The founder blew himself up and gave up three NFT projects. Azuki fell into a crisis of trust and NFT was sold off

Published on 1 Weeks ago   77 views   0 Comments  

Original title: azuki falls into a crisis of confidence and NFT is sold off

On May 10, zagabond, founder of azuki, a well-known NFT project A blog published by eth caused an uproar.

In his article entitled "journey of builders", he revealed that he had created three NFT projects: cryptophunks, tendies and cryptozunks, but later gave up these projects for various reasons and finally created azuki.

ZAGABOND. Eth's original intention is to introduce his mental journey of continuous entrepreneurship in Web3, express his past failure experience, teach him valuable experience, and then contribute to azuki's success. However, after this article spread to the encryption community, it caused people's verbal and written criticism.

Someone questioned zagabond Eth is a liar who thinks he "betrayed the community" and participated in three rug pulls projects. "Rug pulls" refers to the malicious behavior of the project party to lure early investors to inject funds and then abandon the project.

Affected by this, the floor price of azuki NFT series once fell from nearly 20 eth to 10 eth, which was halved. As of 4 p.m. on May 10, azuki floor price rose to 15.5 eth, with a decline of more than 20% compared with the daily high.

After the founder revealed his short entrepreneurial history, azuki project fell into a crisis of trust and the community consensus was losing, which also buried variables for its future development.


Azuki founder revealed that he had abandoned three NFT projects


In the past few months, azuki NFT project composed of 10000 Japanese animation style avatars has been widely popular. With original genes and excellent production style, azuki series has quickly become one of the blue chip projects in the field of NFT, ranking among the top 10 in NFT market value, and rapidly expanding its IP popularity.

Azuki series NFT is widely popular in the market due to the diffuse wind

However, a "self exposure scandal" by the founder suddenly fermented, causing azuki to fall into a crisis of trust.

On May 10, zagabond, the founder of azuki Eth published an article entitled "journey of builders" on the social platform. His original intention was to introduce his mental journey of continuous entrepreneurship in the field of Web3 and disclose his failure experience of the past three projects. Unexpectedly, these experiences caused an uproar in the encryption community.

ZAGABOND. Eth wrote that his initial project was cryptophunks, an NFT collection created in imitation of cryptopunks. He claimed to be attracted by the talent of cryptopunks, but was not sure about some decisions made by his parent company (larva labs) at that time, so he began to build cryptophunks to urge the community to think about the copyright rules of Web3.

This article shows that after the release of cryptopunks, larva labs has repeatedly initiated deletion requests on the grounds of infringement, resulting in the series being removed and re released on opensea several times. "Cryptophunks has always been a community driven project, so [the team] handed over the reins to the community to achieve decentralization," zagabond said Eth said that since the project was handed over to community leaders in July 2021, the team has no longer been indirectly or directly involved in the project.

Soon, zagabond Eth also launched a project called tendies. According to the introduction, this is a unique "chicken" NFT project based on the lottery system. However, the life of the project is shorter. The founder of azuki said that despite his best efforts, the project has only been cast by 15%, "they can only take us so far." Tendies was quickly abandoned.

Subsequently, zagabond Eth decided to continue to build the project around the cryptopunks concept. He also created cryptozunks, a customizable PFP product that supports holders to continuously "roll back" on the chain to change the characteristics of NFT. But according to zagabond Eth revealed that the limitations of the project soon showed up because Ethereum's gas cost stifled the product experience. Finally, cryptozunks failed after some team members left.

ZAGABOND. Eth said that the three failed projects provided him with valuable experience, and cryptophunks taught him the magic of storytelling; Tendies taught him the importance of original ideas; Cryptozunks told him that no matter how excellent the product is, he can't ignore the impact of gas fee on the product experience.

"Azuki wouldn't be what it is today without the lessons learned from our previous projects," zagabond Eth obviously wants to express that the above failure experience has contributed to azuki's success, but he has been criticized by many cryptographers for giving up three projects in just one year.

Twitter, known as "crypto detective" KOL@ZachXBT The article ironically said, "so does Web 3.0 mean abandoning three projects in less than a year?"

Someone else gave zagabond Eth was charged with "swindler" and said he betrayed the community and participated in three rug pulls projects. "Rug pulls" refers to the malicious behavior of the project party to lure early investors to inject funds and then abandon the project.

With the publication and dissemination of the article, zagabond Eth fell into a verbal and written attack, and azuki was also involved in the haze.


Loss of trust: azuki floor price once halved


ZAGABOND. Eth's handwritten blog was soon noticed by azuki community. Although the founder repeatedly stressed in his article that azuki is the team's vision for the future of Web3, distrust has grown among azuki NFT holders.

The data of the secondary market reflects the loss of consensus of azuki community. On May 10, azuki floor price fell rapidly from nearly 20 eth to 10 eth, almost halving. As of the afternoon, the floor price of azuki still rose by more than 15.5% compared with the peak of azuki on the same day.

According to the data of nftgo at the same time, the transaction volume of azuki series NFT has increased by 1129% in the past 24 hours, including 665 buyers and 726 sellers, which has led to a decrease of 1.41% in the number of azuki holdings. During this period, the NFT series experienced the most turnover in nearly a month.

Reduction in the number of holders of azuki series NFT

Obviously, zagabond Eth abandoned three projects in succession, which affected the confidence of azuki holders. Some people worry that at some point in the future, once azuki is unprofitable, the team is likely to abandon the project and leave.

It is worth noting that azuki emphasized the value of "community first" in his official introduction, which said that everything begins in the community, and giving up the community means azuki's failure. "Community is our original intention, and we will always put the community first. The core team will provide resources and guidance to the whole community."

In the view of skeptics, zagabond After eth's "self exposure scandal", this statement is particularly ironic. "Given the team's previous record of betraying the community many times, this commitment is worthless."

According to the plan officially released by azuki, in the future, it also plans to develop offline Street clothing brand stores around its own IP, hold on-site activities such as meetings and music festivals, and create metauniverse games. But because of zagabond Eth said in the article that "we are aware of the importance of storytelling", and some community members are also skeptical about the implementation of the above plan.

Under the criticism of the encryption community, zagabond Eth responded that he had fulfilled all his promises for those failed NFT series. "I certainly hope they succeed, but the products don't match the market, but that doesn't mean they are rugs."

This response did not reverse people's concern about zagabond Eth's view, the dispute between him and azuki is still fermenting. Meanwhile, zagabond Why eth revealed his experience of giving up the project has also become a topic of concern. After all, it is unlikely that he did not realize that these words would have a negative impact on azuki.

In this regard, twitter KOL@0xHustler It was revealed that there were rumors that the coolcats NFT team was going to expose azuki's founder, so he was forced to publicly announce these events. However, as of press time, this information has not been confirmed by both parties.

Anyway, zagabond Eth's self disclosure revealed some inside information about the NFT industry. That is, the same person or team may release multiple NFT projects, and at the beginning of the release, these projects often have great declarations, but once the project progress is not satisfactory, the project party may quickly withdraw and leave the mess to the community. Therefore, NFT players remind that investors should do a good job in research before buying NFT. They should not pay too much attention to what the project says, but should pay more attention to what it does, and do not fall into the atmosphere of speculation.

For azuki, after this farce, the community consensus is inevitably lost, which also lays a variable for its future development.


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