“Death” of Azuki NFT Collection

“Azuki is dead” announced by the host of Twitter Space titled “The Death of Azuki”.

What started off as a success in launching their new NFT collectible early this year, Azuki plummets as they experience their collection price drastically dropping by 60% in the last month and nearly 71% in the past week, according to data shown from NFT Price Floor

Azuki activities on a sharp decline from source, NFT Price Floor

This dramatic statement follows after Azuki founder, Zagabond, releases a blog post admitting to abandoning 3 previous projects within the year, accrediting Azuki’s success to his previous failures: CryptoZunks, Tendies, and CryptoPhunks. 

“During these formative times, it’s important that the community encourages creators to innovate and experiment,” Zagabond said in the blog post. “Additionally, each experiment comes with key learnings.”

Azuki artwork

Within hours of Zagabond’s blog publishing, the Azuki collection’s starting price, or floor price, dropped from roughly 19 ETH ($41,800) to around 10.9 ETH ($24,000).

Zagabond’s announcement received backlash from the NFT community as many considered his actions to be “Rug Pulls.” A Rug Pull is when a person launches their collection with an aspiring roadmap, only to abandon the project after securing their investor’s money. 

While Zagabond denies all rug pull charges, he also comments “Do I wish they had done better? Obviously. At the end of the day, there was no product-market fit, but that doesn’t mean it’s a rug.”  

He continues to elaborate in his blog post stating that CryptoPhunks wass as a “parody project” and Tendies NFTs “wound down” right after minting out around 15% of the meme collection. He also suggested that CryptoZunks had its “limitations due to gas costs on Ethereum killing the product experience.” 

While many stayed clear of Zagabond’s depreciating collection, a few NFT enthusiasts are seen taking advantage of  NFT Azuki’s new price point. The collection was seen with more than 300 sold in the aftermarket in a single day. 

Since the start of its release in early February, Azuki has sold more than 200,000 ETH (around $526 million) in total sales, the 6th most of any NFT project.