Azuki Sales Skyrocket as Floor Price Drops by Nearly 45%

 

Sales of the popular Azuki non-fungible token (NFT) collection have skyrocketed over the past 24 hours after a blog post by the project’s pseudonymous founder sent the collection’s starting price (floor price) down by 44.8%.

In the blog post, titled “A Builder’s Journey,” pseudonymous Azuki founder Zagabond admitted to have previously been involved in a few NFT projects that were labeled as “rugpulls” by some in the crypto community.

Following the post, the collection’s floor price declined from roughly ETH 19 (USD 45,410) to as low as ETH 10.5 (USD 25,095), according to NFT data aggregator CryptoSlam. The floor price has since risen to ETH 14.5 (USD 34,655).

The sudden drop in the floor price has ostensibly resulted in an increase in demand. Sales of Azuki NFTs surged by more than 1,310% over the past 24 hours, reaching USD 27.85m. The number of buyers has also seen an uptick, rising to 571, an increase of nearly 1,200%.

The surge in Azuki sales has also put the collection at the top of CryptoSlam’s list of NFT projects by sales volume over the past 24 hours. Azuki is followed by Yuga Lab‘s Otherdeed, which has a sales volume of USD 14.8m. 

The increased interest in Azuki might come as a surprise given that some even declared the “death” of the collection, an assertion that came following Zagabond’s blog post.

In the blog, Zagabond admitted to having been behind the NFT projects CryptoPhunks (note the “h”), Tendies, and CryptoZunks, all of which were abandoned following their initial launch.

Self-described “on-chain sleuth” ZachXBT accused Zagabond of “rugging” on the previous projects.

TLDR: Azuki founder Zagabond admitted to creating three rugs in the past year.

>CryptoPhunks
>Tendies
>CryptoZunks

— ZachXBT (@zachxbt) May 9, 2022

“We delivered everything that was promised for these collections. Do I wish they were more successful? Of course,” Zagabond said in response. “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,” said that the Tendies NFTs “wound down” after only minting out about 15% of the meme collection, and argued that the CryptoZunks project had “limitations due to gas costs on Ethereum killing the product experience.”

“During these formative times, it’s important that the community encourages creators to innovate and experiment,” Zagabond said in the blog post, adding that “each experiment comes with key learnings.”

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