Twitter Declared Azuki NFT Collection As “Dead” After 45% Price Drop

Twitter declared Azuki NFT collection dead after the recent 45% price drop and the founder published a blog post revealing the involvement in past NFT projects so let’s read more today in our latest cryptocurrency news today.

Azuki is “dead” and was declared on Twitter even on Monday morning in a post titled “The Death of Azuki.” The bold assertion follows the release of the blog post from the Azuki founder Zagabond who shared that he was involved in a few lackluster NFT projects which some labeled as “rug pulls.” The NFTs are unique blockchain tokens whcih signify ownership over the assets and can have volatile price fluctuations and the collection on the Ethereum blockcahin is no exception. In a few hours of Zagabond’s post being published, the Azuki collection’s starting price or floor price dropped from 19 ETH to about 10.9 ETH. But Azuki hasn’t been having the greatest months in terms of floor price.

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

The collection’s starting price is down 56% in the past month and about 63% in the past week as per the data from the NFT price floor. The bigger decline is partly due to crypto and NFT markets that crash across the board. The “on-chain sleuth” ZachXBT expressed major concerns about the Azuki founder’s blog post and accused Zagabond of rugging on other projects. A rug pull is when the NFT project founder released a proejct with a very ambitious roadmap and abandon the said project after the sale.

But Zagabond denied the rug pull accusations levied against the CryptoPunks and Tendies and the CryptoZunks. Zagabond said:

“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.”

In the blog post, Zagabond described the CryptoPhunks as a parody project and said that the Tendies NFTs wound down after minting 15% of the meme collection, suggesting the CryptoZunks project’s limitations due to the gas costs on ETH killing the product experience. Some of the NFT enthusiasts seem to be taking advantage of Azuki’s drop in value. The collection saw huge spike-ins in ales with over 300 sold on secondary markets in one day.