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NFT Project Spotlight: The Rise of Azuki

Jeff Pratt analyzes how Azuki became one of the most successful NFT projects in the metaverse with a full breakdown of the roadmap and price trends.

The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.

In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.


The Rise of Azuki

On Jan. 12, The metaverse changed forever.

Chiru Labs, a startup comprised of four anonymous founders, launched a collection of 10,000 NFTs called Azuki. The initial tokens were sold in Dutch Auctions, with the price starting at 1 ETH and dropping subsequently over time.

These auctions sold out in three minutes.

Over the first month after Azuki’s launch, the project amassed nearly $300 million in transaction volume. At the time of this article, that total has risen to north of 129,300 ETH (north of $347 million), which makes Azuki the fifth-most traded NFT collection of all time in just over two months.

So, what exactly is this project that has taken over the metaverse?

About the Collection

As mentioned earlier, Azuki features 10,000 collectibles of anime-like “skateboarder” avatars. The community goes much deeper than the sleek designs, however.

Chiru Labs is dedicated to serving Azuki’s patrons. All holders have been granted access to “The Garden”, the project’s virtual universe. The lore of said universe has recently begun to expand, with the introduction of characters like Bobu the Bean Farmer.

Bobu is Azuki #40, described by the company as a “core character in the Azuki universe” who enjoys sake and lives on his farm growing beans. He’s an interesting experiment as the company looks to take IP governance to the next level by placing more power in the holders’ hands. Those who hold a Bobu Token are able to vote on character development paths and more.

If you’re interested in learning more about Bobu, check out the brief article I wrote about him earlier this month.


A League of Their Own

While collections like Bored Ape Yacht Club and CryptoPunks dominate NFT headlines, Azuki has actually surpassed them in overall sales over the past month.

As the collection’s total traded volume expands, so does Chiru Labs’ value. The company earns a 5% royalty on resale of every Azuki NFT. The collection currently has a floor of 9.4 ETH, with sales continuing to climb.

As The Garden continues to expand, there’s optimism that this could be just the beginning of a long and fruitful campaign for Azuki.

Floor Price History

icy.tools breaks down the all-time floor, average price and volume for Azuki in the chart above. The project started out with a modest floor of around 2 ETH, skyrocketed in the middle of February, coinciding with the Forbes article, and has now settled in at just under 13 ETH at the time of this article.


Roadmap

Azuki calls its gameplan the “Mindmap”, stating that the project’s vision is to “create the largest decentralized brand for the metaverse that is built and owned by the community.” The Mindmap is broken down into six steps. The first two, “Vision & Value” and “Community” have already been completed. Step 3 — “Metaverse” — is currently in progress. Once Bobu the Bean Farmer has been completely fractionalized, Azuki will turn its attention to the possible creation of a game.

The company recently announced an upcoming “Garden Party” for Azuki holders, which will take place March 30 in Los Angeles. Specific details have not been revealed, but there will be a guest speaker and announcement from Azuki Co-founder ZAGABOND.

Once Chiru Labs have addressed the metaverse aspect of their Mindmap, they will turn to the real world. Physical merchandise such as streetwear and collectibles will eventually be released, along with multiple IRL events to celebrate the project’s success. The company will then attempt to bridge the gap between the physical and virtual worlds through a variety of interactive experiences and games. Finally, Azuki will announce partnerships with companies that will work with the project to create a DAO and eventually $BEAN, a token that will be used in the Azuki-verse.

With an exciting roadmap and engaged community, it’s fair to think that Azuki will only continue its rise to the top of the NFT food chain.


UPDATE: Huge Sale

On March 30, members of the RedBeanDao sold Azuki #9605 to Twitter user @Bitcoin4Freedom for 420.69 ETH, which is worth approximately $1,423,160.00. This is just the latest massive sale for Azuki, as the collection’s floor has risen to 18.6 ETH at the time of this update.


UPDATE: Garden Party Airdrop

During Co-founder ZAGABOND’s announcement at the Garden Party on March 30, all Azuki holders were airdropped two unrevealed NFTs per Azuki collectible that was already in their wallet.

The airdrop collection, currently titled “Something Official”, has already taken off on OpenSea. The floor has risen to 3.3 ETH at the time of this update, with over 3.6K ETH in traded volume. Stay tuned for updates as this mystery collection is revealed.


Floor Price Update

Here are the icy.tools updates on the all-time floor, average price and volume for Azuki and the recent “Something Official” airdrop. Since this date of this article’s original publication, Azuki’s floor has risen by over 5 ETH as the collection continues to gain popularity.


UPDATE: Epik High Partnership

On April 9, Azuki announced its partnership with legendary Korean hip-hop group Epik High to create original art for their upcoming performance at Coachella. See the official announcement below:


UPDATE: Bobu Goes to Space

On April 13, Azuki announced that Bobu the Bean Farmer will be “joining” NASA and SpaceX on their upcoming Crew-4 mission to the International Space Station. By doing so, Bobu will become the first NFT with private keys to be sent to space. This will be accomplished via Ledger’s crypto hardware wallet.


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