Azuki is one of the famous NFT collections in the market. Recently the project is receiving a lot of attention with rumors that it will release ANIME tokens in the near future. So what is the whole picture of this incident and will it help the Azuki collection become as popular as before? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to understand better.
- What is Azuki? Overview of the Azuki NFT collection
- Azuki announces the launch of Azuki Garden Tour, will Azuki be revived?
- With Azuki Elementals, is Azuki turning his back on the community?
What is Azuki?
Azuki is a collection of 10,000 NFTs launched on January 12, 2022 on Ethereum with images designed in an Anime style. Although not the first collection designed with Anime style, Azuki has become extremely popular and is a leader in this trend.
Azuki always appears in the list of NFT collections with the highest daily trading volume on the market and is increasingly attracting a large community. At one point, Azuki’s floor price reached 17 ETH following speculation about the upcoming release of a new NFT collection.
However, this became a double-edged sword when the launch of Azuki Elementals created a collapse for the entire Azuki ecosystem when the floor price of Azuki or Beanz collections witnessed a sharp decline of up to 60% – 70% in just a short time. The reason is that the images in Azuki Elementals are too similar to the original Azuki collection and make Azuki owners very unhappy and there has been a sell-off situation.
Since this collapse, Azuki has had many activities to promote the revival of the project such as: Launching the Azuki Garden Tour, selling physical items with the IP Beanz or collaborating with Goro Taniguchi to create animated series,… However, this has not yet brought a positive impact to the entire Azuki ecosystem.
Speculation About Token Release In The Near Future
On January 6, 2024, Azuki Retweeted a Weeb3 Foundation post and this also happened to SanFranTokyo so the community is speculating that these two organizations may establish some kind of partnership and grow its ecosystem through the launch of the ANIME token.
24-hour trading volume of collections in Azuki’s ecosystem
The floor price of the Azuki collection also had an impressive growth from about 6 ETH to 8 ETH in just a short period of time. Other collections in the ecosystem such as: Beanz or Azuki Elementals have even stronger growth. This event seems to have created a huge boost in Azuki’s efforts to revive the ecosystem.
After So Much Controversy, Will the Azuki Collection Become as Popular as Before?
Azuki has been running smoothly since its inception and quickly became one of the three giants along with CryptoPunks and BAYC. As an NFT collection with a Japanese anime comic style, its success lies not only in its artistic value (recognition of effectiveness and painting standards) but also in its successful integration between eastern and western culture.
But Azuki’s path became extremely bumpy, from the fact that the founder of Zagabond had participated in developing scam projects to Azuki Elementals being sold with a similar image and finally having to rely on strength and trust. community’s ideas to save themselves. The community can save once or twice but cannot save Azuki forever, even if 66 different communities are created by Azuki enthusiasts.
In addition, not having a clear direction in the development process and only relying on a few events to promote community fomo also causes Azuki to gradually lose its position in the NFT market. The most recent growth only comes from speculation about the upcoming ANIME token, not from within the project.
For an NFT project to be successful, there needs to be many synergies surrounding it such as marketing activities, community, strategic products that receive a lot of acceptance, creating more use cases for holders,… Azuki has There is an extremely strong factor that determines the success of an NFT project, which is the community and great influence, but in terms of creating different products or creating additional use cases for holders, we have not seen it. that in Azuki. Therefore, the development team needs a lot of work to do if they want Azuki to return to its golden age.
summary
It cannot be denied that although the floor price has dropped sharply, Azuki is still one of the NFT collections with the strongest community on the market. Therefore, whether or not they can return to the golden age like before still depends on Azuki if they have a clear and oriented building strategy. Above is all the information I want to introduce in this article, hope everyone has received useful knowledge.
