Blue Chip NFTs 101 – Azuki, A New Kind Of Brand For The Future… And A Scandal

The concept behind Azuki is phenomenal. To combine NFT tradition with anime-style drawings, with a worldwide neighborhood working collectively behind the scenes as a kicker. Azuki defines itself as a “decentralized brand for the metaverse.” This model’s predominant product is a group of 10K anime-style avatars in NFT type. The assortment can also be known as Azuki and at inception was one of many NFT area’s largest success tales… 

… till admissions and revelations by one of many challenge’s creators solid a shadow on Azuki as an entire. 

Let’s overview the challenge’s historical past, its traits, and the interview that modified all of it.

Azuki’s Origin Story

The challenge exists since January twelfth, 2022. The workforce behind Azuki is Chiru Labs, their slogan is “Born in Los Angeles. Building for the metaverse.” Many of the members use pseudonyms and maintain their identities personal. A couple of use their actual identify, like Azuki’s co-creator and illustrator Arnold Tsang from Toronto, Canada. He’s well-know for his participation in “Overwatch,” which Wikipedia describes as “a 2016 team-based multiplayer first-person shooter game developed and published by Blizzard Entertainment.”

The neighborhood’s help is a key a part of the challenge. On Azuki’s website, they use slogans like “A new kind of brand that we build together” and “A brand for the metaverse. By the community.” Possession of one of many 10K Azuki NFTs provides the person entry to The Backyard. A digital place Azuki guarantees “starts with exclusive streetwear collabs, NFT drops, live events, and much more that will be revealed over time.”

Azuki is a digital model. A “decentralized brand of the future.”

At first, it appeared just like the NFT assortment was going to propel them to instantaneous basic standing. The preliminary success made their identify recognizable and despatched the gathering’s ground value to double digits. At one level, it reached a most of twenty-two ETH. These days, the ground value at Opensea is 7.4 ETH, what occurred? Regardless of the motive, the Azuki assortment will get round. It has moved a complete quantity of 260.2K ETH thus far.

We Want A Little… Controversy

The turning level for Azuki was a Twitter House’s dialog, of all issues. On Might tenth, crypto influencer Andrew Wang interviewed Zagabond, considered one of Azuki’s founders, who identical to that exposed that he was half of some NFT initiatives that didn’t finish nicely. It virtually appeared like they had been rug pulls, and folks freaked out accordingly. The assortment’s ground value began falling and it hasn’t recovered but. 

It was a thriller at first, however in accordance to Cryptoslate, the initiatives Zagabond was concerned with had been:

CryptoPhunks, the unique CryptoPunk copycat assortment. The first assortment to obtain a DMCA takedown from Larva Labs. Due to that, the CryptoPhunks had been delisted from OpenSea. Zagabond deserted/ transfered the challenge to all of the holders in July, 2021.
Tendies, a challenge that didn’t seize the NFT tradition’s creativeness and shut down in the midst of the minting course of. 
CryptoZunks, a group that defines itself as “the first Punks to be generated on-chain with randomized attributes. Each Zunk is guaranteed to be unique from any Punk.” Apparently, it failed due to Ethereum’s costly gasoline charges.

In response to Cryptoslate, “Like the first two projects, this failed one was also a lesson. Zagabond said these three projects taught him that “blindly following the NFT meta doesn’t get you far.” He claims that every one the teachings from these initiatives are actually being utilized to make Azuki a hit.” None of these claims helped and the gathering’s ground value fell downhill. 

The query right here is, had been these initiatives rug pulls or easy failures with no unhealthy intentions? 

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