Azuki NFT: Founder Admits to 3 Failed Projects

June 9, 2022 - Around 5 mins mins to read

Azuki still have the impression of volume trading although the market for nonfungible tokens, or NFTs, has slowed from its peak, but that doesn’t mean the industry is dead — far from it, actually. NFT sales volumes came in at a healthy $3.7 billion in May, according to DappRadar’s latest Industry Report, which was released on June 8. While volumes were down 20% compared with April, industry activity remains robust considering that crypto assets as a whole are in a bear market. OpenSea, the largest NFT marketplace, generated 950,000 ETH in trading volume last month, which was down only 6.5% compared with April. When measured in United States dollars, OpenSea’s monthly volumes decreased by 25%.

Overview

What is Azuki?

Azuki is an anime-style 10,000 NFT collection launched on January 12, 2022. With a sophisticated and unique image, Azuki has attracted the attention of NFT collectors worldwide and quickly became one of the most valuable collectibles on the market.

This project has stormed the charts since its conception, not to mention flipping several other blue-chip NFT collections along the way. It is well on its way to becoming the largest decentralized brand for the metaverse, built and owned by the community.

When publishing this article, Azuki is the second-highest transaction volume in the last 30 days with 44,469 ETH (approximately $80M).

History

12/01/2022, Azuki launched NFT Azuki phase 1 as a dutch auction, with prices starting at 1 ETH and subsequently decreasing until a bidder was founded. It was sold out in just three minutes. The second phase of the NFT sale took place on January 14th and was quickly sold out.

Those who mint NFT will receive a red bean on January 21st NFT owners can click on the “refresh metadata” section in OpenSea to reveal their character.

The collection’s floor price has soared, reaching over 10 ETH in less than a month. On the other hand, Azuki did not become widely popular until the end of March 2022, when its floor price climbed to 40 ETH.

30/03/2022, Azuki #9605 was sold for 420.7 ETH, approximately $1.4 million. It has been sold for Azuki’s highest price.

31/03/2022, Azuki announced airdrop for Azuki holders an NFT collection called Beanz.

Beanz is considered a friend, a trick of Azuki. If you own Beaz and Azuki, you can combine them to create a new NFT.

Beanz is standing on Azuki’s shoulder

21/05/2022, Each Azuki holder will be airdropped a special token which can be redeemable for a limited Twin Tigers Jacket.

24/05/2022, Azuki revealed that the first offline event would be held in New York City on June 22.

What Perks Azuki Holders Get?

First and foremost, the Azuki NFT grants entrance to The Garden to their owners. According to the project’s website, “it is a corner of the internet where art, community, and culture fuse to create magic. The lines between the physical and digital worlds are blurring and the rules are being rewritten.”

The NFT drop is just an appetizer! The team will also launch streetwear collabs, NFT drops, live events, etc. The project announced its partnership with the iconic Korean band, Epik High. Azuki will design original visual art for the hip-hop group’s upcoming Coachella performance. An Azuki is your metaverse identity.

In addition, Azuki holders also received airdrops including NFTs (Bean collection) and tokens ($BEAN), and other airdrops in the future.

DRAMA: Founder Admits to 3 Failed Projects

Everything was going great for the Azuki project until its founder, Zagabond, on May 10, admitted to being behind three failed projects including CryptoPhunks, Tendies và CryptoZunks.

CryptoPhunks: NFT price fell many times from all-time high price.
Tendies rug: all social media were deleted
CryptoZunks: founded by women while Zagabond is male

It sparked outrage directed towards Zagabond and Azuki in general, so Azuki’s price fell three times from its all-time high.

Later the same day, Zagabond joined a Twitter space hosted by NFT influencer, Andrew Wang. While this was the perfect opportunity for the Azuki founder to own up to his mistakes and apologize, he did neither, and in fact, he only made things worse.

“I’m still learning through this whole experience, everything has happened very quickly,” he said. “I’ve always come from the perspective of a creator and builder who experiments and I think this whole experience has made me realize this is bigger than myself…”

Zagabond made no apologies for his errors. To make matters worse, he even blames the “expectations” of his project’s community. When Twitter users slammed him, he issued a statement, apologizing to the community.

At this time, things are not looking too great for the Azuki project. Already, its floor has fallen to 11.22 ETH. Zagabond has assured his commitment to the project, and he has also promised to “hand over full control of contracts to the communities of previous projects”.

Verdict

Azuki will almost certainly continue to be the most famous and valuable. Azuki holders are likely to continue to get other benefits in the future, including tokens, other Azuki NFTs, and real-world perks or items. NFT market has great potential and I believe it will continue to grow strongly in the future, so it’s an excellent place to look for investment opportunities.

Find more information about:

Website: https://www.azuki.com/ (Change your Mainnet to Ethereum to get access in)

Twitter: https://twitter.com/azukizen

Discord: http://discord.gg/azuki

OpenSea: https://opensea.io/collection/azuki

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

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.

ARES

Coincu Ventures

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