Canadian musician and visual artist Grimes is launching another crypto-related project this time with a focus on kids.
The singer announced at the Avalanche Summit her new "intergalactic children's metaverse book" which is part of a $100 million initiative called "Culture Catalyst" led by OP3N and the Avalanche Foundation, CoinDesk reports.
With the metaverse book, Grimes is launching a series of educational art "for babies and small children" aimed at creating a "profound experience for babies that is also deeply meaningful to adults." She explained:
When I first got into Web 3, this was the kind of project I was hoping to see.
However, no other details were provided regarding the project so far. For Grimes, this isn't the first Web3-related initiative. Last year, the artist sold a collection of digital artworks in the form of non-fungible tokens (NFTs) for approximately $6 million.
However, these sales were far from a good investment for buys, according to a report from Nonfungible.com. The analysts found that the prices of many NFTs minted by celebrities have declined significantly since their release. The resale market outside of fans appears to be small, with long-time NFT investors shunning the category as a money grab.
For instance, one of several NFTs issued by Grimes dubbed "Earth" was sold by the Canadian artist for $7,500 on the Nifty Gateway marketplace. Later, the token was resold for just $1,200, which is an 84% drop from the original listing.