The collection’s floor price plunged after Azuki’s creator wrote a blog post detailing their involvement in previous NFT ventures.
Rugpull Involvement
“Azuki is dead,” announced the host of “The Death of Azuki” Twitter Space on Monday evening.
The audacious claim comes after the posting of a blog article by Azuki founder Zagabond, who goes under the moniker Zagabond. He said today that he previously involved in a few of mediocre NFT ventures that were dubbed “rugpulls” by some.
NFTs—one-of-a-kind blockchain tokens that represent asset ownership—can have wildly fluctuating prices. The Ethereum blockchain’s Azuki collection is no exception.
Even though NFTs have become commonplace, it’s easy to overlook how young the NFT industry is. It’s critical that the community encourages innovators to create and experiment throughout these early years. Each experiment also has important takeaways.
The Azuki 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 publish.
In terms of floor price, though, Azuki hasn’t had a particularly good month. In the last month, the collection’s beginning price has dropped by 56%. According to NFT Price Floor statistics, it was nearly 63 percent in the previous week. The crypto and NFT markets have collapsed across the board, resulting in a larger decrease.
ZachXBT, a “on-chain sleuth,” expressed reservations about the Azuki founder’s blog post. On prior ventures, he accused Zagabond of rugging. When an NFT project founder introduces a product with an ambitious roadmap only to abandon it (and their money) after the initial sale, this knows as a rugpull.
Accusations Denied
The rugpull charges brought against the Tendies, CryptoPhunks, and CryptoZunks dismisses by Zagabond. The last two inspired by the CryptoPunks NFTs.
They should have been more successful, Zagabond wishes. At the end of the day, there was no product-market fit, but that doesn’t mean it’s a dud.
Zagabond identified the CryptoPhunks as a satirical effort in his blog post. After only minting around 15% of the meme collection, the Tendies NFTs wound down. It claimed that the CryptoZunks project had restrictions owing to Ethereum’s high gas prices, which make the product unusable.
Taking Advantage of Azuki
Some NFT fans, however, appear to be taking advantage of Azuki’s lower prices. Sales of the set skyrocketed. On secondary marketplaces, nearly 300 items sold in a single day.
