The price of the popular Azuki collection plummeted after the founder revealed his involvement in other NFT projects. Twitter users made a bold statement saying that the Azuki collection is “dead”.
Earlier, one of the founders of the project shared that he participated in the creation of unsuccessful projects, which later turned out to be ragpools. Within hours of posting the post, the starting price of the Azuki Collection dropped from around 19 ETH to 10.9 ETH.
However, Azuki didn’t have the best month in terms of the lowest price. It is down 56% in the last month and nearly 63% in the last week, according to the NFT Price Floor. Experts confirm that this is partly due to the general state of the cryptocurrency and NFT market that has been observed recently.
However, this did not stop NFT enthusiast ZachXBT from accusing the founder of the Azuki collection of ragpooling previous projects that he claimed. The answer was not long in coming. The founder, who goes by the nickname Zagabond, has denied allegations of ragpooling from Tendies, CryptoPhunks, and CryptoZunks (the latter two projects originate from CryptoPunks):
“Would I like them to be more successful? Certainly. In the end, the product didn’t fit the market, but that doesn’t mean it’s ragpool.”
Zagabond described the CryptoPhunks project as a parody of cryptopunks. Tendies NFTs were canceled after 15% of the collection was minted. And CryptoZunks has “limitations due to the cost of gas on Ethereum.”
Some collectors saw an opportunity in the price drop, buying multiple tokens from the secondary markets, which saw a spike in sales. Over 300 NFTs were traded on secondary trading floors in one day .
How has this situation affected the Ethereum market as a whole? NFT Price Floor data shows that NFT floor prices in the secondary market for projects such as Bored Ape Yacht Club, Moonbirds, Mutant Ape Yacht Club, Clone X and Doodles have risen sharply.
The Moonbirds project has witnessed one of the biggest one-day bounces of any of the above projects. The minimum price of the collection increased by 41%. And at the time of writing, it was 25 ETH.
Bored Ape Yacht Club is up 15% to 99.8 ETH and Mutant Apes is up 23% to 22.5 ETH. More modest growth was shown by CryptoPunks – 5% to 53 ETH, while Meebits rose by 28% to 5.8 ETH.