$83,456.00
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0.38%$591.11
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-0.41%$9.14
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0.01%$0.252162
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-0.96%$3.94
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0.02%$0.999925
0.04%$1,808.47
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41.00%$1,922.76
-0.07%$28.07
2.13%$215.06
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-2.15%$5.82
-0.90%$54.32
6.65%$1.048
0.12%$0.00000704
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0.31%$83,376.00
-0.33%$32.44
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0.08%$0.090552
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-1.29%$1.16
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0.02%$4.73
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0.00%$0.02175772
-0.95%$218.00
0.29%$9.13
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0.10%$0.31611
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3.00%$0.687678
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4.84%$0.425113
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0.09%$125.10
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0.08%$0.00001097
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1.78%$1.00
0.01%$0.997521
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0.01%$0.01314878
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0.27%$0.417619
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0.24%$0.650183
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0.21%$0.48112
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1.88%$1.00
0.02%$0.00000063
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0.01%$0.603557
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2.28%$1.65
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0.02%$0.00473577
0.40%$2.70
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0.52%$110.58
0.00%$24.55
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0.46%$1,808.47
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-0.58%Reading
“Azuki is dead,” declared the host of a Twitter Space titled “The Death of Azuki” Monday evening.
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 blockchain tokens that signify ownership over an asset—can have volatile price fluctuations, and the Azuki collection on the Ethereum blockchain is no exception.
Within hours of Zagabond’s post being published, the Azuki collection’s starting price, or floor price, declined from roughly 19 ETH ($41,800) to about 10.9 ETH ($24,000).
But Azuki hasn’t exactly been having the greatest month in terms of floor price, either. The collection's starting price is down 56% in the past month and nearly 63% in the past week, according to data from NFT Price Floor. To some extent, this larger decline is partly due to crypto and NFT markets crashing across the board.
Last week, Yuga Labs’ massive Otherdeed NFT mint, for virtual land deeds in the Bored Ape Yacht Club metaverse realm Otherside, clogged the Ethereum mainnet with transaction demand. This triggered a gas war and network chaos that could have been prevented altogether, according to E.G. Galano, the co-founder and general manager of Ethereum infrastructure provider Infura. While Yuga Labs saw $561 million in trading volume in just 24 hours, the mint became the sixth-largest source of burned Ethereu...
Self-described “on-chain sleuth” ZachXBT expressed concerns about the Azuki founder’s blog post and accused Zagabond of “rugging” on previous projects. A rugpull is when an NFT project founder releases a project with an ambitious roadmap, only to abandon said project (with their money) after the primary sale.
Please read my post in full. We delivered everything that was promised for these collections. Do I wish they were more successful? Of course. There was no product-market fit at the end of the day, but that doesn’t mean it’s a rug.https://t.co/Z2enFov8m9
— ZAGABOND.ETH (@ZAGABOND) May 9, 2022
But Zagabond denied the rugpull accusations levied against the Tendies, the CryptoPhunks and the CryptoZunks (the latter two of which derive their art from the CryptoPunks NFTs).
“Do I wish they were more successful? Of course. There was no product-market fit at the end of the day, but that doesn’t mean it’s a rug,” Zagabond said.
In the blog post, Zagabond described the CryptoPhunks as a “parody project,” said the Tendies NFTs “wound down” after only minting out about 15% of the meme collection, and suggested the CryptoZunks project has “limitations due to gas costs on Ethereum killing the product experience.”
But some NFT enthusiasts appear to be taking advantage of Azuki’s declining price. The collection saw a high spike in sales, with over 300 sold on secondary marketplaces in a single day.
Bybit is pulling the plug on its NFT marketplace, the latest in a string of crypto firms abandoning the once-hyped digital asset sector, as the exchange continues to grapple with the fallout from a hack five weeks ago. The crypto exchange said in an April 1 statement that it will discontinue operations for its NFT Marketplace, Inscription Marketplace, and IDO product pages as part of a broader effort to streamline its offerings. The platform will become inaccessible on April 8, and users have b...
Although some collectors have left NFTs for dead, Canary Capital believes the asset class could find fans on Wall Street. In a recent interview with Decrypt, Canary Capital CEO Steven McClurg suggested the NFT market could soon experience a revival, with chatter about funds tracking NFT prices potentially stoking investor interest in digital art collectibles. Although an NFT-backed ETF might have been unthinkable a few years ago, the likelihood that such a fund could become available to U.S. i...
Ethereum NFT marketplace X2Y2 is shutting down its trading platform at the end of April, the firm announced Monday, as the development team pivots to the intersection of artificial intelligence (AI) and crypto. X2Y2’s smart contracts will persist, so trades can still be executed, but users will not be able to use the website’s front-end after April 30. “I know this might sting, especially when it comes to token price. X2Y2 tokens were tied to this NFT vision, and as we close this chapter, that...
