Azuki’s Trading Volume Soars After Founder Reveals Shady Past

The floor prices of Azuki NFT turned in the opposite direction and slumped

azuki nft

The trading volumes of anime-inspired NFT avatar collection ‘Azuki’ jumped by more than 64% during the past 24 hours, after the project’s founder revealed his apparent habit of abandoning projects in the past.

Today, the Azuki avatar collection ranks as the second most traded NFT collection on the OpenSea marketplace with a trading volume of 16,418 ETH, or more than $38.2 million USD,

Sponsored

Despite this high trading volume, the floor price of Azuki NFTs have been travelling in the opposite direction, undergoing a significant slump. The average floor price of a single Azuki NFT currently sits at 9 ETH, or $21.2K, at the time of writing, while just a few days ago, the average price of an Azuki NFT was closer to 18 ETH, or nearly $45K, at the ETH price of $2,490 at the time.

Azuki Founder Reveals His Past

The panic sell of the anime-style Azuki NFT collection was catalyzed by the project’s pseudonymous founder, Zagabond, publishing a post which detailed how the NFT projects he had previously been involved with, ‘CryptoPhunks‘, ‘Tendies‘ and ‘CryptoZunks‘ came to an end after being abandoned by their founding teams.

“Builders need to experiment and innovate for Web 3.0 to be able to challenge Web 2.0. Azuki is built on learnings from CryptoPhunks and other projects, which taught me to lead, not follow,” Vagabond wrote, adding that the team is building Azuki NFTs with long term goals in mind.

Sponsored

Zagabond did not comment as to why he had chosen this time to make such confessions, especially considering the harm they could cause to his own and Azuki’s reputation. However, rumors in the NFT space are circulating that the information could have been made public knowledge outside of his control in the coming days. 

The part of the NFT community went rough on Azuki’s founder, hinting at him as a serial creator of rug pulls, which are a common type of scam in the crypto and the NFT world. Typically they come as legit-looking projects, but as soon as their value increases, founders pull out all the allocated funds and abandon the project.

In the meantime, others have accused the NFT community of hypocrisy, stating that they do not care about the reputations of a particular project or its founders as long as they can make money with it.

As previously mentioned, multiple traders swiftly jumped onto the OpenSea marketplace in an attempt to capitalize on the declining floor price of the Azuki NFT collection.

Minted in January 2022, the anime-themed Azuki avatar collection has been one of the top traded collections on the biggest NFT marketplaces ever since.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Simona Ram

Simona Ram is a senior journalist at DailyCoin, based in Lithuania, who covers the forces and people shaping the Web3 industry and the areas where decentralized crypto assets meet the centralized world. She has experience in business communication within the financial sphere and has a degree in Foreign Languages, which helps her interact effectively with sources from diverse backgrounds. In her free time, Simona enjoys exploring new cultures.