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1. Beginner Course

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  1. 1. What are these cryptocurrencies?
  2. 2. Bitcoin - the story of a technological revolution
  3. 3. Satoshi Nakamoto, who is the creator of Bitcoin?
  4. 4. Vitaly Buterin – the creator of Ethereum
  5. 5. What is Blockchain, and how does it work?
  6. 6. What is an NFT token?
  7. 7. What is money?
  8. 8. Cryptocurrencies vs fiat money, which will win?
  9. 9. What is DeFi (Decentralized Finance)?
  10. 10. DeFi: opportunities, advantages and disadvantages of decentralized finance
  11. 11. What is an altcoin?
  12. 12. Stablecoins - What are they?
  13. 13. Cryptocurrency wallet - what is it?
  14. 14. Why do we talk about bull and bear markets?
  15. 15. Security in the crypto market - what rules are worth following?
  16. 16. What is the seed phrase in cryptocurrencies?
  17. 17. Dogecoin and memecoin - what are they?
  18. 18. What is a Ponzi scheme?
  19. 19. What is a Soft and Hard Fork?
  20. 20. Blockchain - examples of use
  21. 21. Is blockchain safe?
  22. 22. Smart Contracts - what are they?
  23. 23. What is Ethereum? 
  24. 24. Liquidity in the cryptocurrency market
  25. 25. What is cryptocurrency mining?
  26. 26. What is the mining difficulty?
  27. 27. Inflation and its effects on financial markets
  28. 28. What is compound interest, and how does it work?
  29. 29. Cryptocurrency wallet diversification
  30. 30. Blockchain and NFT games - how to make money on them?
  31. 31. Decentralized Apps – what are they?
  32. 32. What is Proof of Work (PoW) and what is Proof of Stake (PoS)?
  33. 33. What is Proof of Burn (PoB)?
  34. 34. What is the Proof of Authority (PoA) consensus mechanism?
  35. 35. What Are Privacy Coins and Are They Legal?
  36. 36. What is CBDC - central bank digital money?
  37. 37. What is Cryptocurrency Airdrop all about?
  38. 38. What are the types of blockchain networks?
  39. 39. Key differences between ICO, IEO and STO
  40. 40. What is IoT - the Internet of Things?
  41. 41. What is the difference between Circulating Supply and Total Supply?
  42. 42. Everything you need to know about gas fees in Ethereum!
  43. 43. The most important cryptocurrency acronyms/slang you need to know!
  44. 44. Halving Bitcoin - what is it, and how does it affect the price?
  45. 45. What is the Fear and Greed index for cryptocurrencies?
  46. 46. APR versus APY: what is the difference?
  47. 47. Snapshot from the world of cryptocurrencies - what is it?
  48. 48. Know your customer (KYC) and Anti-money laundering (AML) what are they in the cryptocurrency industry?
  49. 49. What is a whitepaper? What is its purpose, and how do you write it?
  50. 50. How do you transfer cryptocurrencies?
  51. 51. What is EURT? How does it work?
  52. 52. What is an Initial Farming Offer (IFO)?
  53. 53. What is Regenerative Finance (ReFi)?
  54. 54. Bitcoin Pizza Day
  55. 55. What Is Stagflation and Why Does It Have a Negative Impact on the Market?
  56. 56. What are decentralized DAO organizations, and how do they work? What are DAO tokens?
  57. 57. CyberPunks - the story of the most popular NFT collection in the crypto industry!
  58. 58. Michael Saylor, Self-Proclaimed Bitcoin Maximalist
  59. 59. AI blockchain - a new look into the future?
  60. 60. The Bored Ape Yacht Club (BAYC) - the story of the popular NFT collection!
  61. 61. Who is Changpeng Zhao, CEO of Binance?
  62. 62. What is blockchain network congestion, and how does it work?
  63. 63. Azuki NFT collection guide: everything you need to know about it!
  64. 64. Who Is Craig Wright, the Alleged Creator of Bitcoin?
  65. 65. What Is Bitcoin (BTC.D) Dominance?
  66. 66. What is WorldCoin? Everything you need to know about this cryptocurrency!
  67. 67. Who is Brian Armstrong - CEO of Coinbase?
  68. 68. The 10 most expensive non-fungible tokens (NFTs) ever!
  69. 69. Web3's most popular social media platforms! Will they replace the platforms we know?
  70. 70. Cryptocurrency wallets: Hot Wallet vs. Cold Wallet - key differences!
  71. 71. Gavin Wood: Blockchain Visionary and Co-Founder of Ethereum
  72. 72. The memecoin story: madness or great investment?
  73. 73. Blockchain versus databases: key differences!
  74. 74. NFT Art: The digital art revolution - history and examples!
  75. 75. Who is Galy Gensler and the SEC? How does the Securities and Exchange Commission (SEC) affect the cryptocurrency market?
  76. 76. On-chain analysis in the cryptocurrency world: Everything you need to know about It
  77. 77. What are utility tokens and what use do they have in the cryptocurrency sector?
  78. 78. Can you pass on your cryptocurrencies after death? How do you pass on a cryptocurrency inheritance?
  79. 79. What is the Howey test? What application does it have in cryptocurrencies?
Lesson 63 of 79
In Progress

63. Azuki NFT collection guide: everything you need to know about it!

Every anime fan should know this collection. Inspired by Japanese cartoons, the PFP project counts 10,000 unique NFTs. What’s more, few projects we know of have received as much publicity as the Azuki NFT!

