 and was inspired by the 108 earthly desires in Buddhism, comprising 11,664 unique NFTs.
While the initial hype was enormous—with the floor price peaking at 6.6 ETH (around $22,000 at the time)—interest soon faded. As of now, the floor price has dropped to roughly 0.15 ETH, reflecting both the downturn in the broader NFT market and waning engagement with the project.
The Highs and Lows of Murakami’s NFT Journey
Murakami’s relationship with NFTs has been marked by both ambition and regret.
- Delayed debut: Initially planning a launch in March 2021, Murakami postponed the project, admitting he lacked adequate understanding of the NFT space.
- Strong start: After deeper research, the collection launched in 2022 to fanfare, with buyers eager to own a piece of Murakami’s digital legacy.
- Bold vision: Murakami outlined an ambitious roadmap for the project, envisioning extensions into video games, physical merchandise, and dedicated art galleries.
- Market decline: However, as the NFT market entered a prolonged slump, prices plummeted and user engagement declined.
- Admission of failure: In September 2023, Murakami publicly acknowledged the project’s commercial failure, suggesting he might never release another NFT.
Is “108 Flowers Revised” a Revival or a Rebrand?
Despite his previous struggles, Murakami is now testing the waters again—albeit with a more tempered approach. According to his announcement, “108 Flowers Revised” will lean more toward commemoration and collectibility, and less toward utility or long-term development. Some speculate the release is as much a branding effort as it is a creative project, potentially tied to upcoming merchandise or exhibitions.
His decision to mint the collection on Base—Coinbase’s Ethereum Layer 2 network—suggests a strategic move to leverage lower gas fees and a growing NFT ecosystem, while tapping into a new generation of collectors.
A Cautious Comeback Amid a Shifting Landscape
Murakami’s return to NFTs serves as a microcosm of the volatile and unpredictable nature of the space. Once hailed as a sign of traditional art’s embrace of Web3, his pivot now illustrates how even the most celebrated names in art are recalibrating their digital strategies.
Whether “108 Flowers Revised” will bloom or wither in this evolving landscape remains to be seen. But one thing is certain—Murakami’s name still carries weight, and his moves are bound to influence how both the art world and the crypto community navigate the next phase of the NFT era.
