What is Azuki NFT? When the “creator” abandoned his children?

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What is Azuki NFT? What is the reason for Azuki's success? What did the drama about founder Azuki abandoning the project lead to?



By learning from the most successful name in the market, Yuga Labs and having its own identity, Azuki has created a strong community, thereby serving as a springboard for the next steps of development. The following article provides information about Azuki, and projects Azuki's moves.

Quick summary:

  • Azuki has the same development direction as Yuga Labs.
  • Value is being focused on Azuki NFT and the possibility will continue into the future.
  • Azuki has a higher risk when the project currently lacks binding and loses some user trust.

What is Azuki?​

Azuki is an anime-style 10,000 NFT collection that was released on January 12, 2022. With a sophisticated and unique image, Azuki has attracted the attention of NFT collectors around the world and quickly became one of the most valuable collectibles on the market.


The origin of the name Azuki and Azuki's moves​

Source​

Azuki is a project created by Chiru Labs, a startup based in Los Angeles. The name Azuki is derived from the red bean plant (English is azuki bean). This plant is mainly grown in Asia and has been around for more than 1,000 years BC. Choosing the name Azuki has shown the goal of reaching Asia, a potential market.

Azuki's moves​

On January 12, 2022 , Azuki opened to sell NFT Azuki phase 1 in the form of a dutch auction, the price of NFT will be from 1 ETH and gradually decrease until there is a buyer. The collection sold out within 3 minutes. Phase 2 of the NFT sale was held on January 14 and was also sold out soon after.

Those who mint NFT will receive a red bean, on January 21, NFT owners can click on the "refresh metadata" section in OpenSea to reveal their character.


On March 30 , 2022 , Azuki #9605 was sold for 420.7 ETH, equivalent to nearly $1.4 million at the time of transaction. This is Azuki's highest selling NFT.


On March 31, 2022 , Azuki announced the airdrop for Azuki holders. Quite similar to the previous Azuki NFT launch, this time holders will also receive NFTs and they will be unlocked into different NFTs after each stage. The airdrop evolved into an NFT named Beanz on May 5, 2022.


Beanz is considered a friend, an assistant of Azuki. If the user owns both Beanz and Azuki can combine and create a new image.

Beanz standing on Azuki's shoulder
On May 21 , it was announced about the airdrop for Azuki holders, each Azuki will be airdropped one token. This token can be used to redeem actual Azuki coats.


On May 24 , Azuki revealed about holding an off-line event in New York City on June 22, which will be Azuki's first offline event.

From Azuki's outstanding moves, a few ideas can be drawn:

  • The development direction of the Azuki team is quite similar to Yuga Labs , having a mainstream NFT (Azuki) and creating an ecosystem that attracts value for its holders.
  • Although learning from Yuga Labs, Azuki still has its own unique qualities that create excitement for a large number of users.
  • Azuki is making moves to expand its community.
Below I will delve into the game theory behind Azuki's success and investment opportunities.

What is the reason for Azuki's success?​

Although Azuki's development direction is similar to Yuga Labs, there are many other factors behind the success of the project. Below are the main reasons:

Success in market research​

Although Azuki's development direction is quite similar to BAYC (Bored Ape Yacht Club) , but unlike the collections that only try to follow and have images of monkeys or other animals, Azuki has carefully researched the market and selected the direction. private.

Instead of trying to target the European market where most Ape holders are concentrated, Azuki targets Asian customers. From the name Azuki which means red bean plant, a plant in Asia to Anime-style images, Japanese cartoon characters. All have created their own points to help Azuki stand out in a series of similar collections.

Same price, which NFT would you choose to own?

Meticulous in each work + Game Theory​

Azuki is very meticulous in his products, from the way each NFT appears, to the story behind and the artistry of each NFT. To give users a better minting experience, Azuki team has developed a new algorithm called ERC721A which allows to mint multiple NFTs at the same time with the same gas price as one NFT minting. This is one of the reasons why the collection was minted in a short time.

On the other hand, if one digs into the development process, investors can see various psychological stages for the users involved.

