5 mins readAzuki has become an almost legendary figure in the cryptocurrency world. A PFP project that consists of 10,000 anime-inspired NFTs, this project has achieved unprecedented levels of buzz and attention due to its clever marketing strategy combined with gripping storylines and unexpected drama.
When Azuki burst onto the NFT scene in January 2022, it quickly captured the attention of many enthusiasts with its high mint price and intricate roadmap. Further enhancing this sense of exclusivity was a slew of influencers who marketed the project as a must-have commodity. As such, Azuki soon emerged as one of the most promising newcomers within what had been a predominantly PFP-driven field.
The Main Style of Azuki Collection
The Azuki project is well on its way to fulfilling its ambitious goal of being the most expansive decentralized metaverse brand, which will be owned and managed by the holders. Within a few months since launch, it had grown into one of the speediest-growing projects in NFT history — until news emerged linking its creator with several ill-fated and dubious NFT initiatives. Despite this setback, however, many still believe that Azuki has great potential for success.
Despite a founder scandal, Azuki was resilient and swiftly regained momentum. It even flourished while crashing crypto-currency and NFT markets! So what's its mysterious power? Let's dive into the thrilling adventure that is Azuki to uncover its secret formula.
What is the Azuki NFT project?
On January 12, 2022, Azuki launched 10,000 generative avatar NFTs. Much like other personalizable figure protocol projects, each token within the collection is composed of randomly chosen traits. Praised for its unique style that blends The World Ends with You's 3D action RPG elements and the iconic skateboarding magazine Thrasher's aesthetic sensibilities - Azuki stands out as a one-of-a-kind work of art!
Azuki was first planned to be released with a Dutch Auction—a type of NFT drop where the sale begins at a particular value and then decreases as time passes until reaching its final amount. The beginning price for Azuki's minting procedure was 1 ETH, decreasing by 0.05 ETH every 20 minutes till it hit 0.15 ETH eventually. However, that never occurred; in fact, the entire collection sold out within three minutes while still at the initial 1ETH rate!
Undoubtedly, the massive hype and influence of popular advocates was key factor in the rapid sell-out. Additionally, its comprehensive project roadmap (further discussed below) surely left an indelible impression on purchasers. But naturally, all roadmaps must be taken with caution; it's likely that supporters' enthusiasm for Azuki paired with ample capital gathered during primary sales ultimately convinced buyers to have faith in this product's boundless potential!
The Azuki Roadmap in 2022
To understand the magnitude of Azuki's success, 8,700 Non-Fungible Tokens (NFTs) were released during their public sale and each was worth 1 ETH ($3,400 at that time), resulting in an astounding total of 8,700 ETH valued at approximately $29 million. Moreover, days later a private whitelist sale occurred where NFTs were minted at 0.5 ETH apiece - yielding an additional estimated sum of around $2 million for the team!
Following the Azuki launch, its success was felt in a big way - raking in an impressive $300 million across major NFT marketplaces. This success spiraled much further due to how rapidly successes accumulate within the NFT space - catapulting the project's floor into ETH double digits and skyrocketing its popularity.
Who are the creators of Azuki?
Chiru Labs, an esteemed collective of Los Angeles-based creatives and technologists with experience in cryptocurrency, technology, and gaming led by former big tech entrepreneur Zagabond created the Azuki project. Their aim is to make it much more than a mere PFP initiative; they have grand designs for Azuki which encompass multiple industries under its overarching brand.
What caused Azuki to become popular?
As noted previously, success within the NFT space can beget more success. Azuki proved this to be true; as its reputation blossomed over time, so did its value - and it continues to do so as long as interest in the project is sustained. The five percent royalty fee on all resales that Chiru put into place turned out to yield highly lucrative results for them: millions of dollars garnered since launch!
Not only was the sales volume of Azuki incredibly impressive, but it also sparked a wave of creativity and imagination in the wider NFT community. The Chiru team confidently revealed their grand vision for Azuki's future - an imaginative 3D experience, merchandise, and exhibitions with $BEAN as its native currency- to mention just a few! This boldness and ambition further propelled Azuki into becoming one of today’s most successful projects.
Azuki Main Collection
At the 2022 NFT.NYC conference, we got our first look at what a bridge between Azuki and The Garden might look like through their large-scale satellite event. "Enter the Alley" was an experiential activation that featured vibrant yet dimly lit scenes reminiscent of Japanese culture - art installations, live music, food stands, physical Beanz NFTs, and more! It's easy to see why this incredible display of culture is setting them up to become a true all-encompassing brand.
Beanz NFTs by Azuki
Both Yuga Labs and Doodles are setting the tone for what a Web3 brand can be in reality, but Azuki appears to be right on their heels. Already one of the most successful NFT businesses out there, we can expect the Chiru team will soon begin deploying capital over several years with an end goal of connecting its present state as a PFP NFT community to that of a comprehensive consumer brand.
