Azuki Scam? How The Price Of This Blue Chip NFT Project Tanked Overnight
1. What is Azuki?
2. What Went Wrong
3. Is Azuki Still a Blue-Chip?
@AzukiOfficial #Azuki #NFT #NFTCommunity
1. What is Azuki?
2. What Went Wrong
3. Is Azuki Still a Blue-Chip?
@AzukiOfficial #Azuki #NFT #NFTCommunity
1. What is Azuki?
The brainchild of @zagabond.eth, Azuki is a 10k PFP collection created under @chirulabs. Touted as the “Supreme” of the Metaverse, It promised to build a strong, decentralized brand, owned by its community.
The brainchild of @zagabond.eth, Azuki is a 10k PFP collection created under @chirulabs. Touted as the “Supreme” of the Metaverse, It promised to build a strong, decentralized brand, owned by its community.
It promised holders a stake in the “Garden”, their own metaverse, and future developments.
More recently, they released their second collection, a subset of Azuki. Known as “Beanz”, they are a 20K NFT collection that pairs with Azukis.
More recently, they released their second collection, a subset of Azuki. Known as “Beanz”, they are a 20K NFT collection that pairs with Azukis.
2. What Went Wrong
On May 9th, Zagabond revealed being previously responsible for three NFT projects, namely Phunks, Tendies, and Zunks.
While this itself is not a problem, several NFT accounts pointed out that all three did not deliver on promises.
On May 9th, Zagabond revealed being previously responsible for three NFT projects, namely Phunks, Tendies, and Zunks.
While this itself is not a problem, several NFT accounts pointed out that all three did not deliver on promises.
https://twitter.com/ZAGABOND/status/1523775812893249537?s=20&t=l4-NWFc0WrvbX4aW54vi_g
3. Phunks were simply mirrored versions of the popular CryptoPunks and Tendies had disappointing mints. There have also been rumors of the team behind Zunks posing as females to promote their project.
Furthermore, smart contracts were drained and the team kept all royalties.
Furthermore, smart contracts were drained and the team kept all royalties.
Following this news, both projects have fallen more than 60% in $ETH terms.
In a recent Spaces, he defended himself saying the earlier projects were simply “learnings” instead of rug pulls. This drew the anger the NFT community, who demanded he dox and step down from Azuki.
In a recent Spaces, he defended himself saying the earlier projects were simply “learnings” instead of rug pulls. This drew the anger the NFT community, who demanded he dox and step down from Azuki.
3. Is Azuki Still a Blue-Chip?
Zagabond has released statements on how he hopes to rectify the situation:
1. Phunks, Zunks, and Tendies mint and royalties (inclusive of Looksrare wash trading royalties) refunded to communities
2. Chirulabs will continue to build Azuki’s roadmap
Zagabond has released statements on how he hopes to rectify the situation:
1. Phunks, Zunks, and Tendies mint and royalties (inclusive of Looksrare wash trading royalties) refunded to communities
2. Chirulabs will continue to build Azuki’s roadmap
It is also unlikely that Zagabond will step down from his position within the community. While this may leave a bad taste for many holders, the project has found strong support at around 10 $ETH.
https://twitter.com/koreanjewcrypto/status/1524087164249817089?s=20&t=2HkLyCfEDuUKWNOfUXnzog
They trust that it has already cemented its place in the NFT world and will continue to be a blue-chip if the team delivers.
That said, many whale wallets have already sold their Azukis, and that trend is getting stronger.
That said, many whale wallets have already sold their Azukis, and that trend is getting stronger.
Whether Azuki can recover and regain its blue-chip status, however, depends on its community and Chirulabs.
Read our full feature at chaindebrief.com/azuki-scam-how…
Read our full feature at chaindebrief.com/azuki-scam-how…
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