What is Azuki NFT?

Summary: Azuki NFTs are unique digital artworks minted on the Ethereum blockchain, popular in the profile picture (PFP) art communities. The value of these NFTs has fluctuated considerably, notably after the launch of the controversial Azuki Elementals collection, which was deemed too similar to the original Azuki collection, diluting its value. 

The current floor prices are 5 ETH for Azuki, 0.62 ETH for Elementals, and 0.38 ETH for Beanz. Azuki's founder, known as Zagabond, has faced criticism for past and current projects.

What are Azuki NFTs

Azuki NFTs are 10,000 unique digital artworks that have been making a significant impact in the world of profile picture (PFP) art communities. Each Azuki NFT is a one-of-a-kind piece, hand-drawn and minted on the Ethereum blockchain, with its own distinct characteristics and traits. These traits, which can range from different Azuki type (e.g. Human or Spirit), hair, eyes, and background, contribute to the uniqueness and value of each Azuki NFT.

The Azuki project has gained considerable popularity since its inception, with an initial mint price of 1 ETH that is currently up 6x at 6 ETH.The project emphasizes community engagement, with Azuki NFT holders gaining access to exclusive content and events. The value of these NFTs has fluctuated greatly, with controversies around the Azuki Elementals mint which caused the floor price to collapse from 16 ETH to 6 ETH.

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What are Azuki Elementals?

Azuki Elementals is a unique collection of 20,000 non-fungible tokens (NFTs) launched by the Azuki brand, known for its anime-inspired digital art. The collection, inspired by elemental themes within the Azuki universe, was first introduced at an exclusive event in Las Vegas, "Follow the Rabbit."

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What Happened with Azuki Elementals?

The Azuki Elementals collection faced significant controversy and backlash from the community after its launch. The main issue was that the new collection of NFTs was too similar to the original Azuki collection. This similarity was seen as dilutive, reducing the uniqueness and value of the original Azuki NFTs. Chiru Labs, the company responsible for Azuki's NFTs, admitted this fault and acknowledged the similarity and dilution issue.

The controversy led to a group of unhappy Azuki NFT holders demanding a refund of over $38 million, alleging that they had been scammed. This community backlash and the controversy contributed to the halving of the floor price of the Azuki Elementals. The community rifts and dissatisfaction with the sale process also led to criticisms and legal threats against the founders.

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What are Beanz?

Beanz is a child collection of Azuki, consisting of 19,928 NFTs that were airdropped to the community. These Beanz are described as small species sprout from the dirt, serving as sidekicks to Azuki characters. Each Bean has unique characteristics and personalities. For instance, Purple Beanz are described as "max chill" and can get red and blue Beanz to get along, while red Beanz, like Toshi, are known for their rebellious nature. The Beanz collection has been a hit on OpenSea, often reaching the top spot for the highest 24-hour trading volume.

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Azuki NFT Floor Price

The Azuki NFTs have seen a notable shift in their market dynamics. The lowest selling price, also known as the floor price, now stands at 5 ETH, a considerable drop from its peak of 30 ETH. Prior to the release of the Elementals collection, the floor price was 16 ETH. As for the Elementals, they are currently trading at a floor price of 0.8 ETH. The Beanz collection, on the other hand, has a floor price of 0.35 ETH.

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Azuki Founder

Azuki, a prominent name in the NFT space, was founded by an individual known by the pseudonym Zagabond (@ZAGABOND). Zagabond is also linked to Chiru Labs, the entity behind Azuki's NFTs.

However, Zagabond's reputation has been tainted by controversy. He has confessed to abandoning past projects, leading to mistrust within the NFT community. This has raised questions about the sustainability of his current and future endeavors, including Azuki.

Further controversy arose with the release of the Azuki Elementals collection. Critics argued that its similarity to the original Azuki collection diluted the latter's value. This criticism has underscored the importance of uniqueness in the NFT market, where value is often tied to rarity. Despite these controversies, Azuki and Zagabond remain influential in the NFT world.

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Roadmap After Elementals Controversy

The Elementals controversy has exposed a lack of clear leadership and vision from Azuki's founder, Zagabond, and the team. This absence of direction has not only affected the Elementals project but has also led to a significant decrease in value across all of Azuki's offerings, including the Beanz collection.

Despite issuing an "apology" and outlining plans to address the issues, the team has yet to demonstrate a concrete roadmap for recovery and innovation. This uncertainty has shaken the community's confidence, contributing to the steep decline in the market value of Azuki's NFTs. The future of Azuki now hinges on the team's ability to effectively manage this crisis and restore trust within the NFT community.

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Bottom Line

Azuki NFTs, comprising distinct digital artworks on the Ethereum blockchain, have faced significant value fluctuations, particularly after the controversial launch of the Azuki Elementals collection. The similarity between the Elementals and original Azuki collection has led to value dilution and community backlash.

Current floor prices are 5 ETH for Azuki, 0.62 ETH for Elementals, and 0.38 ETH for Beanz. Founder Zagabond's handling of past and current projects has been criticized, casting doubt on the brand's future sustainability. The future of Azuki now depends on the team's ability to manage the crisis and regain community trust.