The collection’s floor price plunged after Azuki’s founder wrote a blog post detailing their involvement in previous NFT ventures.
“Azuki is dead,” announced the host of “The Death of Azuki” Twitter Space on Monday evening.
The dramatic statement comes after the posting of a blog post by pseudonymous Azuki founder Zagabond, who revealed today that he was previously involved in a few NFT initiatives that some dubbed “rugpulls.”
The Azuki collection on the Ethereum blockchain is no exception. NFTs—unique blockchain tokens that denote ownership over an asset—can have dramatic price changes.
The collection’s starting price, or floor price, dropped from around 19 ETH ($41,800) to around 10.9 ETH ($24,000) within hours of Zagabond’s post being published.
Azuki, on the other hand, hasn’t had the best month in terms of floor pricing. According to data from NFT Price Floor, the collection’s starting price has dropped 56% in the last month and roughly 63% in the last week. This higher drop is mainly due to the crypto and NFT markets collapsing across the board.
“On-chain sleuth,” as he calls himself. ZachXBT expressed his displeasure with Azuki’s blog post, accusing Zagabond of “rugging” on prior ventures. A rugpull occurs when an NFT project founder launches a project with a bold roadmap only to abandon it (and their money) after the initial sale.
Zagabond, on the other hand, rejected the rugpull charges leveled against the Tendies, CryptoPhunks, and CryptoZunks.
Zagabond said:
“Do I wish they were more successful? Of course. There was no product-market fit at the end of the day, but that doesn’t mean it’s a rug,”
In the blog post, Zagabond called the CryptoPhunks a “parody project,” said the Tendies NFTs “wound down” after only minting out about 15% of the meme collection, and said the CryptoZunks project has “limitations due to gas costs on Ethereum killing the product experience,” and suggested the CryptoZunks project has “limitations due to gas costs on Ethereum killing the product experience.“
However, it appears that some NFT fans are taking advantage of Azuki’s falling pricing. Over 300 pieces from the collection were sold on secondary marketplaces in a single day.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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