NFTs became the next-big-thing right after their launch. The technology has helped artists and artifact collectors secure their work from plagiarism. And by preventing the creation of ripoffs, they can also make more money. Now since the launch of NFTs, we have seen a spate of tokens but a few of them become very popular.
A brief about Azuki
Azuki is one of the tokens that gained fame and prominence due to various factors. It featured 10,000 anime-inspired NFTs that didn’t just rouse people’s interest but made them embrace the concept. It was launched at a time when the NFT market was brimming with PFP-centric tokens. Azuki did something different, it came up with a unique roadmap and a high mint price.
A number of influencers supported the project and dubbed it a high-value commodity. Moreover, the project owners announced their plans to create the biggest decentralized metaverse. They claimed that it would be built and possessed by community members only. But its days of glory didn’t last for very long.
The token’s value declined after many of its projects became controversial and failed endeavors. But that wasn’t the end of the road for Azuki. The project gained traction again and even came out stronger in a dwindling market. So how did Azuki achieve this feat, let’s find out.
Here’s what makes Azuki a frontrunner
Azuki offers a staggering 10,000 generative avatar NFTs to users. Launched on Jan 12, 2022, its tokens boasted peculiar attributes and traits. It supported anime-inspired artwork that sported a very distinct look. The token’s countenance gave a blend of different 3D action role-playing games.
Initially, the creators of Azuki wanted to launch it via a Dutch Auction. Under this auction type, the sale starts at a certain price which keeps dropping until reaches a constant. When Azuki was launched, its price was 1ETH. It was supposed to decline by 0.05 ETH every 20 minutes until it reached 0.15 ETH. The price didn’t reduce at all let alone reaching the threshold.
However, the rapid sale of tokens emptied the collection within three minutes. Every token was sold at 1 ETH. As per the analysts, the quick selling of the project was the result of the hype created by influencers. On the other hand, the team suggests that it happened due to its all-embracing roadmap. And being an investor, one cannot rule the community support that raised the huge capital and took the token where it is right now.
A Glance into the Controversies & its Future
In 2022, a blog post published by Zagabond tarnished the reputation earned by Azuki. According to it, Azuki was just exploiting the popularity of non-fungible tokens. It didn’t actually do anything new and launched many projects that were sheer failures. It also blamed the platform for running many false projects.
Vagabond also made claims that the creators of Azuki executed a wash trade while sacrificing the security and efficacy of the protocol. But it didn’t very long for the leading platform to find a way to redeem itself. In April 2022, Azuki launched its expansion venture with the Beanz collections. With the new addition, the platform owners put forward new possibilities.
And the market participants also seemed to be excited about this. The investors, however, will have to wait to see how the market reacts to this.