Azuki ground value tanks after founder reveals hyperlink to three failed NFT tasks in 2021

by Cryptospacey

The founding father of the Azuki non-fungible token (NFT) challenge, Zagabond, has revealed that he was behind three unsuccessful NFT tasks earlier than creating Azuki. 

In a weblog publish titled “A Builders Journey,” he identified that the teachings he realized from the three tasks helped him construct Azuki into what it’s right this moment.

CryptoPhunks, Tendies and CryptoZunk

The primary challenge Zagabond created was CryptoPhunks, which parodied CryptoPunk.

Whereas his intention for constructing CyptoPhunks was to have a “challenge which challenged the group to consider web3 copyright guidelines,” amongst different causes, not everybody noticed it that approach.

Larva Labs filed a DMCA takedown claiming this was copyright infringement, resulting in the gathering being delisted and relisted a number of occasions on OpenSea. He ultimately handed the challenge over to the group in July 2021.

The subsequent NFT challenge he created was Tendies. Sadly, the challenge didn’t generate sufficient curiosity, with solely 15% of it minting, resulting in the staff shutting down the challenge.

In Zagabond’s opinion, this challenge taught him a invaluable lesson. It confirmed that

Though memes had been highly effective, they may solely take us to date… a challenge wanted actual substance to create an enduring group.

The subsequent challenge was CryptoZunk which centered on creating an NFT challenge with a singular minting expertise. He acknowledged that the failure of this challenge was right down to the excessive gasoline charges on Ethereum, making it very costly to mint.

Like the primary two tasks, this failed one was additionally a lesson. Zagabond stated these three tasks taught him that “blindly following the NFT meta doesn’t get you far.” He claims that each one the teachings from these tasks are actually being utilized to make Azuki successful.

Crypto group response

The response to the publish has been numerous. On one aspect are Zachxbt and others who imagine that this assertion is the equal of an admission of rug pulling three NFT tasks.

The blockchain sleuth alleged that the three tasks had been rug pulls as a result of the founders profited from them and subsequently deserted them. 

Others who supported Zachxbt’s view identified numerous situations that show these had been rug pulls. There are additionally allegations of Zunk devs pretending to be girls in order that they may promote the challenge.

Nevertheless, some disagree with this line of thought and argue that not each failed NFT challenge quantities to a rug pull. A consumer acknowledged that rug pull solely occurs when the founder didn’t intend to develop the challenge.

Azuki ground value plummets

The ground value of Azuki NFTs reacted negatively to the revelation made by Zagabond.

In keeping with knowledge on NFT Value Flooring, the typical sale value of the NFTs was round 18 ETH originally of the week however fell to as little as 10 ETH on Might 10 after Zagabond’s weblog publish.

Nevertheless, the weblog publish will not be the one issue behind the decline, because the broader crypto market has witnessed an enormous sell-off in current days.

Supply hyperlink

Related Posts

Leave a Comment