If you’re into anime and NFTs, you’ve probably heard of Azuki. It’s a collection of 10,000 unique NFTs, inspired by Japanese animation and skateboarding culture. From its spectacular launch to the controversies surrounding its creator, Azuki has been one of the most talked-about NFT projects in the space.
How Did Azuki Begin?
Azuki NFT was developed by Chiru Labs, a team of creators based in Los Angeles. Their goal was not just to release a collection of digital artwork but to build a brand in the Web3 space, fostering a strong community and presence in the metaverse. The project’s art style was influenced by the aesthetics of Thrasher magazine and the video game The World Ends With You.
The collection launched in January 2022, using a Dutch auction sale method, where the price started at 1 ETH and was set to gradually decrease over time. However, the demand was so high that 8,700 NFTs sold out instantly, generating over 8,700 ETH (approximately $29 million USD) on the first day. A second sale the next day raised an additional $2 million USD.
Why Was Azuki So Popular?
Azuki’s massive success was driven not just by its artwork but by a strategic marketing approach. The creators built a strong community, and their vision of an interconnected metaverse convinced many investors. Within weeks, Azuki NFTs had a total market value of $300 million, making it one of the most sought-after NFT collections at the time.
Controversy and Scandals
Not everything went smoothly. In May 2022, one of Azuki’s key figures, Zagabond, revealed that he had previously worked on several failed NFT projects (Tendies, CryptoZunks, CryptoPhunks). The NFT community saw this as dishonest and misleading, accusing him of abandoning past projects without transparency.
In an interview with Andrew Wang, Zagabond failed to convince the public with his justifications. Instead, the community accused him of wash trading, a practice of artificially inflating the value of an asset.
Even though he later issued a public apology on Twitter, many investors lost trust, causing Azuki’s prices to drop significantly.
Expansion: Azuki Beanz and Hilumia
Despite the controversy, Chiru Labs continued expanding the Azuki brand. In April 2022, they launched Azuki Beanz, a collection of 20,000 new NFTs, distributed for free to existing Azuki holders. Holding a Beanz NFT granted exclusive access to Discord channels and additional perks within the Azuki ecosystem.
In 2023, Chiru Labs announced a partnership with IPX, a company known for collaborations with Starbucks, Netflix, and BTS. The previous year, Azuki also introduced Hilumia, its own metaverse world featuring interactive media, games, and animations.
What’s Next for Azuki?
Despite early setbacks, Azuki NFT remains one of the most recognized NFT collections. Its future depends on whether its creators can restore full trust within the community. Will Azuki be a revolutionary Web3 brand, or just another NFT hype story? Only time will tell.
