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Azuki NFT investors check their ikigai as allegations of rug pull…

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On 9 May, the prices of one of the most popular NFT collections, Azuki further plummeted following a blog post by Zagabond, the fictitious founder of the project. Not to forget that the average price of Azuki was already on a downtrend post 4 May.

In the post, Zagabond disclosed his involvement with previous NFTs projects like CryptoPhunks, CryptoZunks, and Tendies all of which he said to have abandoned. 

About 24 hours following the blog post, the average price for the Azuki NFTs declined by 26%. Furthermore, the floor price decreased from 16.2 ETH (US$38,484) to 8.3 (US$19,717) ETH on Tuesday (10 May) with a 1,329% spike recorded in trading volume within that time frame. 

However,  the project appeared to be undergoing a recovery with over $45 million worth of Azukis traded in the last 24 hours. What else did we observe?

Maybe, Just Maybe

Data from Cryptoslam revealed that in the last 24 hours, a total of $47,157,882 worth of Azuki NFTs were sold. This represented 82% uptick in sales bringing the total value of sales of the NFTs project to $726,528,763 since its launch. 

Source: Cryptoslam

With this spike in sales volume recorded in the last 24 hours, at the time of press, the Azuki project sat atop the list of ‘NFT Collection Rankings by Sales Volume’ within the last 24 hours. 

Source: Cryptoslam

To better appreciate the performance of this project, in the last 24 hours, the total sales volume recorded for the sale of NFTs across all marketplaces stood at $149,502,986. This means that the sales recorded by Azuki represented 31% of the total number of sales recorded.

In addition to the spike in sales volume, the project recorded a total of 1,706 sales transactions. This represented a 145.10% spike in the index for sales transactions for the Azuki NFTs in just 24 hours. 

Similarly, following Zagabond’s “apology”,  the number of active wallets on the network spiked by 111.60%. This brought it to a total of 2,577 Active Wallets in the last 24 hours with 1228 new buyers. 

It is also worthy of note to point out that in the last 24 hours, the total number of owners of Azuki NFTs increased by 19%. This brought the total owner of the Azuki NFT to 5,490.

Is it even real?

While the project appeared to have undergone recovery in the last 24 hours with a spike in sales volume, it is pertinent to note that the floor price still stood at 10.4000 ETH. This amounted to a 25.07% decline in floor price value in just 24 hours. At this floor price, one is able to snatch up an Azuki NFT for $24,398.62 in contrast to $38,484 just a few days ago.

Each week, there is at least one news of an NFTs project rug pull. As the technology continues to unravel and presents a plethora of use cases, the more rug pulls we have, the more investors begin to doubt the NFT phenomenon.


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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