{"id":501674,"date":"2022-09-09T02:55:28","date_gmt":"2022-09-09T02:55:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=501674"},"modified":"2022-09-09T03:21:28","modified_gmt":"2022-09-09T03:21:28","slug":"blue-chip-nfts-101-azuki-a-new-kind-of-brand-for-the-future-and-a-scandal","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/nft\/blue-chip-nfts-101-azuki-a-new-kind-of-brand-for-the-future-and-a-scandal\/","title":{"rendered":"Blue Chip NFTs 101 \u2013 Azuki, A New Kind Of Brand For The Future\u2026 And A Scandal"},"content":{"rendered":"

The idea behind Azuki is phenomenal. To mix NFT culture with anime-style drawings, with a global community working together behind the scenes as a kicker. Azuki defines itself as a \u201cdecentralized brand for the metaverse.\u201d This brand\u2019s main product is a collection of 10K anime-style avatars in NFT form. The collection is also called Azuki and at inception was one of the NFT space\u2019s biggest success stories\u2026\u00a0<\/span><\/p>\n

\u2026 until admissions and revelations by one of the project\u2019s creators cast a shadow on Azuki as a whole.\u00a0<\/span><\/p>\n

Let\u2019s review the project\u2019s history, its characteristics, and the interview that changed it all.<\/span><\/p>\n

Azuki\u2019s Origin Story<\/span><\/h2>\n

The project exists since January 12th, 2022. The team behind Azuki is <\/span>Chiru Labs<\/span><\/a>, their slogan is \u201cBorn in Los Angeles. Building for the metaverse.\u201d Most of the members use pseudonyms and keep their identities private. A few use their real name, like Azuki\u2019s co-creator and illustrator <\/span>Arnold Tsang<\/span><\/a> from Toronto, Canada. He\u2019s well-know for his participation in \u201cOverwatch,\u201d which Wikipedia describes as \u201ca 2016 team-based multiplayer first-person shooter game developed and published by Blizzard Entertainment.\u201d<\/span><\/p>\n

Related Reading: Blue Chip NFTs 101 \u2013 Down, Down, To Goblintown. An Unlikely Success Story<\/a><\/div>\n

The community’s support is a key part of the project. On <\/span>Azuki\u2019s website<\/span><\/a>, they use slogans like \u201cA new kind of brand that we build together\u201d and \u201cA brand for the metaverse. By the community.\u201d Ownership of one of the 10K Azuki NFTs gives the user access to The Garden. A virtual place Azuki promises \u201cstarts with exclusive streetwear collabs, NFT drops, live events, and much more that will be revealed over time.\u201d<\/span><\/p>\n

Azuki is a digital brand. A \u201cdecentralized brand of the future.\u201d<\/span><\/p>\n

At first, it seemed like the NFT collection was going to propel them to instant classic status. The initial success made their name recognizable and sent the collection\u2019s floor price to double digits. At one point, it reached a maximum of 22 ETH. Nowadays, the floor price at <\/span>Opensea<\/span><\/a> is 7.4 ETH, what happened? Whatever the reason, the Azuki collection gets around. It has moved a total volume of 260.2K ETH so far.<\/span><\/p>\n

We Need A Little\u2026 Controversy<\/span><\/h2>\n

The turning point for Azuki was a Twitter Space’s conversation, of all things. On May 10th, crypto influencer <\/span>Andrew Wang<\/span><\/a> interviewed Zagabond, one of Azuki\u2019s founders, who just like that revealed that he was part of a few NFT projects that didn\u2019t end well. It almost sounded like they were rug pulls, and people freaked out accordingly. The collection\u2019s floor price started falling and it hasn\u2019t recovered yet.\u00a0<\/span><\/p>\n

It was a mystery at first, but according<\/span> to Cryptoslate<\/span><\/a>, the projects Zagabond was involved with were:<\/span><\/p>\n