Claire Elise Boucher, popularly recognized by her stage name Grimes, has successfully amassed roughly $6 million through her NFT collection.
In a recent dialogue with tech-oriented publication Wired, the acclaimed Canadian artist, and previously linked to entrepreneur Elon Musk, admitted that her earnings from NFTs surpass what she has garnered throughout her musical journey.
Reflecting on her success, she stated, “Yes, that went really well.” However, she also expressed her disappointment with the trajectory of NFTs and cryptocurrencies, noting, “I’m sad about what happened to NFTs and crypto, as it quickly became overwhelmed by individuals seeking maximal profits.”
In 2021, Grimes introduced her “War Nymph” NFT series on the Nifty Gateway platform.
The collection showcased a variety of digital art pieces accompanied by her tracks, including an exclusive music video that fetched nearly $400,000.
Interestingly, Grimes revealed that the project was conceived by her brother. “We ended up launching one of the pioneering major ones. It truly transformed my life,” she remarked.
But Grimes’ fascination isn’t confined to just NFTs. She’s notably enthusiastic about Web3.
In March 2022, during her appearance at the Avalanche Summit in Spain, she shared her ambitions to craft a metaverse-centric children’s book. This endeavor will leverage the capabilities of the Web3 AI platform, OP3N, and will be backed by Avalanche’s substantial $100 million fund, dedicated to fostering growth on its network.
NFT Market Slump Has Hit Artists Hard
The NFT sector is currently navigating a rocky phase, marked by a significant drop in trading volume and a steep decline in base prices.
Compounding the challenges faced by the nascent NFT market is the escalating tension between traders and creators of digital collectibles. This unrest stems from a controversial issue surrounding royalties.
Leading NFT marketplaces, like Blur and OpenSea, have recently opted to reduce the royalty percentages allocated to artists during a token’s transfer of ownership.
The rationale for this adjustment is to stimulate more transactional activity by lowering costs. This comes in response to the market witnessing a drastic 95% drop in trading volumes, down from a peak of $17 billion in January 2022.
Royalties, which once soared to an impressive $269 million in January, faced a sharp decline, resting at a mere $4.3 million by July. This was largely due to a decrease in royalty rates, which plunged from about 5% per transaction to a scant 0.6%.
This precipitous decline in revenue for artists might act as a deterrent for the production of new content, potentially exacerbating the stagnation in a market already grappling with setbacks.
From August 2021 to May 2022, the NFT market basked in a period of prosperity.
Yet, the landscape shifted after several prominent downturns in the broader crypto sector last year. Mirroring these setbacks, the NFT domain too faced its share of challenges.