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.
Translation: so there’s three tasks you rugged prior to now 12 months
— ZachXBT (@zachxbt) Might 9, 2022
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.
There was NO handoff when the Phunk devs left
Tendies rugged mid reveal
Zunks larped as girls and had been dishonest concerning the connection to Phunks (blocking us for asking questions)
For those who do not assume @ZAGABOND is a rip-off artist, you both maintain Azuki otherwise you’re a scammer your self.
— Chopper (@chopper__dad) Might 9, 2022
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.
No, a rug is when the founders by no means have any intention of really constructing out the challenge. These had been tasks that simply weren’t viable longterm and would have failed anyhow in order that they moved on quite than waste their time persevering with to try to make them one thing they weren’t.
— Retr0E8ght | Ryan (@Retr0E8ght) Might 9, 2022
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.