- Azuki is the sixth highest collection in terms of trading volume on OpenSea at the time of publication
- Azuki founder assured a Twitter Spaces audience that he was fully committed to building Azuki
An anime-inspired NFT collection of avatars, Azuki had faced stiff competition between industry-leading collections like Bored Ape Yacht Club and Clone X since the project’s launch in January.
The digital collectibles, whose prices are plummeting, are now at the forefront of the recent NFT (non-fungible token) controversy.
Azuki’s founder, known as Zagabond, released a blog post about his story before launching Azuki, revealing that he was behind three NFT collections – CryptoPhunks, Tendies and CryptoZunks – that were abandoned by their founders.
In response, many Twitter users labeled the projects as “trug pulls” or “scams” that were never meant to be built.
A user, @sxtvik, tweeted“Thanks for letting everyone know that you are a series rug artist, really gives you a lot of confidence and confidence!” Another user, @pana067, tweeted that all future buyers of Azuki “need Jesus”.
However, others defended Zagabond like @Loopifyyy who said CryptoPhunks and CryptoZunks are not scams.
“If someone promises you something and then delivers on that promise, even if it’s just an NFT, they’re no longer responsible for working on it,” according to the user tweeted.
The Azuki founder addressed those concerns in a Twitter Spaces session moderated by NFT influencer Andrew Wang, explaining that these projects weren’t carpet trains, but “at the end of the day, there wasn’t a product fit for the market.” .
The founder added that any disappointment is a matter of “false expectations” between creators and consumers.
He claimed that as a builder he was trained to experiment and iterate or switch back when something fails or is deemed unviable in the long run, rather than wasting time. He admitted that he could have approached handing over one of these projects better.
“It seems consumers are still expecting the team and developers to work on the project in perpetuity,” Zagabond said. “And as a creator, do you have an eternal debt of gratitude to these community members and this project?”
As a result, the price of an Azuki on OpenSea has fluctuated wildly, and its reserve price has fallen from 21 Ether (ETH) since the news broke to 9 ETH at the time of publication. However, volumes and transactions are up 998% in the last 24 hours as savvy traders try to take advantage of the sharp price swings.
Azuki NFTs Trading Volume Spikes After Creator Admits Failed Projects post is not financial advice.
Source: Crypto News Austria