  1. Mint NFT (now just a pea) for 1 ETH, the price of these NFTs on the marketplace has increased compared to the mint price. However, the image of Azuki has not been viewed yet ⇒ Create a sell or not sell Transaction.
  2. Users can view pictures of Azuki ⇒ Good image quality ⇒ Increased demand ⇒ Rising price.
  3. Repeat with next airdrop ⇒ The first airdrop is a chest ⇒ Then it opens to just land (bottom price) ⇒ Blooms Beanz (price rise).
This move can be considered as an arrow hitting two goals, while creating a story for the emergence of NFT and helping to attract transaction volume for the project in general.

Creator or outcast?​

Azuki has brought a breath of fresh air to the NFT space. However, with the recent dramas, will the Azuki development team repeat the mistakes of the past and abandon the project?

A little summary of Azuki's drama

Zagabond, a male member of Chiru Labs shared that he is the creator of 3 previous NFT projects including: CryptoPhunks, Tendies and CryptoZunks (read more details here ). As of May 25th:

  • CryptoPhunks price has split many times.
  • Tendies rug, all social media accounts have been deleted.
  • CryptoZunks is said to be a project founded by women while Zagabond is male.
This created a wave of backlash against Zagabond in particular and Azuki in general, claiming that the Azuki member abandoned his project and was involved in bad projects in the past. The price of NFT Azuki plummeted, at one point splitting three from a nearby peak.

NFT Azuki price dropped sharply - Source: OpenSea
Despite fulfilling the promise of project implementation, Zagabond has had irresponsible behavior including:

  • Abandon the project after only a few weeks after making a profit. It is estimated that Zagabond earned more than 3 million USD in profits from 3 projects in just two months.
  • The three projects all have different wallet addresses and employee identities.
  • Do not hand over the social accounts of the projects when leaving.
All have raised a big question mark in the community whether Azuki will continue to follow the same path and should trust his investment in such a team? Zagabond recently announced that he will hand over all of his rights to the projects he has worked on in the past.

Perspectives and investment opportunities with Azuki​

Azuki's perspective​

Azuki is loved by many for its excellent image quality coupled with its innovative development. However, from the perspective of whether Azuki is suitable for investment, we need to look at things from different directions:

Will the Azuki team abandon the project again?

Startup failed many times before succeeding, the fact that the Azuki team had failures before achieving the current success is a very normal thing and does not deserve to be condemned. What went wrong here is the way the team member did when he intended to withdraw from the project without informing his community.

Although the way Zagabond reacted to the incident afterwards is correct not to delete the post but admit and offer solutions for his mistakes. However, the word "credibility" is also a matter of concern, and it is certain that the Azuki team has lost some of the trust from users after the recent incident.

Zagabond's Apology Twit - Source Here .
Looking at the on-chain data, it can be seen that the number of Whales is continuously discharging Azuki NFT, the number of holders is also trending down. However, Azuki still won the trust of holders who specialize in collecting top NFT projects when they have been buying NFT continuously for the past one month.

Azuki Holders Analysis - Source: NFTGO
On the other hand, in his 2 mints, Azuki has collected 31 million USD, besides the project sets 5% royalty (fee paid to the team when buying and selling NFT). With a trading volume of 242,000 ETH only on Open Sea, the Azuki team has added about 12,100 ETH (about 24 million USD if 1 ETH = 2,000 USD).

With such a large amount and logically the team should not be responsible for the project, I think the risk of not committing to the project is there.

Do you think we should continue to put our trust in Azuki?

Investment Opportunities​

Azuki's development strategy is quite similar to Yuga Labs, so we can follow Yuga Labs' moves to predict Azuki's future. Accordingly, some investment opportunities can be mentioned including:

  • Invest in Azuki NFT : Azuki will almost certainly continue to be the mainstream product and attract the most value. It is highly likely that Azuki holders will continue to receive various rewards in the future such as: tokens, other NFTs from Azuki and real-life benefits or items.
  • Speculation on Azuki's future projects : Azuki often has very special ways of launching NFT collections. You can speculate when the NFTs are not in their final shape and have a reasonable price.

Epilogue​

Above is the article shared by Coin98 Insights about Azuki, which hopes to help investors have more perspectives on the project. NFT has great potential and I believe this market will continue to grow strongly in the future. What do you think about Azuki? Please comment below to discuss with Coin98!
 

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