Controversy, scandals – these are just part of what has contributed to the project getting so much publicity. In today’s lesson, we have a closer look at the story behind Azuki NFT.  Enjoy your reading!

What is Azuki? The story of a successful start-up!

Let’s start from the beginning. Azuki NFT is a collection of 10,000 non-exchangeable tokens (NFTs) inspired by anime. It is a blend of the 3D role-playing game The World Ends With You and the skateboarding magazine Thrasher. Each token in the collection was created through a random selection of features, as PFP NFT projects tend to do.

Tokens are built on the Ethereum blockchain. They have the same characteristics as any non-exchangeable token. Their features and history are immutable. The original Azuki and Beanz collection (we will discuss it in the paragraphs below) can be purchased on OpenSea and LooksRare.

Azuki NFT was created by Chiru Labs. It is a group of artists and developers based in Los Angeles. It includes members such as HoshiBoy and Zagabond. From the very beginning, the creators assumed one thing – Azuki is to be more than just an Azuki NFT collection!

The project premiered in January 2022. Initially, the collection was to be a classic airdrop. Token sales were to start at a certain amount and drop. The starting price for one Azuki was 1 ETH at the time. It was to drop every 20 minutes and eventually reach a ceiling of 0.15 ETH.

During the public sale, the project released 8 700 unique NFT Azuki for sale, at a price of 1 ETH. This means that the creators “raked in” as much as 8 700 ETH. At the time, this was a value of approximately USD 29 million. They achieved their success on the first day of the sale. A day later, the project launched a private sale, where tokens were sold at 0.5 ETH each. This generated revenue of around USD 2 million.

You may be wondering – why such a quick sale and interest in the collection? Most likely, it was due to the influencers who were actively working on the project and the community. Nevertheless, all the capital raised during the first sale led investors to believe in the unlimited possibilities of Azuki NFT.

The start of the project was perfect. A few weeks later, the entire value of the Azuki NFT collection reached around USD 300 million. Such a good start resulted in a rapid increase in the value of the non-exchangeable token collection. Azuki quickly won the hearts of NFT enthusiasts, becoming the leader of the local market for non-exchangeable tokens.

The creators of Azuki NFT had a vision. They wanted to create the largest, decentralised, community-owned Metaverse brand. However, after abundant years, the collection came to a standstill. Its creator has been linked to numerous scandals and other highly controversial NFT projects. Did the scandal unequivocally contribute to the collection’s popularity?

Azuki NFT’s popularity and the controversy surrounding the collection

Azuki NFT’s popularity can also be attributed to the date it was released. In 2022, many NFT projects were incredibly successful. However, its success was shaken in early May 2022. This is when Zagabond published a rather controversial post on his blog. It treated his previous NFT collections, which unfortunately ended in failure.

It was then that it came to light that Zagabond was the creator of now-defunct projects such as Tendies, CryptoZunks and CryptoPhunks. His confession was one of the biggest faux-pas in the history of the NFT, which triggered an avalanche of unforeseen events.

The founder of Azuka NFT was accused of withholding information. It didn’t stop there. The community accused him of conducting wash deals and fraud linked to previous collections. The mood around Azuki NFT began to thicken, and this dragged NFT prices down.

The magic of bitterness overflowed on 10 May when Zagabond took part in an interview with Andrew Wang. He began to deny the allegations against him and defended himself in many ways. He justified his actions by blaming it on…the lack of a general set of rules for NFT developers to follow.

Developers who had worked with Zagabond on previous projects shared very different experiences. A few of them even glossed over the assertion that his previous collections were simple, premeditated scams. The former leader of CryptoZunks accused Zagabond of dishonesty, failing to communicate what was happening with the project and, ultimately, abandoning the project.

Black clouds began to gather over the Azuki NFT collection. The creator issued an official apology via Twitter (currently: X), but members of the community were not happy with his behaviour.

Azuki Beanz Collection

In April 2022, Azuki introduced another collection: Azuki Beanz, which is the largest extension of Azuki NFT to date. It is a collection of 20,000 non-exchangeable tokens that original Azuki NFT holders received free of charge. Beanz holders received access to a limited Discord channel, created just for holders of the original collection.

Bobu tokens

Chiru Labs has also created a management token – Bobu. It was created in honour of Azuki #40, Bobu the Bean Farmer. Bobu is a management token, used internally only. It is not used for trading.

There are 11,244 Bob tokens that allow the community to vote on proposals and provide access to closed Discord channels.

Hilumia, or Azuki in the Metaverse

To celebrate its first anniversary, Azuki has unveiled its virtual world, Hilumia. The meta-world they present features interactive multimedia experiences, games, community, comics, or animations that can only be accessed by Azuki and Beanz owners. Hilumia has 10 different locations.

The year 2023 is a fruitful one for Azuka. In April this year. Chiru Labs announced a partnership with IPX, a brand that has worked with Starbucks, Netflix and BTS. This is a huge milestone for Azuki. In addition to expanding its community, Azuki, through this partnership, can enter the world of Web2 and Web3 with momentum.

Summary

Despite the controversy, the Azuki NFT collection continues to grow and succeed. What will happen to it next? Time will tell. No doubt, the creators have a plan and a mission they want to pursue with it.

Complete today’s lesson!

  1. What is an NFT token? [BASIC LEVEL]
  2. How to make money from NFT? [INTERMEDIATE LEVEL]