The idea behind Azuki is to mix NFT culture with anime-style drawings, with a global community working together behind the scenes. Which is phenomenal. Azuki defines itself as a “decentralized brand for the metaverse.” This brand’s main product is a collection of 10K anime-style avatars in NFT form. The collection is also called Azuki and at inception was one of the NFT space’s biggest success stories…
… until admissions and revelations by one of the project’s creators cast a shadow on Azuki as a whole.
Let’s review the project’s history, its characteristics, and the revelations that changed it all.
Azuki’s Origin Story
The project exists since January 12th, 2022. The team behind Azuki is Chiru Labs, their slogan is “Born in Los Angeles. Building for the metaverse.” Most of the members use pseudonyms and keep their identities private. A few use their real name, like Azuki’s co-creator and illustrator Arnold Tsang from Toronto, Canada. He’s well-know for his participation in “Overwatch,” which Wikipedia describes as “a 2016 team-based multiplayer first-person shooter game developed and published by Blizzard Entertainment.”
The community behind it is a key part of the project. On Azuki’s website, they use slogans like “A new kind of brand that we build together” and “A brand for the metaverse. By the community.” Ownership of one of the 10K Azuki NFTs gives the user access to The Garden. A virtual place Azuki promises “starts with exclusive streetwear collabs, NFT drops, live events, and much more that will be revealed over time.”
Azuki is a digital brand. A “decentralized brand of the future.”
At first, it seemed like the NFT collection was going to propel them to instant classic status. The initial success made their name recognizable and sent the collection’s floor price to double digits. At one point, it reached a maximum of 22 ETH. Nowadays, the floor price at Opensea is 7.4 ETH, what happened? Whatever the reason, the Azuki collection gets around. It has moved a total volume of 260.2K ETH in transactions so far.
We Need A Little… Controversy
The turning point for Azuki was a Twitter Space, of all things. On May 10th, crypto influencer Andrew Wang interviewed Zagabond, one of Azuki’s founders, who just like that revealed that he was part of a few NFT projects that didn’t end well. It almost sounded like they were a rug pull, and people freaked out…
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