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Azuki founder confesses dark history! Past three projects all ended in failure, with secondary market prices plummeting at one point.

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Azuki founder confesses dark history! Past three projects all ended in failure, with secondary market prices plummeting at one point.

The well-known Japanese NFT project Azuki, founded by the anonymous creator ZAGABOND, today released an article titled "A Builder's Journey," detailing the NFT projects they worked on before Azuki and the experiences gained from real-world applications. However, the community seems to believe that their past actions are no different from a Rug Pull, causing the Azuki price to plummet to around 10 ETH at one point.

ZAGABOND's Past Three Projects

1. CryptoPhunk

Driven by the enthusiasm for NBA Top Shot pack openings, ZAGABOND created its first imitation project CryptoPhunk. CryptoPhunk, a reverse of the blue-chip project CryptoPunk, has been delisted multiple times on OpenSea due to copyright issues but is currently listed.

ZAGABOND handed over control of CryptoPhunk to the community in July last year.

2. Tendies

Influenced by memes on the Reddit WallStreetBets forum, ZAGABOND decided to follow the footsteps of the My Fucking Pickle project and create a series of chicken tender NFTs called Tendies.

Although this project offered a unique experience in the minting process, mimicking a fast-food ordering experience, the resulting chicken tender NFTs were unfortunately too much like feces and did not appeal to the market, with only about 15% sold. Ultimately, the project ended without community support.

3. CryptoZunks

ZAGABOND's third project followed the path of imitating CryptoPunks. Believing that CryptoPunks' 10,000 patterns are composed of randomly generated features of different rarity, ZAGABOND thought there were still many possibilities for different combinations within CryptoPunks.

This project allowed users to randomly obtain different facial features during minting, resulting in a unique CryptoZunks after combination. However, this project also ended in failure, with ZAGABOND attributing the project's failure to the high Gas Fees at that time.

After experiencing these three projects, ZAGABOND stated that he learned a lot:

  1. CryptoPhunk taught us the important magic behind storytelling.
  2. Tendies taught us the importance of original ideas, not just pursuing products with short lifecycles.
  3. CryptoZunks told us that no matter how excellent a product is, the community is always looking for new universes. Strong consensus beyond rare features and inspiration from Gas-optimized unique ERC721A experiences.

Community Disbelief in Statements

Despite ZAGABOND packaging his NFT entrepreneurial journey with exquisite language and experiences in the article, the community generally believes that the truth cannot be concealed, and he is just expressing his dark history in a different way. These past projects were essentially abandoned, and those who spent money on minting did not receive the treatment they deserved.

On-chain data detective ZachXBT further questioned ZAGABOND: So does Web 3.0 mean rug pulling three projects in a year?

In response to this question, ZAGABOND asked ZachXBT to read the article in its entirety first. He believes that he has fulfilled all promises and hopes for better performance of the projects. Even if there is no market suitable for these products, it does not mean a rug pull.

According to NFT GO data, after the publication of this article, Azuki's secondary market price plummeted all the way down, with the floor price dropping from approximately 20 ETH to a low of around 10 ETH, and rebounding to about 15.5 ETH or around $37,000 before the deadline.

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