The floor price of the collection fell after Azuki’s founder posted a blog posting revealing their involvement with past NFT projects.
“Azuki has died,” declared Monday’s host of the Twitter Space “The Death Of Azuki”.
The bold assertion–which was somewhat tongue-in-cheek–follows the release of a blog post from pseudonymous Azuki founder Zagabond, who shared today that he was previously involved in a few lackluster NFT projects that some labeled as “rugpulls.”
NFTs, unique tokens on the blockchain that signify ownership of an asset, can have volatile prices. The Azuki collection is no exception.
Zagabond’s post was published hours after the Azuki collection’s floor price or starting price dropped from 19 ETH ($41 800) to 10.9 ETH ($24,000).
However, Azuki’s floor price has not been the best month. According to data from NFT Floor, the collection’s starting cost has fallen by 56% and almost 63% over the past week. This is partially due to the collapse of NFT market and crypto.
ZachXBT, a self-described “on chain sleuth”, expressed concern about Azuki founder’s blog post. He also accused Zagabond “rugging” on past projects. Rugpull occurs when a founder of an NFT project releases an ambitious project plan, but then abandons it (with their money) after the primary sales.
Zagabond, however, denied the rugpull allegations levelled against the Tendies and CryptoPhunks as well as the CryptoZunks. (The latter two derive their art form the CryptoPunks TFTs).
“Do they wish they were more successful?” Yes. Zagabond stated that there was no product-market match at the end, but that does not mean the rug isn’t a rug.”
Zagabond wrote that CryptoPhunks was a parody project, that Tendies NFTs had “wound down” after only generating 15% of the memes, and suggested that CryptoZunks has “limitations due gas costs on Ethereum destroying the product experience.”
Some NFT enthusiasts are taking advantage of Azuki’s falling price. This collection saw an astronomical spike in sales with more than 300 being sold on secondary marketplaces within a single day.
