What are Azuki NFTs?

Launched in 2022 by the creators at Chiru Labs, Azuki is a collection of 10,000 generative NFTs representing the future of anime. Built on the Ethereum chain, each NFT is unique, featuring traits inspired by anime culture mixed with urban fashion. Holders gain access to "The Garden," an exclusive virtual space where they enjoy perks like events and merch.

The goal is to build the largest decentralized anime IP. This vision has resulted in the creation of numerous projects, including a 3-part anthology series, streetwear collaborations, physical backed tokens (PBTs), and interactive storytelling experiences like Beanz and Hilumia. It has already generated over $1 billion in secondary market trading volume.

Its lore continues to grow, thanks to the community’s contributions. From fan art to community-led events, the ecosystem is expanding. Projects like the Azuki x Satoshi Nakamoto streetwear collaboration, the interactive Beanz 101 lore, and the Azuki Anime Anthology Series showcase how deeply embedded it is in the fusion of anime and blockchain culture.

Introduction to Azuki World

Azuki NFTs are not just known for their stunning artwork but also for the immersive world they've built around their collections. Each collection contributes to an evolving story and deepens the connection between holders and the larger Azuki universe. Here’s a breakdown of the major collections and lore:

Azuki Elementals‍

Azuki Elementals are a distinct collection of 20,000 non-fungible tokens (NFTs) and the second project introduced by the Azuki brand. ‍They bring a fresh wave of characters to the Azuki universe, each connected to one of the four elements: earth, water, fire, and air. They come with their own unique traits, giving them a mystical and mythological feel that adds more depth to the story. 

Building on the original Azuki collection, Elementals offer striking new designs that open up even more possibilities for storytelling. The first introduction of Azuki Elementals took place at a special event named "Follow the Rabbit," held in Las Vegas.

Beanz‍

Beanz is another NFT collection in the Azuki Zen Universe, acting as fun, quirky companions to the original Azuki characters. It consists of 19,928 NFTs that were airdropped to the community. These little bean-shaped NFTs, inspired by azuki beans, offer a more affordable way to get into the Azuki world, with a floor price of around 0.24 ETH. The collection is a perfect canvas for collaborations, as seen in their partnership with Line Friends. 

AnimeChain & AnimeCoin

AnimeChain is an upcoming Layer 3 blockchain built on Arbitrum that is currently in private testnet and will be available to the public in late 2024. It's designed for anime creators and fans, housing an ecosystem that includes original and third-party anime content, games, merch, and NFTs. 

If you hold Azuki, Azuki Elementals, or Beanz, you’ll likely be airdropped AnimeCoin, the platform's governance token, once AnimeChain goes live.

What Happened with Azuki Elementals?

The launch of the Azuki Elementals collection stirred up quite a bit of controversy. The main issue was how much these new NFTs looked like the original Azuki collection, which upset holders of the original series. Many felt that the close resemblance hurt the exclusivity and value of the first Azuki NFTs. Chiru Labs admitted the similarity and its impact on the perceived value of the original collection.

Things escalated when some Azuki holders demanded refunds, totalling over $38 million, saying they felt misled. This backlash hit the market hard, causing the floor price of Azuki Elementals to drop by half. The community dissatisfaction, along with problems during the sale, led to a wave of criticism and even legal threats against the founders.

Azuki NFT Floor Price in 2024

As of 2024, the floor price for Azuki NFTs is currently 5.95 ETH, down from its peak of 30 ETH. Before the release of the Elementals collection, the floor price was holding steady at 16 ETH, but the new collection, which drew criticism for its similarity to the original Azukis, caused some market turbulence and dropped the price to 5.75 ETH.

Who is the Azuki Founder?

Azuki was initiated by an individual known under the pseudonym Zagabond (@ZAGABOND), who is also associated with Chiru Labs, the team responsible for Azuki's NFTs. Zagabond, however, has faced controversy within the NFT community. He has publicly admitted to discontinuing involvement in previous projects, leading to some distrust among holders.

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 affected the Elementals project and led to a significant decrease in value across all of Azuki's offerings. 

Despite issuing an apology and outlining plans to address the issues, the team has yet to demonstrate a concrete roadmap for recovery. 

Bottom Line

In conclusion, Azuki combines anime culture and blockchain, creating an ecosystem where the community helps shape its future. With collections like Elementals and Beanz adding depth, and the upcoming AnimeChain, Azuki continues to innovate. Despite the Elementals controversy, the project has retained strong community support and growth with a floor price of 5.95 ETH.