Azuki is one of the most popular NFT collections. In just a few months, the project has reached great heights and its sales volume on OpenSea exceeds 230,000 ETH. Find out everything you need to know about this phenomenal collection, on its way to dethroning the Bored Ape Yacht Club…
The NFT ecosystem is growing rapidly, and hundreds of new projects are being created every day. However, some are more successful thanks to their quality, their originality, or simply their beauty.
In just a few weeks, Azuki quickly became one of the most popular collections . These hand-drawn samurai are already positioning themselves as the next “blue chip” NFT project.
- What are Azuki NFTs?
- Who are the creators of Azuki?
- Price evolution of Azuki NFTs
- Why such a success ?
- What is The Garden?
- The BEANZ collection
- How to buy an NFT Azuki?
- Azuki Creator Admits He Abandoned 3 Old NFT Projects
What are Azuki NFTs?
The Azuki Collection is a collection of 10,000 NFT avatars based on the Ethereum blockchain . It is designed by a group of artists based in Los Angeles, and launched on January 12, 2022 .
These avatars are inspired by manga aesthetics , and quickly caught the attention of fans worldwide. However, the interest of these NFTs is not limited to their appearance.
Owning an Azuki grants access to exclusive NFT drops, streetwear clothing from collaborations with famous brands, live events and much more.
Buyers become members of The Garden: a virtual space touted by creators as “a corner of the internet where artists, builders and web3 enthusiasts meet to create a decentralized future.””
As with most NFT collections, each Azuki comes with 12 randomly generated traits regarding their hairstyle, clothes, accessories, or background.
Who are the creators of Azuki?
Azuki is a project created by the startup Churi Labs , uniting several members with long experience in crypto, art or gaming.
All have joined forces to create a distinct brand in the metaverse . Most members are anonymous , but the quality of their work is unmistakable.
The founder of the project is known as Zagabond on Twitter. He would have worked for companies like Google and on various decentralized projects.
Other members include lead designer Hoshiboy , software engineer Location Tba who worked for Facebook, and engineer 2PM.FLOW.
The team wants to keep some mystery around its identity , and explains that ” the magic of the project is not really linked to our identities and our past experiences “.
One of the co-creators of the project is Arnold Tsang, a famous concept artist based in Toronto, Canada. He is best known for his previous work in the video game industry, most notably on Blizzard’s game Overwatch .
Their goal is to create much more than a digital collection. They want to create a complete brand with a clothing line being designed, and maybe TV shows and movies.
Price evolution of Azuki NFTs
When the Azuki Collection launched on January 12, 2022, each of the collection’s 8,700 avatars were priced at $3,400 . In just a few minutes, everything was sold for a total of 30 million dollars.
Subsequently, after the public sale, the creators of the project organized a private sale . Sets of NFT Azuki were sold for an additional $2 million.
Since then, after the reveal of the NFTs, the floor price of the collection has skyrocketed. In less than a month, it had already reached 10 ETH. At the end of March 2022, the popularity of Azuki exploded and the floor price reached 40 ETH .
The most expensive Azuki NFT so far is #9605, which sold for 420 ETH or the equivalent of $1.4 million at the time. In a short time, this NFT project has reached uncharted heights.
Why such a success ?
Azuki NFTs quickly became popular, to the point of surpassing some flagships in terms of sales volume.
In a few months, this project gathered a large community. It is considered a “blue chip” within the NFT universe , along with other popular collections such as the Bored Ape Yacht Club and CryptoPunks.
At the time of writing, the sales volume exceeds 190,000 ETH , or the equivalent of $540 million at the current price.
Several factors explain this major success. First of all, the artistic direction of the project appeals to many people. The manga style is very popular, and hundreds of projects have been inspired by it after Azuki. The collection is particularly popular with the Asian community.
Also, according to Tsang himself, the Azukies seem to fit into the rebellious culture of skateboarders and the crypto community. The stars were therefore well aligned to allow this phenomenal success.
The project’s marketing strategy also seems to be paying off. As soon as the collection started to take off, the design team announced an airdrop for holders to reward them for their loyalty, while taking the Azuki brand to new heights.
Another success factor is the technical functioning of the project . The collection was minted using the ERC721A token standard : a variation of the ERC721. This standard was created by Chiru Labs to allow users to mint multiple NFTs in a single transaction, to reduce gas fees and shorten the minting period. Today, more than 27 NFT projects use this standard.
According to the opinion of many NFT experts and collectors, Azuki might even surpass the Bored Ape Yacht Club in popularity.
What is The Garden?
The Gardent is the metaverse of the Azuki Project . NFT holders can access this virtual world, and receive airdrops, invitations to live events and much more.
Within the Garden, art, culture and community merge to create magic. The border between the physical world and the virtual world is erased and the rules are rewritten.
The BEANZ collection
The BEANZ collection is a side project related to Azuki . However, so far, few details have been released. The NFTs themselves have yet to be revealed.
The BEANZs were airdropped directly to Azuki holders on March 31, 2022. Each received two brand-new NFTs, but were unable to see them. Right now, the floor price for BEANZ stands at 5 ETH or around $14,000.
According to the creators, BEANZ are “ a small species that grows in garden soil. Being a sidekick is in their DNA , but some like to kick it on their own. They are driven by a desire to help, but some BEANZs feel a call to pave their own way . An enigmatic description…
Users have the ability to pair their BEANZs with their Azuki without changing the original NFT. So far, only two of the ten BEANZ characters have been revealed.
How to buy an NFT Azuki?
The two most popular platforms for buying Azuki NFTs are LooksRare and OpenSea . The collection is available by clicking on this link . You will need to connect your MetaMask, Coinbase or other crypto wallet to the chosen platform.
To find the collection, simply type “Azuki” in the search bar and navigate to the official collection validated by a blue symbol. Choose the NFT you want to buy, and click on the buy button.
Azuki Creator Admits He Abandoned 3 Old NFT Projects
On May 10, 2022, the creator of Azuki, nicknamed Zagabond , confessed through a blog post to having fraudulently abandoned his previous NFT projects .
Before Azuki, Zagabond reveals having worked on the CryptoPhunks, Tendies and Cryptozunks projects . However, all these projects have been abandoned by their founding teams.
According to Zagabond, “ During these formative times, it is important for the community to encourage creators to innovate and experiment. And with every experience comes key learnings .”
Despite this attempt to put it into perspective, Zagabond’s admission angered the NFT community . This blog post revives the debate on NFT scams …
Quickly, the Azuki floor price on OpenSea crashed from 19 ETH (about $42,000) to 10.9 ETH (about $24,000). As of May 12, 2022, it is currently down to 9 ETH, or around $18,000…