Azuki NFT prices dip as co-founder reveals association with past failed projects

Azuki, one of the most popular non-fungible token (NFT) collections, witnessed a notable dip in prices. The NFT prices dropped after the project’s founder revealed that he was associated with other projects in the past that failed to succeed.

After the news, the prices of the NFT collection recorded a massive dip of around 50%. The floor price of the NFTs also dipped by 21% and reached around 11 Ether (ETH), valued at around $26,200. This is the lowest price these NFTs have traded at since the end of March.

Azuki NFT prices tank

Zagabond, the Azuki NFT project founder, announced that he had abandoned three projects in one year. He announced that before becoming involved with the Azuki NFTs, he had been involved in other projects such as CryptoPhunks, CryptoZunks and Tendies but later left the projects.

The revelation by Zagabond caused a lot of backlash from the crypto community that lashed out at Azuki users over the past operations of the project’s founder. The news has also caused uncertainty over those that had already invested in these NFTs, given that the collection is one of the most popular in the crypto space.

The FUD caused by the revelation triggered panic selling from investors. Trade volumes for Azuki NFTs have spiked by 1329% during the past 24 hours. The floor price of these NFTs currently stands at $14.88 ETH, valued at around $35,500.

During the past 24 hours, the value of this NFT collection has dipped by more than 23%. However, the prices seem to be recovering as some positive remarks cooled down the FUD. The 24-hour trading volumes for the NFTs are valued at over $27 million, with 760 sales being made.

Despite these slight gains, the value of the Azuki NFT collection has also dropped, and it currently ranks as the eighth-largest NFT compared to other popular projects in the market. The floor cap for the collection is currently worth around $354 million worth of Ether.

Despite the current dips, Azuki had been performing quite well. The project reached a new high of 31.04 Ether earlier this month. The project’s gains come amid the growing popularity of other NFT collections, such as the Bored Ape Yacht Club, which recently unveiled a metaverse project.

Zagabond still believes in the project

When giving his revelation, Zagabond said that the move to create Azuki was triggered by the lessons he had received from the past projects he created. Zagabond said these projects taught him “to lead, not follow.”

He also assured the community that he was not going to abandon the Azuki project, adding that whether the market was bullish or bearish, he would continue supporting the project’s growth towards Web3.

However, not every member of the community was pleased with the announcement made by Zagabond. Some developers said that Zagabond only made this revelation to ensure the news was not leaked by other sources and destroy his projects.